InPlay Oil

What InPlay Oil does

InPlay Oil Corp. is a Calgary, Alberta-based junior exploration and production company focused on the development and production of light oil from the Cardium Formation in Western Canada, with additional operations in the Montney and Charlie Lake formations. Founded in 2012 by Douglas J. Bartole (formerly of Vero Energy), the company targets large oil-in-place pools with low recovery factors using horizontal drilling and completion technologies, with a stated inventory of over 10 years of Tier 1 drilling locations supporting low-decline, long-life reserves. Revenue is generated from the sale of crude oil, natural gas, and natural gas liquids at benchmark commodity prices, with capital supplemented through public equity, debt offerings, and asset acquisitions.

The company's growth has been shaped by a series of accretive M&A transactions, including the 2016 amalgamation with Anderson Energy Inc., the November 2021 acquisition of Prairie Storm Energy Corp., and most significantly the April 2025 transformative acquisition of Obsidian Energy's Pembina Cardium assets for approximately CAD $309.9 million. This Pembina transaction drove 131% light oil production growth and 1,084% total proved and probable reserve replacement in 2025, taking production to over 19,000 BOE/d by Q3 2025. The acquisition was financed through a CAD $32.8 million bought deal and subsequently recapitalized via a CAD $242 million senior unsecured bond offering on the Tel Aviv Stock Exchange in February 2026. InPlay is publicly listed on the TSX (IPO) and OTCQX (IPOOF), pays a monthly dividend of $0.09 per share (post six-to-one consolidation), and in 2026 received TSX approval for a Normal Course Issuer Bid.

Capital structure and governance reflect significant strategic shareholder involvement: Israeli energy conglomerate Delek Group Ltd. acquired a meaningful equity position in August 2025, with Delek Group Chairman Ehud Erez taking the InPlay board chair. The company is led by President and CEO Douglas J. Bartole and CFO Darren Dittmer, with a management team drawn from Vero Energy, Barrick Energy, Cadence Energy, Eight Capital, and other upstream and energy-banking backgrounds. Go-to-market is investor-relations-driven across institutional and retail channels, supported by coverage from eight sell-side analyst firms and participation in investor conferences.

Name

InPlay Oil

Legal name

InPlay Oil Corp.

Website

https://inplayoil.com

Company type

Public

Founded year

2012

Operating status

Operating

Headcount range

11–50 employees

Short description

InPlay Oil Corp. is a Calgary-based junior light oil E&P company focused on horizontal drilling in Alberta's Cardium Formation, with over 10 years of Tier 1 drilling inventory and 19,000+ BOE/d production post-Pembina acquisition, serving institutional and retail investors via TSX and OTCQX listings.

Ownership category

akta.pro rank

NAICS

Crude Petroleum Extraction (21112)

SIC

Crude Petroleum & Natural Gas (1311)

akta.pro primary industry

Retail Service Station Operations (Company-Owned & Dealer-Operated) (EUALAIAA)

Keywords

• Light oil production
• Cardium formation drilling
• Crude oil exploration
• Natural gas liquids
• Horizontal drilling services

Headquarters

HQ city

Calgary

HQ country

Canada

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Supply Chain, Infrastructure, Marketing or Sales, Technology or R&D

Revenue model

1. Oil and Gas Production Revenue: InPlay Oil generates revenue through the sale of crude oil, natural gas, and natural gas liquids produced from its assets in Alberta. The company focuses on light oil production from the Cardium Formation and Montney/Charlie Lake formations in Western Canada.
2. Dividend Distributions: The company returns capital to shareholders through monthly dividend distributions of $0.09 per share (post six-to-one share consolidation in April 2025), demonstrating shareholder return focus and financial stability.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels6 records

Core offering

InPlay Oil Corp. is a Calgary-based light oil exploration and production company focused on horizontal drilling and development of large oil-in-place pools with low recovery factors, low decline rates, and long-life reserves in the Cardium Formation of Alberta, with additional operations in the Montney and Charlie Lake formations of Western Canada. The company sells the resulting crude oil, natural gas, and natural gas liquids into commodity markets, returning capital to shareholders via a monthly dividend and funding growth through public equity and debt offerings.

Product overview

InPlay Oil Corp. is a Calgary-based growth-oriented light oil development and production company. The company's core business operates as a single unified offering focused on developing oil assets in the Cardium Formation in Alberta, Western Canada, with operations also extending into the Montney and Charlie Lake formations. The portfolio has been expanded through strategic acquisitions: the Pembina Cardium assets acquired in April 2025 (for approximately $325 million) represent a transformational addition that drove 131% light oil production growth in 2025, while the Prairie Storm Resources acquisition in late 2021 further strengthened the asset base. The company returns capital to shareholders through a monthly dividend programme of $0.09 per share.

Differentiator

Problem solved

Functional benefit

Products and services

• Light Oil Development and Production (Cardium Formation)

Quantifiable outcome

• 131% light oil production growth in 2025
• +5 more outcomes

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

One partnership is on record.

• Obsidian EnergycoreStrategic or Co-development Partner · 1 April 2025InPlay acquired Obsidian Energy's Pembina Cardium assets for $325 million in April 2025. This transformative acquisition resulted in 131% light oil production growth and 1,084% reserve replacement. The acquisition was partially funded through a $32.8 million bought deal offering and a $242 million bond offering.

Scale indicators10 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Spartan Delta Corp. Canadian junior E&P focused on light oil in the Montney and other Western Canadian formations with aggressive M&A growth strategy. Comparable in scale, acquisition-led growth approach, and operating geography.
• Whitecap Resources: Canadian intermediate E&P with significant Cardium and Montney exposure and a dividend/sustainable production model. Comparable in scale, geographic focus, and light oil strategy to InPlay Oil.
• Cardinal Energy: Junior Canadian E&P focused on light oil in the Cardium and other Western Canadian plays with an emphasis on dividend distributions. Directly comparable in size, asset focus, and capital return strategy.
• Tamarack Valley Energy: Canadian light oil E&P with operations in the Cardium and Clearwater formations. Similar M&A-driven growth profile, comparable production scale, and overlap in core operating areas in Alberta.
• Headwater Exploration: Junior Canadian E&P focused on light oil in the Marten Hills and Clearwater plays with disciplined balance sheet approach. Comparable business model emphasizing low-decline, long-life reserves and returns-focused growth.
• Obsidian Energy: Counterparty to the Pembina Cardium acquisition and a Canadian intermediate E&P with Cardium and Montney exposure. Operates in the same formations and Alberta geography, providing direct operational comparability.

Broad incumbents

• Crescent Point Energy: Large Canadian intermediate E&P with substantial Cardium and Bakken light oil production. Broader asset portfolio and larger scale, but directly comparable in core Cardium operations and dividend focus.
• ARC Resources: Canadian intermediate E&P with significant Montney exposure and light oil production in Western Canada. Larger scale but directly comparable in core Montney operations and dividend-paying model.
• Tourmaline Oil: Canada's largest intermediate E&P with major Montney and Charlie Lake exposure. Operates in the same formations as InPlay's secondary assets and represents the larger-scale version of InPlay's operating model.
• Peyto Exploration & Development: Canadian natural gas-focused E&P with operations in the Montney and Deep Basin. Comparable in Western Canadian operating geography and dividend/returns-focused investor model.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/inplay-oil-corp

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries2 records

Funding overview

Funding rounds5 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about InPlay Oil