IPC Announces Results of Share Repurchase Program Feb 17, 2020

International Petroleum Corporation (IPC or the Corporation) (TSX, Nasdaq Stockholm: IPCO) is pleased to announce that IPC repurchased a total of 384,836 IPC common shares (ISIN: CA46016U1084) during the week of February 10 to 14, 2020 under the previously announced share repurchase program.

The share repurchase program, announced by IPC on November 7, 2019, 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 week of February 10 to 14, 2020, IPC repurchased a total of 357,000 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 week of February 10 to 14, 2020, 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 27,836 IPC common shares on the TSX and/or alternative Canadian trading systems. All of these share repurchases were carried out by Stifel Nicolaus Canada Inc. on behalf of IPC. As previously announced, all common shares repurchased by IPC under the share repurchase program will be cancelled. Following cancellation of the above repurchased shares, the total number of issued and outstanding IPC common shares will be 155,727,629 and IPC will not hold any common shares in treasury. The total number of issued and outstanding shares is 157,250,869 and IPC currently holds 1,523,240 common shares in treasury. A full breakdown of the transactions conducted during the week of February 10 to 14, 2020 according to article 5.3 of MAR and article 2.3 of the Safe Harbour Regulation on Nasdaq Stockholm is attached to this press release. Since November 11, 2019 up to and including February 14, 2020, a total of 7,992,436 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 11,517,057 IPC common shares may be repurchased over the period of twelve months commencing November 11, 2019 and ending November 10, 2020, or until such earlier date as the share repurchase program is completed or terminated by IPC.