-- InPlay Oil (IPO.TO)'s first-quarter loss widened year over year in the first quarter, the company said Friday.
InPlay booked a comprehensive net loss of C$34.63 million, or a loss of $1.24 per diluted and basic share, in the three months ended March 31, compared to a loss of $2.89 million, or a loss of $0.19 basic and $0.18 diluted, posted in the year-ago period.
The loss includes a $39 million impact from the unrealized future mark-to-market value of InPlay's hedges required by its first lien bank lenders to facilitate its acquisition in 2025, the company said.
Among highlights, oil and natural gas sales increased year over year to $88.4 million from $38.9 million as production volumes jumped to 18,337 barrels of oil equivalent per day (boe/d) from 9,076 boe/d.
The oil supply shock driven by the Middle East conflict is expected to support a higher pricing environment going forward, the company said.