IPC Announces Completion of Normal Course Issuer Bid and Confirms Intention to Renew

November 16, 2023

nternational 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 9.3 million IPC common shares between December 2022 and November 2023, representing approximately 6.8% 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 TSX, the renewal of IPC’s NCIB for a further twelve months from December 2023 to December 2024. IPC expects that the renewed NCIB program will permit IPC to purchase on the TSX and/or Nasdaq Stockholm, and cancel, up to a further 8.3 million common shares, representing approximately 6.5% of the total outstanding common shares (or 10% of IPC’s “public float” under applicable TSX rules). IPC’s current intention is to fully complete the renewed NCIB program during 2024.

During the period of November 13 to 15, 2023, IPC repurchased a total of 134,000 IPC common shares (ISIN: CA46016U1084) under the NCIB on Nasdaq Stockholm. All of these share repurchases were carried out by Pareto Securities AB on behalf of IPC.

IPC’s current 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. Since December 5, 2022 up to and including November 15, 2023, a total of 9,333,479 IPC common shares were repurchased under the NCIB through the facilities of the TSX and Nasdaq Stockholm.

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 13 to 15, 2023, see the following link to Nasdaq Stockholm’s website:

A detailed breakdown of the transactions conducted on Nasdaq Stockholm during the period of November 13 to 15, 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.

All common shares repurchased by IPC under the NCIB will be cancelled. As at November 16, 2023, the total number of issued and outstanding IPC common shares is 128,652,220 with voting rights, of which IPC holds 427,400 common shares in treasury. Following cancellation of these common shares held in treasury, the total number of issued and outstanding IPC common shares will be 128,224,820.