CALGARY, Alberta, Aug. 11, 2021 (GLOBE NEWSWIRE) -- InPlay Oil Corp. (TSX: IPO) (OTCQX: IPOOF) (“InPlay” or the “Company”) is pleased to announce its financial and operating results for the three and six months ended June 30, 2021. InPlay’s condensed unaudited interim financial statements and notes, as well as Management’s Discussion and Analysis (“MD&A”) for the three and six months ended June 30, 2021 will be available at “www.sedar.com” and our website at “www.inplayoil.com”.
Second Quarter 2021 Financial & Operating Highlights
- Achieved record quarterly production of 5,386 boe/d(1) (68% light oil and NGLs), an increase of 71% compared to 3,154 boe/d(1) (66% light oil and NGLs) in the second quarter of 2020 and an increase of 8% compared to 4,965 boe/d(1) (70% light oil and NGLs) in the first quarter of 2021.
- Continued new well production performance in excess of forecasts with the 3.0 net Extended Reach Horizontal (“ERH”) wells drilled in the first quarter of 2021 on our newly acquired Pembina asset having a combined average 120 day initial production (“IP”) rate of 1,390 boe/d(1) (74% light oil and NGLs) based on field estimates.
- Increased operating netbacks(2) by 3279% to $33.11/boe from $0.98/boe in the second quarter of 2020 and by 24% from $26.66/boe in the first quarter of 2021.
- Realized a quarterly record operating income(2) and operating income profit margin(2) of $16.2 million and 64% respectively compared to $0.3 million and 6% in the second quarter of 2020 and $11.9 million and 60% in the first quarter of 2021.
- Generated adjusted funds flow (“AFF”)(2) of $8.2 million ($0.12 per basic and diluted share) compared to an AFF deficit of $1.3 million ($0.02 deficit per basic and diluted share) in the second quarter of 2020 and an increase of 35% compared to $6.1 million ($0.09 per basic and diluted share) in the first quarter of 2021.
- Reduced operating expenses to a quarterly record $12.51/boe compared to $14.18/boe in the second quarter of 2020 and $14.37/boe in the first quarter of 2021.
- Realized net income of $59.1 million ($0.87 per basic share; $0.85 per diluted share) compared to a net loss of $6.2 million ($0.09 per basic and diluted share) in the second quarter of 2020 and a net loss of $7.5 million ($0.11 per basic and diluted share) in the first quarter of 2021.
- Decreased net debt by 5% during the second quarter of 2021 from March 31, 2021 while also managing to achieve production growth of 8% over the same respective period. InPlay’s second half (“H2”) 2021 program as planned is forecasted to result in net debt reduction of $17 - $19 million.
https://www.globenewswire.com/news-release/2021/08/11/2278753/0/en/InPlay-Oil-Corp-Announces-Second-Quarter-2021-Financial-and-Operating-Results-Highlighted-by-Record-Production-and-Increased-Production-and-Funds-Flow-Guidance.html