11:44 AM EDT, 08/15/2024 (MT Newswires) -- InPlay Oil ( IPOOF ) late on Wednesday reported an increase in its second-quarter profit as production and sales rose.

Second-quarter comprehensive income rose to $5.4 million, or $0.06 per share, from $4.3 million, or $0.05, in the year-prior quarter.

Adjusted funds flow fell to $20.1 million, or $0.22, from $21.8 million, or $0.24. Oil and natural gas sales increased to $41.5 million from $39.8 million.

The company produced 8,657 barrels of oil equivalent per day (boe/d), up from 8,474 boe/d.

InPlay maintained its budgeted exploration and development expenditures for 2024 at $64 million to $67 million, with the developed well count dropping to 12.6 from 14-15.

The company lowered its annual production guidance by 4% to bwtween 8,700 boe/d to 9,000 boe/d, reflecting foregone production from the Glauconite well, downtime and shut-ins, and planned rescheduling to bring wells on later in the year.

The company's shares were last seen up $0.05 to $2.25 on the Toronto Stock Exchange.

Price: 2.25, Change: +0.07, Percent Change: +2.97