IPC Announces Results of Normal Course Issuer Bid (22 May 2023)

International Petroleum Corporation (IPC or the Corporation) (TSX, Nasdaq Stockholm: IPCO) is pleased to announce that IPC repurchased a total of 137,000 IPC common shares (ISIN: CA46016U1084) during the period of May 15 to 19, 2023 under IPC’s normal course issuer bid / 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. During the period of May 15 to 19, 2023, IPC repurchased a total of 95,000 IPC common shares on Nasdaq Stockholm. All of these share repurchases were carried out by Pareto Securities AB on behalf of IPC. 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 May 15 to 19, 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 May 15 to 19, 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

. During the same period, IPC purchased a total of 42,000 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 May 19, 2023, the total number of issued and outstanding IPC common shares is 131,737,146 with voting rights, of which IPC holds 528,400 common shares in treasury. Since December 5, 2022 up to and including May 19, 2023, a total of 6,349,553 IPC common shares have been repurchased under the NCIB through the facilities of the TSX and Nasdaq Stockholm. A maximum of 9,333,859 IPC common shares may be repurchased over the period of twelve months commencing December 5, 2022 and ending December 4, 2023, or until such earlier date as the NCIB is completed or terminated by IPC.