On April 7, 2025, InPlay Oil Corp. (TSX: IPO, OTCQX: IPOOF) closed its acquisition of Cardium light oil assets in the Pembina region of Alberta from Obsidian Energy Ltd. for approximately $301 million. The deal included $220 million in cash, $85 million in InPlay shares (54,838,709 shares at $1.55 each), and a 34.6% interest in the Willesden Green Cardium Unit #2, valued at $15 million. Obsidian retained its non-operated Pembina Cardium Unit #11 assets.

InPlay funded the acquisition through a $32.8 million bought deal subscription receipt financing, an amended $330 million credit facility, and the share issuance. The updated facility included a $190 million revolving credit line, a fully drawn $110 million two-year term loan, and a $30 million letter of credit facility. Following the transaction, InPlay had 167.6 million shares outstanding.

As part of a shareholder rights agreement, Obsidian nominated Stephen E. Loukas and Peter D. Scott to InPlay’s board; both were elected at the special meeting. Obsidian used the proceeds to reduce its net debt from $412 million to approximately $192 million and shifted its focus to expanding Peace River Clearwater and Bluesky assets while maintaining output from Willesden Green and Viking.

RBC Capital Markets advised Obsidian, with legal counsel from Burnet, Duckworth & Palmer LLP and Stikeman Elliott LLP. InPlay was advised by ATB Capital Markets, TPH&Co., and National Bank Financial Inc., with Torys LLP and Burnet, Duckworth & Palmer LLP as legal advisors.