InPlay Oil Corp. Acquires Obsidian Energy’s Cardium Assets in $301 Million Deal

InPlay Oil Corp. has officially completed its acquisition of Cardium light oil-focused petroleum and natural gas assets from Obsidian Energy Ltd. and its affiliates for approximately $301 million. The transaction, which closed on April 7, 2025, marks a major strategic expansion for InPlay into the Pembina area of Alberta.

The acquisition package includes a $212 million cash payment (adjusted for interim changes), the issuance of 54.8 million pre-consolidation common shares worth $85 million, and the transfer of InPlay’s non-operated Willesden Green Cardium Unit 2 interest. These assets cover a sizable land base of 468,758 gross acres and feature an average working interest of 68%.

To finance the deal, InPlay raised $32.8 million in gross proceeds through a bought-deal equity offering of 21.1 million subscription receipts at $1.55 each, led by ATB Securities, National Bank Financial, and RBC Capital Markets. The company also secured a revised credit facility totaling $330 million, comprising a $190 million revolving facility, a $110 million term loan, and a $30 million letter of credit facility.

This acquisition transforms InPlay’s footprint in west-central Alberta and is expected to strengthen its production and reserves base. The newly acquired assets will be operated as part of InPlay’s ongoing upstream oil and gas activities, with no immediate changes to its business strategy.

The company also published detailed reserve data and unaudited pro forma financials as part of its Business Acquisition Report filed on May 6, 2025.