International Petroleum Corporation Announces TSX Approval for Renewal of Normal Course Issuer Bid

03 Dec 2024 08:00 CET

International Petroleum Corporation ("IPC" or the "Corporation") (TSX, Nasdaq
Stockholm: IPCO) is pleased to announce that the Toronto Stock Exchange (the
"TSX") has approved IPC's notice of intention to renew IPC's normal course
issuer bid (the "NCIB").

Under the NCIB, IPC is authorized to purchase, through the facilities of the TSX
and/or Nasdaq Stockholm, or as otherwise permitted under Canadian securities
laws, as and when considered advisable by IPC, up to 7,465,356 common shares in
the capital of the Corporation (the "Common Shares"), representing approximately
6.2% of the 119,882,701 Common Shares outstanding as at November 29, 2024 (or
10% of IPC's "public float" (as defined in the TSX Company Manual) of
74,653,562 Common Shares as at November 29, 2024), over a period of twelve
months commencing on December 5, 2024 and ending on December 4, 2025, or until
such earlier date as the NCIB is completed or terminated by IPC.

The maximum number of Common Shares which can be purchased each day on Nasdaq
Stockholm will be 25% of the average daily trading volume of the Common Shares
for the 20 trading days preceding the date of purchase, subject to certain
exceptions for block purchases. In addition, IPC will be limited to daily
purchases of no more than 15,952 Common Shares on the TSX, being 25% of IPC's
average daily TSX trading volume of 63,811 Common Shares during the six months
ended November 30, 2024 (excluding purchases of Common Shares on the TSX by IPC
under its previous NCIB), subject to certain exceptions for block purchases and
other prescribed exemptions available under applicable Canadian securities laws.
IPC currently does not hold any Common Shares in treasury.

In connection with the NCIB, IPC has entered into an automatic share purchase
plan (the "ASPP") with its designated broker to allow IPC to repurchase Common
Shares when it would ordinarily not be permitted to purchase Common Shares due
to regulatory restrictions and customary self-imposed blackout periods. Pursuant
to the ASPP, IPC may provide standard instructions during non-blackout periods
to its designated broker, which instructions may not be varied or suspended
during the blackout period. Outside of any blackout periods, Common Shares will
be purchased in accordance with management's discretion. All purchases made
under the ASPP will be included in computing the number of Common Shares
purchased under the NCIB. The ASPP has been reviewed and pre-cleared by the TSX
and may be terminated by IPC or its broker in accordance with its terms, or will
terminate on the expiry of the NCIB.

Any Common Shares that IPC purchases under the NCIB will be purchased on the
open market through the facilities of the TSX and/or Nasdaq Stockholm, or as
otherwise permitted under Canadian securities laws, at the prevailing market
price at the time of such purchase and in accordance with the applicable rules
and policies of the TSX and Nasdaq Stockholm and applicable Canadian and Swedish
securities laws. The actual number of Common Shares that will be purchased, and
the timing of any such purchases, will be determined by IPC, subject to the
limits imposed by the TSX, Nasdaq Stockholm and under applicable Canadian
securities laws. There cannot be any assurances as to the number of Common
Shares that will ultimately be acquired by IPC. Any Common Shares purchased by
IPC under the NCIB will be cancelled.

IPC believes that the purchase of Common Shares for cancellation represents an
effective use of IPC's capital, is in the best interest of IPC and is an
efficient way to return value to IPC's shareholders.

IPC's previous normal course issuer bid for the purchase of up to 8,342,119
Common Shares, commenced on December 5, 2023 and was fully completed by November
15, 2024. The Common Shares acquired under IPC's previous normal course issuer
bid were acquired for a weighted average price of CAD$17.01 per Common Share.
Purchases were made through the facilities of the TSX and Nasdaq Stockholm,
including pursuant to the previous automatic share purchase plan.

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 Or Tel: +46 701 11 26 15




The information was submitted for publication, through the contact persons set
out above, at 08:00 CET on December 3, 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 commencement of the NCIB; the
ability to IPC to acquire Common Shares under the NCIB, including the timing of
any such purchases; and the return of value to IPC's shareholders as a result of
the NCIB.

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 nine months ended September 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).

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