InPlay Oil Corp (IPOOF)

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InPlay Oil Corp. Announces First Quarter 2022 Financial and Operating Results Highlighted by Record Quarterly Production and Financial Results

May 11, 2022 08:00 ET | Source: InPlay Oil Corp.

CALGARY, Alberta, May 11, 2022 (GLOBE NEWSWIRE) -- InPlay Oil Corp. (TSX: IPO) (OTCQX: IPOOF) (“InPlay” or the “Company”) announces its record setting financial and operating results for the three months ended March 31, 2022, our first full quarter incorporating the acquisition of Prairie Storm Resources Corp. (“Prairie Storm”). InPlay’s condensed unaudited interim financial statements and notes, as well as Management’s Discussion and Analysis (“MD&A”) for the three months ended March 31, 2022 will be available at “www.sedar.com” and our website at “www.inplayoil.com”. Our corporate presentation will soon be available on our website.

First Quarter 2022 Financial & Operating Highlights

Achieved record average quarterly production of 8,221 boe/d(1) (59% light crude oil and NGLs), an increase of 66% from first quarter production in 2021 of 4,965 boe/d(1) (70% light crude oil and NGLs) and an increase of 23% compared to our previous quarterly record of 6,687 boe/d(1) (61% light crude oil and NGLs) in the fourth quarter of 2021. Average production per weighted average basic share increased 31% compared to the first quarter of 2021 (34% on a debt adjusted(4) basis) and 3% compared to the fourth quarter of 2021 (9% on a debt adjusted basis).
Generated record quarterly adjusted funds flow (“AFF”)(2) of $29.4 million ($0.34 per weighted average basic share(3)), an increase of 381% compared to $6.1 million ($0.09 per weighted average basic share) in the first quarter of 2021 and an increase of 71% compared to $17.1 million ($0.23 per weighted average basic share) in the fourth quarter of 2021, our prior record quarter.
Increased operating netbacks(4) by 73% to $46.06/boe from $26.66/boe in the first quarter of 2021 and 17% compared to $39.43/boe in the fourth quarter of 2021, our prior record quarter.
Realized quarterly record operating income(4) and operating income profit margin(4) of $34.1 million and 65% respectively compared to $11.9 million and 60% in the first quarter of 2021; $24.3 million and 65% in the fourth quarter of 2021, our prior record quarter.
Reduced operating expenses by 10% to $12.96/boe compared to $14.37/boe in the first quarter of 2021, despite rising costs of services in the industry.
Generated free adjusted funds flow (“FAFF”)(4) of $7.8 million, a quarterly record for the Company.
Achieved a record quarterly annualized net debt(2) to earnings before interest, taxes and depletion (“EBITDA”)(4) ratio of 0.6, compared to 2.6 in the first quarter of 2021 and 1.1 in fourth quarter of 2021.
Realized net income of $18.8 million ($0.22 per basic share; $0.21 per diluted share) compared to a net loss of $7.5 million ($0.11 per basic and diluted share) in the first quarter of 2021.