International Petroleum Corporation Announces the Results of its Normal Course Issuer Bid

International Petroleum Corporation (IPC (or the Corporation) (TSX. Nasdaq Stockholm: IPCO) We are pleased to announce that IPC has been approved Repurchased total of 423,943 IPC common shares (ISIN) CA46016U1084) During The Period of January 2, 2013 – 13, 2023 Below IPC’s Bid for normal course issuers Share repurchase program (NCIB).

IPC’s NCIB, announced on December 1, 2022, is being implemented in accordance with the Market Abuse Regulation (EU) No 596/2014 (MAR) and Commission Delegated Regulation (EU) No 2016/1052 (Safe Harbour Regulation) and the applicable rules and policies of the Toronto Stock Exchange (TSX) and Nasdaq Stockholm and applicable Canadian and Swedish securities laws.

IPC purchased a total amount of 316,784 IPC shares on Nasdaq Stockholm between January 2 and 13, 2023. Pareto Securities AB was responsible for all of these share repurchases.

For more information regarding transactions under the NCIB in Sweden, including aggregated volume, weighted average price per share and total transaction value for each trading day during the period of January 2 to 13, 2023, see the following link to Nasdaq Stockholm’s website:

www.nasdaqomx.com/transactions/markets/nordic/corporate-actions/stockholm/repurchases-of-own-shares

A detailed breakdown of the transactions conducted on Nasdaq Stockholm during the period of January 2 to 13, 2023 according to article 5.3 of MAR and article 2.3 of the Safe Harbour Regulation is available with this press release on IPC’s website: www.international-petroleum.com/investors/#press.

IPC bought 107,159 IPC common shares during the same period. ATB Capital Markets Inc. was responsible for all of these share repurchases.

All IPC common share repurchases under the NCIB will be cancelled. As of January 13, 2023, there were 136,827999 IPC common share with voting rights. IPC has 423,943 common shares treasury.

Between December 5, 2022 and January 13, 20,23, 1,154,000.243 IPC common shares were repurchased by the NCIB via the TSX and Nasdaq Sweden. Maximum 9,333,859 IPC Common Shares may be purchased within twelve months beginning December 5, 2022 and ending on December 4, 2023.

International Petroleum Corp. (IPC), is an international petroleum corporation.n International oil and gas production and exploration company. High quality Asset portfolio located in Canada, Malaysia FranceIt provides a strong foundation for both organic and inorganic development. IPC is a member of The Lundin Group of Companies. IPC is incorporated in Canada and IPC’s shares are listed on the Toronto Stock Exchange (TSX) and the Nasdaq Stockholm exchange Unter dem Zeichen “IPCO”

For more information, please contact:

The information was submitted by the above-described contact persons for publication at 08:30 CET on January 16, 20,23.

Forward-Looking Statements
This press release contains information and statements that are “forward-looking statements” (within limits of applicable securities legislation). These statements and information, collectively, are “forward-looking statements” that relate to future events. This includes the Corporation’s future performance, business prospects, or opportunities. Actual results might differ materially to those implied or expressed by forward-looking statement. This cautionary statement expressly qualifies forward-looking statements in this press release. If not otherwise stated, forward-looking statements are only valid as of the date of the press release. IPC is not obligated to make any updates to forward-looking statements.

Any statements other than statements regarding historical fact could be considered forward-looking statements. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, forecasts, guidance, budgets, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “seek”, “anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “forecast”, “predict”, “potential”, “targeting”, “intend”, “could”, “might”, “should”, “believe”, “budget” and similar expressions) are not statements of historical fact and may be “forward-looking statements”. Forward-looking statements include, but are not limited to, statements with respect to: the ability and willingness of IPC to continue the NCIB, including the number of common shares to be acquired and cancelled and the timing of such purchases and cancellations; and the return of value to IPC’s shareholders as a result of any common share repurchases.

Forward-looking statements are based upon certain assumptions and key expectations made by IPC. These include expectations and assumptions regarding: commodity prices, applicable royalty rates, tax laws, interest rates, future well production rates, reserve and contingent resource volumes, operating costs, timing of regulatory approvals, performance of existing wells, capital expenditures, expected timing and results, sufficiency of capital expenditures to carry out planned activities, the timing, location, and extent of future drilling operations, the benefits of acquisitions, the availability and cost financing, labour, and of services, and of these businesses

IPC believes these forward-looking statements can be relied upon with reasonable expectations and assumptions. However, IPC cannot guarantee their accuracy. Forward-looking statements, which are based on future events and conditions, have inherent risks and uncertainties. Due to many factors and uncertainties, actual results may differ materially from what was anticipated. These include but aren’t limited to the following: risks related to the oil and gas industry, such as delays or changes to plans with respect to exploration projects or capital expenditures; uncertainty in estimates and projections relating reserve, resources, revenue, costs and expenses; safety and health risks; commodity price fluctuations, interest rate and rate fluctuations; marketing, transportation; loss or markets; competition; inaccurate assessment of the value acquisitions; inability to access sufficient capital from both internal and external sources; inability to obtain regulatory and other approvals; changes in laws The above list is not complete.

Additional information on these and other factors that could affect IPC, or its operations or financial results, are included in IPC’s annual information form for the year ended December 31, 2021 (See “Risk Factors”), in the management’s discussion and analysis (MD&A) for the three months ended September 30, 2022 (See “Cautionary Statement Regarding Forward-Looking Information”, “Risks and Uncertainties” and “Reserves and Resources Advisory” therein) and other reports on file with applicable securities regulatory authorities, including previous financial reports, management’s discussion and analysis and material change reports, which may be accessed through the SEDAR website (www.sedar.com) or IPC’s website (www.international-petroleum.com).

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