IPC Announces Approval for Share Repurchase Program

International Petroleum Corporation ("IPC" or the "Corporation") (TSX, Nasdaq Stockholm: IPCO) is pleased to announce that the Toronto Stock Exchange (the "TSX") has approved IPC's notice of intention to make a normal course issuer bid.

Pursuant to the share repurchase program, IPC is authorized to repurchase through the facilities of the TSX, Nasdaq Stockholm and/or alternative Canadian trading systems, as and when considered advisable by IPC, up to 11,097,074 common shares, representing approximately 7% of the 155,367,757 common shares outstanding as at November 30, 2021 (or 10% of IPC's "public float" as at November 30, 2021), over a period of twelve months commencing December 3, 2021 and ending December 2, 2022, or until such earlier date as the share repurchase program is completed or terminated by IPC. The maximum number of common shares which can be repurchased each day on Nasdaq Stockholm will be 25% of the average daily trading volume of the common shares for the 20 trading days preceding the date of purchase, subject to certain exceptions for block purchases. In addition, IPC will be limited to daily purchases of no more than 15,222 common shares on the TSX, being 25% of IPC's average daily TSX trading volume of 60,889 common shares during the six months ended October 31, 2021, subject to certain exceptions for block purchases and other prescribed exemptions available under applicable Canadian securities laws. IPC currently does not hold any common shares in treasury. In connection with the share repurchase program, IPC has entered into an automatic share purchase plan ("ASPP") with its designated broker to allow IPC to repurchase common shares when it would ordinarily not be permitted to purchase common shares due to regulatory restrictions and customary self-imposed blackout periods. Pursuant to the ASPP, IPC will provide instructions during non-blackout periods to its designated broker, which instructions may not be varied or suspended during the blackout period. Outside of any blackout periods, common shares will be purchased in accordance with management's discretion. All purchases made under the ASPP will be included in computing the number of common shares repurchased under the share repurchase program. The ASPP has been reviewed and pre-cleared by the TSX and may be terminated by IPC or its broker in accordance with its terms, or will terminate on the expiry of the share repurchase program. Any common shares that IPC repurchases under the share repurchase program will be purchased on the open market through the facilities of the TSX, Nasdaq Stockholm and/or alternative Canadian trading systems at the prevailing market price at the time of such purchase and in accordance with the applicable rules and policies of the TSX and Nasdaq Stockholm and applicable Canadian and Swedish securities laws. The actual number of common shares that will be repurchased, and the timing of any such purchases, will be determined by IPC, subject to the limits imposed by the TSX, Nasdaq Stockholm and under applicable Canadian securities laws. There cannot be any assurances as to the number of common shares that will ultimately be acquired by IPC. Any common shares purchased by IPC under the share repurchase program will be cancelled. IPC believes that the repurchase of common shares for cancellation represents an effective use of IPC's capital and an efficient way to return value to IPC's shareholders.