02:07 PM EDT, 04/07/2025 (MT Newswires) -- InPlay Oil ( IPOOF ) Monday said it closed the acquisition of Cardium light-oil focused assets in the Pembina area of Alberta from Obsidian Energy ( OBE ) for approximately $301 million.

The company, which announced the purchase in February, said then the new properties will double its production to 18,750 barrels per day

The acquisition was funded by a combination of net proceeds of a $32.8 million bought-deal subscription receipt financing, an amended $330 million credit facility with a $190 million revolving credit facility, a letter of credit facility of up to $30 million, a fully drawn $110 million two-year amortizing term loan and the issuance of 54.83-million InPlay shares to Obsidian for $85 million or $1.55 per share.

InPlay shares were last seen down $0.03 to $1.40 on the Toronto Stock Exchange.

Price: 1.40, Change: -0.03, Percent Change: -2.10