IPC Announces Results of Share Repurchase Program (September 26 to 30, 2022) and Updated Share Capital

International Petroleum Corporation (IPC or the Corporation) (TSX, Nasdaq Stockholm: IPCO) is pleased to announce that IPC repurchased a total of 26,666 IPC common shares (ISIN: CA46016U1084) during the period of September 26 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 September 26 to 30, 2022, IPC purchased all of the 26,666 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 September 2022, IPC cancelled 290,940 common shares repurchased under the share repurchase program. As at September 30, 2022, the total number of issued and outstanding IPC common shares is 138,024,435 with voting rights and IPC holds 12,344 common shares in treasury which will be cancelled in October 2022. Since December 3, 2021 up to and including September 30, 2022, a total of 9,097,602 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.