08:18 AM EDT, 03/13/2024 (MT Newswires) -- InPlay Oil ( IPOOF ) on Wednesday said its fourth-quarter profit fell 44% on lower production and weaker prices.

The Western Canadian oil and gas producer said it earned C$11.58 million, or C$0.13 per share, in the period, down from C$20.74 million, or C$0.23, in the year-prior quarter. Adjusted funds flow dropped 22% to C$23.54 million, or C$0.26.

Revenue fell 18% to C$47.63 million from C$58.16 million, as the company's oil and gas production slipped to 9,596 barrels of oil equivalent per day from 9,623 boepd, while its average price per barrel fell 18% to C$53.95 per barrel.

"InPlay remains focused on disciplined development of our high rate of return assets with a focus on maximizing free adjusted funds flow alongside a reasonable production growth profile while maintaining conservative leverage ratios, with the ultimate goal of maximizing returns to shareholders," the company said.

The company reiterated its 2024 production guidance of 9,250 boepd and its capital budget of between C$64 million and C$67 million.

InPlay shares closed down C$0.02 to C$2.31 Tuesday on the Toronto Stock Exchange.