IPC Annual General Meeting to be held on May 4, 2021

International Petroleum Corporation (“IPC” or the “Corporation”) (TSX, Nasdaq Stockholm: IPCO) is pleased to announce that its Annual General Meeting of Shareholders will be held at the offices of Blake, Cassels and Graydon LLP, Suite 3500, 855 - 2nd Street S.W., Calgary, Alberta, Canada T2P 4J8 on Tuesday, May 4, 2021 at 8:00 a.m. (Mountain time), for the following purposes:

To receive the audited consolidated financial statements of the Corporation for the financial year ended December 31, 2020 and accompanying report of the auditor, and the management’s discussion and analysis of the Corporation for the year ended December 31, 2020;

To set the number of directors of the Corporation at seven;

To elect the seven nominees of the Corporation standing for election as directors of the Corporation to hold office until the next annual meeting of Shareholders or until his or her successor is duly elected or appointed;

To appoint PricewaterhouseCoopers SA, as the auditor of the Corporation, to hold office until the next annual general meeting of Shareholders and to authorize the directors to fix the auditor’s remuneration;

To consider and, if deemed advisable, to approve, with or without variation, an ordinary resolution approving an increase to the maximum number of common shares of the Corporation that may be issued under the Corporation’s share unit plan, as more particularly described in the Management Information Circular dated March 26, 2021 (the “Information Circular”); and

To transact such other business as may properly come before the Meeting or any adjournment or postponement thereof.

The record date for the Annual General Meeting is March 19, 2021. The Notice of Meeting, the Information Circular and related Meeting materials, and the Corporation’s Annual Information Form for the year ended December 31, 2020, are available under the Corporation’s profile on SEDAR at www.sedar.com and on the Corporation’s website at www.international-petroleum.com.

Due to the public health restrictions related to the Covid-19 virus and taking into account the health and safety of our employees, shareholders, service providers and other stakeholders, the Meeting will only be open to registered Shareholders and duly appointed proxy holders. Further restrictions with regard to the Meeting may be implemented by the Corporation as required in accordance with applicable law. Shareholders are requested to vote by proxy, by mail, by telephone or on the Internet, in advance of the deadline set forth in the Information Circular. The Corporation is not aware of any items of business to be brought before the Meeting other than those described in the Information Circular and there will be no management presentation on the business and operations of the Corporation at the Meeting.Advice to Holders of Euroclear Sweden Registered Common Shares

Shareholders who hold their common shares (“Euroclear Registered Common Shares”) through Euroclear Sweden AB, which common shares trade on the NASDAQ Stockholm, are not registered holders of common shares for the purposes of voting at the Meeting. Instead, Euroclear Registered Common Shares are registered under CDS & Co., the registration name of the Canadian Depositary for Securities. Holders of Euroclear Registered Common Shares will receive a voting instruction form (the “VIF”) by mail directly from Computershare AB (“Computershare Sweden”). Additional copies of the VIF, together with the Information Circular, can also be obtained from Computershare Sweden and are available on the Corporation’s website at www.international-petroleum.com. The VIF cannot be used to vote common shares directly at the Meeting. Instead, the VIF must be completed and returned to Computershare Sweden, strictly in accordance with the instructions and deadlines that will be described in the instructions provided with the VIF.

AGM 2021 documentation