InPlay Oil Corp. (TSX: IPO, OTCQX: IPOOF) has announced a monthly cash dividend of $0.015 per common share, payable on January 31, 2025. This dividend will be distributed to shareholders who are on record as of January 15, 2025. The company has indicated that this dividend is expected to qualify as an “eligible dividend” under Canadian federal and provincial tax regulations.
InPlay Oil Corp. is a junior oil and gas exploration and production company based in Calgary, Alberta. The firm specializes in light oil production and operates long-lived, low-decline properties that offer significant potential for drilling development and enhanced oil recovery. Additionally, InPlay holds undeveloped lands that present further exploration opportunities. InPlay’s strategic focus on efficient operations and capital allocation has positioned it within the competitive landscape of the Canadian energy sector.
InPlay’s recent financial results reflect its commitment to operational efficiency and shareholder value. For the third quarter of 2024, the company reported oil and natural gas sales of CAD $34.2 million, down from CAD $46.7 million in the same quarter of the previous year. Adjusted funds flow was CAD $13.1 million for the quarter, compared to CAD $25.2 million in Q3 2023.
Despite these declines, InPlay remains optimistic about its production outlook. The company’s current production estimates are around 9,740 barrels of oil equivalent per day (boe/d), with a significant portion being light crude oil and natural gas liquids (NGLs). The annual production forecast remains stable between 8,700 and 9,000 boe/d.
InPlay continues to focus on enhancing its financial performance through disciplined capital spending and operational improvements. For 2024, the company’s exploration and development expenditures are projected to be approximately CAD $63 million, which is slightly below its budgeted range. This prudent financial management is expected to yield strong free adjusted funds flow in the fourth quarter of 2024.
The company has also hedged about 50% of its natural gas and light crude oil production for the fourth quarter, which helps mitigate price volatility and supports stable cash flow generation.
InPlay Oil Corp.’s declaration of a monthly dividend underscores its commitment to returning value to shareholders while maintaining a solid operational foundation in Alberta’s competitive oil sector. As the company navigates market challenges, its focus on efficient operations and strategic growth initiatives positions it favorably for future success.
