IPC announces completion of the spin-off and listing on TSX and Nasdaq First North

April 21, 2017

International Petroleum Corporation ("IPC" or the "Corporation") (TSX, Nasdaq First North: IPCO) is pleased to announce that it has received approval to list its common shares (the "Common Shares") on the Toronto Stock Exchange (the "TSX") and on the Nasdaq First North exchange ("Nasdaq First North").

Trading on the TSX and on Nasdaq First North is expected to begin at market open in Toronto and Stockholm today 24 April 2017. The Common Shares will trade under the symbol "IPCO" on both the TSX and Nasdaq First North. IPC was incorporated to acquire all of the oil and gas exploration and production properties and related assets of Lundin Petroleum AB ("Lundin Petroleum") located in Malaysia, France and the Netherlands. IPC acquired these assets through a series of reorganization transactions (the "Reorganization") which are summarized in a non-offering long form prospectus of IPC dated 17 April 2017 (the "Final Prospectus"), filed with the Alberta Securities Commission on the same date. The Reorganization was completed on 7 April 2017. Prior to opening of trading on Nasdaq First North, Lundin Petroleum distributed all of the Common Shares on a pro rata basis to Lundin Petroleum shareholders of record as of close of business in Stockholm on 20 April 2017 ("Record Date") and such holders of Lundin Petroleum shares will receive one Common Share for every three shares of Lundin Petroleum held as of the Record Date (the "Spin-Off"). IPC plans to initially list its shares on Nasdaq First North, with an intention to move to the Nasdaq Stockholm, subject to IPC fulfilling the requirements of Nasdaq Stockholm. Mike Nicholson, CEO of IPC, comments: "I am very pleased to be leading the launch of this exciting new Lundin Group growth company. Starting at a favourable point in the cycle, we are fortunate to begin with a solid asset base, a strong balance sheet and an excellent team of people who know how to create value in the oil and gas business. With a deeply experienced Board and strong support from the Lundin family, we have all the ingredients required to build a successful independent upstream company in the years ahead." In connection with the Reorganization, the Spin-Off and the listing of Common Shares on the TSX and Nasdaq First North, BMO Capital Markets is acting as IPC's exclusive financial advisor and Pareto Securities in Sweden is acting as the issuing agent and Certified Adviser for IPC on Nasdaq First North. Blake, Cassels & Graydon LLP and Gernandt & Danielsson AdvokatbyrÄ KB are acting as legal advisors to IPC. Further information in respect of IPC, the Reorganization and the Spin-Off are available in the Final Prospectus. A copy of the Final Prospectus may be obtained on SEDAR at www.sedar.com under the profile of IPC.

International Petroleum Corp. (IPC) is a new international oil and gas exploration and production company with a high quality portfolio of assets located in Europe and South East Asia, providing a solid foundation for organic and inorganic growth. IPC is a member of the Lundin Group of Companies. IPC is incorporated in Canada and IPC's shares are listed on the Toronto Stock Exchange (TSX) and the Nasdaq First North Exchange (Stockholm) under the symbol "IPCO". Pareto Securities AB is the Corporation's Certified Adviser on Nasdaq First North.

For further information, please contact: Rebecca Gordon VP Corporate Planning and Investor Relations rebecca.gordon@international-petroleum.com Tel: +41 22 595 10 50 or Robert Eriksson Media Manager reriksson@rive6.ch Tel: +46 701 11 26 15