IPC Second Quarter 2023 Financial and Operational Results and Sustainability Report 2022

August 1, 2023

International Petroleum Corporation (IPC or the Corporation) (TSX, Nasdaq Stockholm: IPCO) today released its financial and operational results and related management’s discussion and analysis (MD&A) for the three and six months ended June 30, 2023. IPC also released its Sustainability Report 2022, which details the Corporation’s environmental, social and governance (ESG) performance.

Mike Nicholson, IPC’s Chief Executive Officer, comments: “We are pleased to announce another quarter of strong financial and operational results for IPC. For the second quarter of 2023, IPC produced an average of 51,800 barrels of oil equivalent per day (boepd). Given the strong average daily production over the first half of 2023, we expect to exceed the upper end of our 48,000 to 50,000 boepd guidance range for the full year 2023. Our financial results during the second quarter are in line with our 2023 guidance. We continue to progress the exciting development of Phase 1 of the Blackrod project in Canada, including signing the engineering, procurement and construction contract for the central processing facility, with cost levels and schedule in line with expectation, and a large contingency allowance remaining. In addition, we release today our fourth annual Sustainability Report, providing further information on our sustainability strategy and initiatives.”

Q2 2023 Business Highlights

• Strong quarterly average net production of approximately 51,800 barrels of oil