This week, oil development and production company
InPlay Oil Corp. (TSX: IPO, Forum) announced record setting financial and operating results for the three months ended March 31st, 2022.
The company highlighted record average quarterly production of 8,221 boe/d (59% light crude oil and natural gas liquids (NGLs)), an increase of 66% from Q1 production in 2021 of 4,965 barrels of oil equivalent per day (boe/d) (70% light crude oil and NGLs) and an increase of 23% compared to its previous quarterly record of 6,687 boe/d (61% light crude oil and NGLs) in Q4 2021. Average production per weighted average basic share increased 31% compared to the first quarter of 2021 (34% on a debt adjusted basis) and 3% compared to the Q4 2021 (9% on a debt adjusted basis).
Also of note, the company generated record quarterly adjusted funds flow of $29.4 million, an increase of 381% compared to $6.1 million in Q1 2021 and an increase of 71% compared to $17.1 million in its prior record quarter, Q4 2021.
Production averaged 8,221 boe/d (59% light crude oil & NGLs) in Q1 2022, which includes the impact of a force majeure of a third-party facility that affected March production by approximately 200 boe/d. Production increased by 66% compared to 4,965 boe/d (70% light crude oil & NGLs) in Q1 2021 and 23% compared to 6,687 boe/d (61% light crude oil & NGLs) in Q4 2021.
InPlay now forecasts 2022 adjusted funds flow of $147 to $156 million (versus prior guidance of $141 to $150 million) with free adjusted funds flow at $83 to $92 million (in line with prior guidance), which would result in InPlay being in a positive working capital position, in excess of debt, by year end.
IPO stock is still under $4 and has risen 425% since this time, last year.
(InPlay Oil Corp. stock chart – May 2021 to May 2022. Click to enlarge.)
For more on InPlay Oil’s performance over the past year, read the release highlighting this news
here.
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