IPC Announces Results of Normal Course Issuer Bid (February 24, 2025)

International Petroleum Corporation (IPC or the Corporation) (TSX, Nasdaq Stockholm: IPCO) is pleased to announce that IPC repurchased a total of 218,956 IPC common shares (ISIN: CA46016U1084) during the period of February 17 to 21, 2025 under IPC’s normal course issuer bid / share repurchase program (NCIB).

IPC’s NCIB, announced on December 3, 2024, 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 February 17 to 21, 2025, IPC repurchased a total of 172,000 IPC common shares on Nasdaq Stockholm. All of these share repurchases were carried out by Pareto Securities AB on behalf of IPC.

A summary and detailed breakdown of the transactions conducted on Nasdaq Stockholm during the period of February 17 to 21, 2025 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 46,956 IPC common shares on the TSX. All of these share repurchases were carried out by ATB Securities Inc. on behalf of IPC.

All common shares repurchased by IPC under the NCIB will be cancelled. As at February 21, 2025, the total number of issued and outstanding IPC common shares is 117,781,927with voting rights, of which IPC holds 1,041,233 common shares in treasury.

Since December 5, 2024 up to and including February 21, 2025, a total of 3,142,007 IPC common shares have been repurchased under the NCIB through the facilities of the TSX and Nasdaq Stockholm. A maximum of 7,465,356 IPC common shares may be repurchasedover the period of twelve months commencing December 5, 2024 and ending December 4, 2025, or until such earlier date as the NCIB is completed or terminated by IPC.