International Petroleum Corporation Announces Results of Normal Course Issuer Bid and Updated Share Capital

31 Oct 2024 17:30 CET

International Petroleum Corporation (IPC or the Corporation) (TSX, Nasdaq
Stockholm: IPCO) is pleased to announce that IPC repurchased a total of 66,800
IPC common shares (ISIN: CA46016U1084) during the period of October 28 to
31, 2024 under IPC's normal course issuer bid / share repurchase program (NCIB).

IPC's NCIB, announced on December 1, 2023, 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 October 28 to 31, 2024, IPC repurchased a total of 52,500
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 October 28 to 31, 2024, 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 October 28 to 31, 2024 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/news-and-media/press-releases
(http://www.international-petroleum.com/news-and-media/press-releases).

During the same period, IPC purchased a total of 14,300 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. During
October 2024, IPC cancelled 506,400 common shares repurchased under the NCIB. As
at October 31, 2024, the total number of issued and outstanding IPC common
shares is 120,244,638 with voting rights and IPC holds 44,400 common shares in
treasury.

Since December 5, 2023 up to and including October 31, 2024, a total of
8,024,582 IPC common shares have been repurchased under the NCIB through the
facilities of the TSX and Nasdaq Stockholm. A maximum of 8,342,119 IPC common
shares may be repurchased over the period of twelve months commencing December
5, 2023 and ending December 4, 2024, 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
SVP Corporate Planning and Investor Relations Media Manager
rebecca.gordon@international-petroleum.com reriksson@rive6.ch
Tel: +41 22 595 10 50 Tel: +46 701 11 26 15

This information is information that International Petroleum Corporation is
required to make public pursuant to the Swedish Financial Instruments Trading
Act. The information
was submitted for publication, through the contact persons set out above, at
17:30 CET on October 31, 2024.

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; our ability to maintain our
existing credit ratings; our ability to achieve our performance targets; 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
and that we will be able to implement our standards, controls, procedures and
policies in respect of any acquisitions and realize the expected synergies on
the anticipated timeline or at all; 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; our intention to complete share repurchases under our normal
course issuer bid program, including the funding of such share repurchases,
existing and future market conditions, including with respect to the price of
our common shares, and compliance with respect to applicable limitations under
securities laws and regulations and stock exchange policies; 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: general global economic, market and business conditions; 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 and climate-related risks;
competition; innovation and cybersecurity risks related to our systems,
including our costs of addressing or mitigating such risks; the ability to
attract, engage and retain skilled employees; 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; geopolitical conflicts, including the war between Ukraine and Russia
and the conflict in the Middle East, and their potential impact on, among other
things, global market conditions; 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, 2023 (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, 2024 (See "Cautionary Statement Regarding
Forward-Looking Information", "Risks Factors" 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).

More information:
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