IPC Announces Completion of Annual Normal Course Issuer Bid (November 18, 2024)

International Petroleum Corporation (IPC or the Corporation) (TSX, Nasdaq Stockholm: IPCO) is pleased to announce that IPC has completed the current normal course issuer bid / share repurchase program (NCIB), purchasing for cancellation 8,342,119 IPC common shares between December 2023 and November 2024, representing approximately 6.5% of the total outstanding common shares at the commencement of the NCIB. As previously announced, the IPC Board of Directors has approved, subject to acceptance by the Toronto Stock Exchange (TSX), the renewal of IPC’s NCIB for a further twelve months from December 2024 to December 2025. IPC expects that the 2024/2025 NCIB will permit IPC to purchase on the TSX and/or Nasdaq Stockholm, and cancel up to a further approximately 7.5 million common shares, representing approximately 6.2% of the total outstanding common shares (10% of IPC’s “public float” under applicable TSX rules).

During the period of November 11 to 15, 2024, IPC repurchased a total of 191,989 IPC common shares (ISIN: CA46016U1084) on Nasdaq Stockholm. All of these share repurchases were carried out by Pareto Securities AB on behalf of IPC.

IPC’s NCIB, announced on December 1, 2023, was 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.

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 November 11 to 15, 2024, 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 November 11 to 15, 2024 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/news-and-media/press-releases.

During the same period, IPC purchased a total of 14,348 IPC common shares on the TSX. All of these share repurchases were carried out by ATB Capital Markets Inc. on behalf of IPC.

All common shares repurchased by IPC under the NCIB will be cancelled. As at November 15, 2024, the total number of issued and outstanding IPC common shares is 120,244,638 with voting rights and IPC holds 361,937 common shares in treasury. Following cancellation of the common shares in treasury, the total number of issued and outstanding IPC common shares will be 119,882,701.