IPC Announces Results of Share Repurchase Program and Updated Share Capital (December 30, 2022)

International Petroleum Corporation (IPC or the Corporation) (TSX, Nasdaq Stockholm: IPCO) is pleased to announce that IPC repurchased a total of 85,800 IPC common shares (ISIN: CA46016U1084) during the period of December 19 to 30, 2022 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 December 19 to 30, 2022, IPC repurchased a total of 40,000 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 December 19 to 30, 2022, 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 December 19 to 30, 2022 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 45,800 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. During December 2022, IPC cancelled 730,300 common shares repurchased under the NCIB. As at December 30, 2022, the total number of issued and outstanding IPC common shares is 136,827,999 with voting rights and IPC holds no common shares in treasury. Since December 5, 2022 up to and including December 30, 2022, a total of 730,300 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.