IPC Announces Results of Share Repurchase Program and Updated Share Capital (July 29, 2022)

International Petroleum Corporation (IPC or the Corporation) (TSX, Nasdaq Stockholm: IPCO) is pleased to announce that IPC repurchased a total of 552,600 IPC common shares (ISIN: CA46016U1084) during the period of July 25 to 29, 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 July 25 to 29, 2022, IPC repurchased a total of 493,000 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 share repurchase program in Sweden, including aggregated volume, weighted average price per share and total transaction value for each trading day during the period of July 25 to 29, 2022, see the following link to Nasdaq Stockholm’s website:

http://www.nasdaqomx.com/transactions/markets/nordic/corporate-actions/stockholm/repurchases-of-own-shares

During the same period, IPC purchased a total of 59,600 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 July 2022, IPC cancelled 8,258,064 common shares repurchased under the substantial issuer bid as announced on July 11, 2022 and IPC cancelled a further 3,330,342 common shares repurchased during July 2022 under the share repurchase program. As at July 29, 2022, the total number of issued and outstanding IPC common shares is 139,377,607 with voting rights and IPC holds 522,600 common shares in treasury which will be cancelled in August 2022. A full breakdown of the transactions conducted during the period of July 25 to 29, 2022 according to article 5.3 of MAR and article 2.3 of the Safe Harbour Regulation on Nasdaq Stockholm is available on IPC’s website: www.international-petroleum.com. Since December 3, 2021 up to and including July 29, 2022, a total of 8,254,686 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.