International Petroleum Corporation Announces Results of Normal Course Issuer Bid

25 Sep 2023 11:00 CEST

International Petroleum Corporation (IPC or the Corporation) (TSX, Nasdaq
Stockholm: IPCO) is pleased to announce that IPC repurchased a total of 254,700
IPC common shares (ISIN: CA46016U1084) during the period of September 18 to
22, 2023 under IPC's normal course issuer bid / share repurchase program (NCIB).

IPC's NCIB, announced on December 1, 2022, 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 18 to 22, 2023, IPC repurchased a total of
210,000 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 NCIB in Sweden, including
aggregated volume, weighted average price per share and total transaction value
for each trading day during the period of September 18 to 22, 2023, see the
following link to Nasdaq Stockholm's website:

www.nasdaqomx.com/transactions/markets/nordic/corporate-
actions/stockholm/repurchases-of-own-shares
(http://www.nasdaqomx.com/transactions/markets/nordic/corporate-
actions/stockholm/repurchases-of-own-shares)

A detailed breakdown of the transactions conducted on Nasdaq Stockholm during
the period of September 18 to 22, 2023 according to article 5.3 of MAR and
article 2.3 of the Safe Harbour Regulation is available with this press release
on IPC's website: www.international-petroleum.com/investors/#press
(http://www.international-petroleum.com/investors/#press).

During the same period, IPC purchased a total of 44,700 IPC common shares on the
TSX. All of these share repurchases were carried out by ATB Capital Markets Inc.
on behalf of IPC.

All common shares repurchased by IPC under the NCIB will be cancelled. As at
September 22, 2023, the total number of issued and outstanding IPC common shares
is 129,675,620 with voting rights, of which IPC holds 486,400 common shares in
treasury.

Since December 5, 2022 up to and including September 22, 2023, a total of
8,369,079 IPC common shares have been repurchased under the NCIB through the
facilities of the TSX and Nasdaq Stockholm. A maximum of 9,333,859 IPC common
shares may be repurchased over the period of twelve months commencing December
5, 2022 and ending December 4, 2023, or until such earlier date as the NCIB is
completed or terminated by IPC.

International Petroleum Corp. (IPC) is an international oil and gas exploration
and production company with a high quality portfolio of assets located in
Canada, Malaysia and France, 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 Stockholm exchange under the symbol "IPCO".

For further information, please contact:

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

The information was submitted for publication, through the contact persons set
out above, at 11:00 CEST on September 25, 2023.

Forward-Looking Statements
This press release contains statements and information which constitute
"forward-looking statements" or "forward-looking information" (within the
meaning of applicable securities legislation). Such statements and information
(together, "forward-looking statements") relate to future events, including the
Corporation's future performance, business prospects or opportunities. Actual
results may differ materially from those expressed or implied by forward-looking
statements. The forward-looking statements contained in this press release are
expressly qualified by this cautionary statement. Forward-looking statements
speak only as of the date of this press release, unless otherwise indicated. IPC
does not intend, and does not assume any obligation, to update these forward-
looking statements, except as required by applicable laws.

All statements other than statements of historical fact may be forward-looking
statements. Any statements that express or involve discussions with respect to
predictions, expectations, beliefs, plans, projections, forecasts, guidance,
budgets, objectives, assumptions or future events or performance (often, but not
always, using words or phrases such as "seek", "anticipate", "plan", "continue",
"estimate", "expect", "may", "will", "project", "forecast", "predict",
"potential", "targeting", "intend", "could", "might", "should", "believe",
"budget" and similar expressions) are not statements of historical fact and may
be "forward-looking statements". Forward-looking statements include, but are not
limited to, statements with respect to: the ability and willingness of IPC to
continue the NCIB, including the number of common shares to be acquired and
cancelled and the timing of such purchases and cancellations; and the return of
value to IPC's shareholders as a result of any common share repurchases.

The forward-looking statements are based on certain key expectations and
assumptions made by IPC, including expectations and assumptions concerning:
prevailing commodity prices and currency exchange rates; applicable royalty
rates and tax laws; interest rates; future well production rates and reserve and
contingent resource volumes; operating costs; the timing of receipt of
regulatory approvals; the performance of existing wells; the success obtained in
drilling new wells; anticipated timing and results of capital expenditures; the
sufficiency of budgeted capital expenditures in carrying out planned activities;
the timing, location and extent of future drilling operations; the successful
completion of acquisitions and dispositions; the benefits of acquisitions; the
state of the economy and the exploration and production business in the
jurisdictions in which IPC operates and globally; the availability and cost of
financing, labour and services; and the ability to market crude oil, natural gas
and natural gas liquids successfully.

Although IPC believes that the expectations and assumptions on which such
forward-looking statements are based are reasonable, undue reliance should not
be placed on the forward-looking statements because IPC can give no assurances
that they will prove to be correct. Since forward-looking statements address
future events and conditions, by their very nature they involve inherent risks
and uncertainties. Actual results could differ materially from those currently
anticipated due to a number of factors and risks. These include, but are not
limited to: the risks associated with the oil and gas industry in general such
as operational risks in development, exploration and production; delays or
changes in plans with respect to exploration or development projects or capital
expenditures; the uncertainty of estimates and projections relating to reserves,
resources, production, revenues, costs and expenses; health, safety and
environmental risks; commodity price fluctuations; interest rate and exchange
rate fluctuations; marketing and transportation; loss of markets; environmental
risks; competition; incorrect assessment of the value of acquisitions; failure
to complete or realize the anticipated benefits of acquisitions or dispositions;
the ability to access sufficient capital from internal and external sources;
failure to obtain required regulatory and other approvals; and changes in
legislation, including but not limited to tax laws, royalties and environmental
regulations. Readers are cautioned that the foregoing list of factors is not
exhaustive.

Additional information on these and other factors that could affect IPC, or its
operations or financial results, are included in IPC's annual information form
for the year ended December 31, 2022 (See "Cautionary Statement Regarding
Forward-Looking Information", "Risks Factors" and "Reserves and Resources
Advisory" therein), in the management's discussion and analysis (MD&A) for the
three and six months ended June 30, 2023 (See "Cautionary Statement Regarding
Forward-Looking Information", "Risks and Uncertainties" and "Reserves and
Resources Advisory" therein) and other reports on file with applicable
securities regulatory authorities, including previous financial reports,
management's discussion and analysis and material change reports, which may be
accessed through the SEDAR+ website (www.sedarplus.ca) or IPC's website
(www.international-petroleum.com).

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600194_IPC PR - Buyback results period of September 18 to 22 25-09-23.pdf