IPC Announces Results of Share Repurchase Program and Updated Share Capital (August 31, 2022)

International Petroleum Corporation (IPC or the Corporation) (TSX, Nasdaq Stockholm: IPCO) is pleased to announce that IPC repurchased a total of 94,954 IPC common shares (ISIN: CA46016U1084) during the period of August 22 to 30, 2022 under the previously announced share repurchase program.

The share repurchase program, announced by IPC on December 1, 2021, 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 August 22 to 30, 2022, IPC purchased all of the 94,954 IPC common shares on the TSX and/or alternative Canadian trading systems. All of these share repurchases were carried out by ATB Capital Markets Inc. on behalf of IPC. As previously announced, all common shares repurchased by IPC under the share repurchase program will be cancelled. During August 2022, IPC cancelled 1,062,232 common shares repurchased under the share repurchase program. As at August 31, 2022, the total number of issued and outstanding IPC common shares is 138,315,375 with voting rights and IPC holds 30,244 common shares in treasury which will be cancelled in September 2022. Since December 3, 2021 up to and including August 30, 2022, a total of 8,824,562 IPC common shares have been repurchased under the share repurchase program through the facilities of the TSX, Nasdaq Stockholm and/or alternative Canadian trading systems. A maximum of 11,097,074 IPC common shares may be repurchased over the 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.