InPlay Oil Corp (OTCMKTS:IPOOF) stock continues ended a bit lower in the previous trading session after the company released operational update.
In the previous trading session, IPOOF stock fell 0.70% to $0.8450 with more than 97K shares, compared to its average volume of 46K shares. Over the past 52-week, the stock has moved within a range of $0.0870 – 1.1800.
InPlay Oil Corp. Provides Operational Update and Preliminary 2022 Outlook
InPlay continues to achieve strong results from our 2021 drilling program focused on the Pembina Cardium asset acquired in the fourth quarter of 2020. The three 100% Pembina Cardium Extended Reached Horizontal (“ERH”) wells drilled in the first quarter of 2021 continue to flow without artificial lift and outperform our internal forecasted production volumes.
Performance of the next three 100% Pembina Cardium ERH wells brought on production at the end of July has exceeded that of the three drilled in the first quarter of 2021 to date. The average combined initial flowing production rates from these latest wells over their first 30 days was approximately 1,530 boe/d(2) (78% light oil and NGLs), based on field estimates. These wells are currently producing at an average combined rate of approximately 1,737 boe/d(2) (71% light oil and NGLs), based on field estimates.
This outperformance is expected to generate another record quarterly production rate for InPlay in the third quarter of 2021 of approximately 6,000 boe/d(2) (67% light oil and NGLs), based on field estimates, which represents approximately 11% growth over our previous record production level set in the second quarter of 2021.
The 2021 results provide the Company with a strong foundation heading into 2022. Preliminary production targets are for the Company to average 6,300 to 6,550 boe/d(2) (67% light oil and NGLs) for 2022 which would represent a 12% – 16% increase over our 2021 annual guidance, all achieved through organic drill-bit growth.