InPlay Oil Corp · TSX:IPO
InPlay Oil — Q3 2026 Earnings Presentation
31 slides from InPlay Oil's earnings presentation, November 2026
Slide 1: Corporate Presentation
Corporate Presentation November 2026 TSX : IPO OTCQX : IPOOF
Slide 2: Executing Our Corporate Strategy
Executing Our Corporate Strategy GROWTH THROUGH ORGANICALLY GROW HIGH DISCIPLINED M&A RATE OF RETURN ASSETS Asset Quality Top Decile Full Cycle FCF Accretive Economics Enhance Sustainability 15 Years of Runway BUILDING A MAINTAIN CONSERVATIVE FOCUSED ON GENERATING LEVERAGE RATIOS DISCIPLINED & STRON
Slide 3: Investment Highlights
Investment Highlights ✓ Increasing Size & Sustainability • ~20,550 boe/d with oil production of >10,900 bbl/d; Largest Cardium oil producer • ~$212 million of AFF; ~$112 million of FAFF (22% FAFF yield) • PDP decline rate of 22%; PDP reserve life index (RLI) of ~7 years; Proved RLI of ~13 years • 23
Slide 4: Q3 2026: Integration of Belly River Acquisition
Q3 2026: Integration of Belly River Acquisition • Production of 19,254 boe/d(1) (62% liquids) • Crude oil production of 9,565 bbl/d, 5% increase from Q3 2025 • Operating income(2) of $61.7 million and operating income profit margin(2) of 52% • 78% increase in operating income from Q3 2025 • Operatin
Slide 5: Preliminary 2027 Guidance
Preliminary 2027 Guidance Growth Sustainability Value 15% 18% 13% 14% 61% 22% Oil Production AFF FAFF Basic Payout Ratio All-in Payout Ratio FAFF Per Share Growth Per Share Growth Per Share Growth (Dividends) (CAPEX + Dividends) Yield • Program focused on oil weighted development and growth • Delive
Slide 6: Corporate Overview
Corporate Overview Operating Summary 2027 Average Production(1) (boe/d) 20,100 – 21,000 2027 Light Oil & NGLs (%) 64% - 65% Reserves – Pro Forma (December 31, 2025) Proved Developed Producing (mboe) 49,605 Proved (mboe) 95,753 Proved and Probable (mboe) 126,558 Proved and Probable NPV BT 10% ($mm) $
Slide 7: Management and Directors
Management and Directors Management Team Douglas J. Bartole, ▪ Founder of InPlay; Founder, President and CEO of Vero Energy; VP Operations of True Energy; Management and Engineering roles at President, CEO & Husky Energy, Renaissance Energy and PanCanadian Petroleum Director ▪ Director of various pr
Slide 8: Asset Overview
Asset Overview Top Producer & Land Holder in Largest Light Oil Pool in Western Canada (Pembina Cardium; 11 Billion bbl OOIP) (Pembina Cardium boe/d) InPlay Land InPlay Wells Acquisition Land Acquisition Wells Industry Cardium & Belly River Wells PEMBINA IPO * Pembina Cardium Peers include: BNE, CNQ,
Slide 9: Asset Quality – Low Decline Production
Asset Quality – Low Decline Production 75% of Production Under Long Term Waterflood → Drives Long RLI & Significant FAFF 25,000 Production Vintage Production Decline 20,000 All Wells Drilled Prior to 2022 ~10,500 8.6% All Wells Drilled Prior to 2023 ~12,100 9.6% 15,000 All Wells Drilled Prior to 202
Slide 10: Quick Payback & Capital Efficient Drilling Inventory
Quick Payback & Capital Efficient Drilling Inventory Inventory Summary Inventory Economics Cardium (1.5 mile) Belly River (1.5 mile) Tier 1 Inventory Economics US$70 WTI US$80 WTI US$70 WTI US$80 WTI CAPEX ($mm) $3.7 $3.7 EUR (mboe) 221 215 >450 IP90 (boe/d) 285 219 Locations in 225+ IP365 (boe/d) 1
Slide 11: Asset Quality Generates Top Tier Free Adjusted Funds Flow
Asset Quality Generates Top Tier Free Adjusted Funds Flow Significant Excess Free Adjusted Funds Flow (“FAFF”) Provides for Capital Allocation Flexibility Capital Allocation Priorities 2027 Free Adjusted Funds Flow Estimate(1) ▪ Annual dividend of $1.08/share Base Dividend ▪ Annual base dividend rep
Slide 12: Pro Forma Reserves & Net Asset Value
Pro Forma Reserves & Net Asset Value Pro Forma Reserve Highlights Reserves Liquids NPV BT10 NAV RLI December 31, 2025 (mboe) (%) ($mm) ($/share) (yrs) Proved Developed Producing 49,605 61% $672 $14.36 7.0 Total Proved 95,753 65% $1,153 $31.60 13.2 Total Proved and Probable 126,558 65% $1,603 $47.77
Slide 13: 2026 Belly River Strategic Tuck-In
2026 Belly River Strategic Tuck-In Metrics Accretion 2.0x 27% $11.38/boe 18% accretive 18% accretive 12% accretive Net Op. Income FAFF Yield Proved Reserves AFFPS FAFFPS Oil Prod./sh Strategic Rationale – Belly River Acquisition Highly Complementary Land Position • Strategic tuck-in acquisition dire
Slide 14: 2025 Pembina Cardium Transformation Acquisition
2025 Pembina Cardium Transformation Acquisition Metrics Accretion 2.2x 25% 0.5x 40% accretive 65% accretive 45% accretive Net Op. Income FAFF Yield PDP NAVPS AFFPS FAFFPS Oil Prod./sh Overview of Transformational Pembina Cardium Acquisition Land Position Closed ~$291 million strategic acquisition on
Slide 15: History of Value-Add Acquisitions
History of Value-Add Acquisitions Pembina Acquisition (Q4 2020) Prairie Storm Acquisition (Q4 2021) ▪ Acquired in October 2020 ▪ Acquired Prairie Storm Energy in ▪ Grew production from 190 boe/d to >4,000 boe/d November 2021 for $40.5 million ▪ Grew 1P NAV from $23 million to $108 million ▪ Grew pro
Slide 16: Corporate Track Record
1 6 Corporate Track Record 10-year track record of production, cash flow and reserves growth per share with concurrent debt reduction Production(1) 800 140,000 Reserves 5,000 Liquids (bbl) PDP Production/sh (boe/d/mm shares 20,000 700 TP Gas (boe) 120,000 TPP / share (boe/m shares) Prod/mm shares TP
Slide 17: Debt De-leveraging and Maturity Profile
Debt De-leveraging and Maturity Profile Current Credit Facilities ▪ $190mm revolving credit facility Includes $54.4MM of • Facility matures on June 30, 2028 Acquisition Debt • Extendable annually at the request of InPlay • Borrowing base recently expanded by $60 million, total borrowing base now $25
Slide 18: 2026 Forecast
2026 Forecast Commodity Price Assumptions WTI oil price (US$/bbl) $85.80 Edmonton par (C$/bbl) $118.50 AECO gas price ($/GJ) $1.70 Operational Forecast Midpoint Average production (boe/d) 19,150 (% liquids)(1) (62%) Capital program ($mm) $81 Net drilled and completed wells 16.9 Operating netback ($/
Slide 19: Investment Summary
Investment Summary Strong Shareholder Returns • Base dividend of $1.08/share represents 6.0% dividend yield • High netback, low decline assets generate significant FAFF • Track record of delivering shareholder returns through various commodity price cycles Balance Sheet Strength • Low leverage ratio
Slide 20: Appendix
Appendix Refer to Slide Notes and Reader Advisories 20
Slide 21: Risk Management
Risk Management • InPlay layers on hedges through the cycle • In addition to commodity price hedges, InPlay has fully hedged its NIS / CAD FX exposure relating to its NIS denominated bonds. * * The hedged gas volumes in this column are for the period from January 1, 2028 – March 31, 2028 Refer to Sl
Slide 22: Slide Notes
Slide Notes 1. See “Production Breakdown by Product Type” in the Reader Advisories 2. Non-GAAP measure or ratio. See “Non-GAAP and Other Financial Measures” in Reader Advisories 3. Capital management measure. See “Non-GAAP and Other Financial Measures” in Reader Advisories 4. Supplementary measure.
Slide 23: Slide Notes (continued)
Slide Notes (continued) Slide 13 1. See “Drilling Locations” within “Oil and Gas Advisories” in the Reader Advisories. 2. Pro-forma reserves presented herein are the sum of the InPlay standalone and Acquired Assets, are prepared in accordance with National Instrument 51‐101 and the COGE Handbook and
Slide 24: Reader Advisories
Reader Advisories Hedging Summary Commodity Hedges Q4/26 Q1/27 Q2/27 Q3/27 Q4/27 2028 Commodity Hedges 1. Fixed price swaps provide InPlay with a guaranteed price in lieu of realization of floating index prices. Natural Gas AECO Swap(1) (mcf/d) 8,560 4,265 23,695 23,695 7,948 - 2. Costless collars i
Slide 25: Reader Advisories (continued)
Reader Advisories (continued) All amounts in this presentation are stated in Canadian dollars unless otherwise specified. Throughout this presentation, the terms Boe (barrels of oil equivalent) and Mmboe (millions of barrels of oil equivalent) are used. Such terms when used in isolation, may be misl
Slide 26: Reader Advisories (continued)
Reader Advisories (continued) Oil and Gas Advisories (cont’d) Estimated Ultimate Recovery – Estimated Ultimate Recovery (“EUR”) is an approximation of the quantity of oil or gas that is potentially recoverable or has already been recovered from a reserve or well. EUR is not a defined term within the
Slide 27: Reader Advisories (continued)
Reader Advisories (continued) Production Breakdown by Product Type Disclosure of production on a per boe basis in this document consists of the constituent product types as defined in NI 51-101 and their respective quantities disclosed in the table below: Light and Light and Conventional Conventiona
Slide 28: Reader Advisories (continued)
Reader Advisories (continued) Non-GAAP and Other Financial Measures (cont’d) Net Debt to EBITDA - Management considers Net Debt to EBITDA an important measure as it is a key metric to identify the Company’s ability to fund financing expenses, net debt reductions and other obligations. EBITDA is calc
Slide 29: Reader Advisories (continued)
Reader Advisories (continued) Forward Looking Information and Statements (cont’d) Forward-looking statements or information are based on a number of material factors, expectations or assumptions of InPlay which have been used to develop such statements and information, but which may prove to be inco
Slide 30: Reader Advisories (continued)
Reader Advisories (continued) Key Budget and Underlying Material Assumptions to FLI The key budget and underlying material assumptions used by the Company in the development of its 2026 guidance and 2027 preliminary guidance are as follows: : Current Previous Preliminary Actuals Current Guidance Gui
Slide 31: Contact Us
Contact Us Doug Bartole Kevin Leonard President and CEO VP Business & Corporate Development 587.955.0632 587.955.0635 [email protected] [email protected] #2000, 350 – 7th Avenue SW Calgary, AB T2P 3N9 www.inplayoil.com