International Petroleum Corporation Announces Results of Issuer's Fair Price Offer

International Petroleum Corporation (IPC or the Company) (TSX, Nasdaq Stockholm: IPCO) is pleased to announce that IPC has repurchased an aggregate of 177,900 ordinary shares of IPC (ISIN: CA46016U1084) during the period from August 12 to August 16, 2024 under IPC’s normal course tender offer/share buyback (NCIB) program.

IPC’s NCIB, announced on December 1, 2023, will be implemented in accordance with the Market Abuse Regulation (EU) No 596/2014 (MAR) and Commission Delegated Regulation (EU) 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 legislation.

In the period from 12 to 16 August 2024, IPC repurchased a total of 140,000 ordinary shares of IPC on Nasdaq Stockholm. All of these share repurchases were executed by Pareto Securities AB on behalf of IPC.

For more information about transactions under the NCIB in Sweden, including the total volume, weighted average price per share and total transaction value for each trading day during the period from 12 to 16 August 2024, please see the following link to the Nasdaq Stockholm website:

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

A detailed overview of the transactions executed on Nasdaq Stockholm in the period from 12 to 16 August 2024 in accordance with Article 5.3 of MAR and Article 2.3 of the Safe Harbour Regulation is available with this press release on the IPC website: www.international-petroleum.com/news-and-media/press-releases.

During the same period, IPC purchased a total of 37,900 IPC common shares on the TSX. All of these share repurchases were conducted by ATB Capital Markets Inc. on behalf of IPC.

All ordinary shares repurchased by IPC under the NCIB will be cancelled. As of August 16, 2024, the total number of issued and outstanding ordinary shares of IPC with voting rights is 122,244,738 and IPC holds 507,600 ordinary shares in treasury.

Since December 5, 2023 through August 16, 2024, a total of 6,487,682 IPC ordinary shares have been repurchased under the NCIB through the facilities of the TSX and Nasdaq Stockholm. A maximum of 8,342,119 IPC ordinary shares may be repurchased over the twelve-month period beginning on December 5, 2023 and ending on December 4, 2024, or until such earlier date on which 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 in Canada, Malaysia and France, which provide a solid base for organic and inorganic growth. IPC is a member of the Lundin Group of Companies. IPC is incorporated in Canada and its shares are listed on the Toronto Stock Exchange (TSX) and the Nasdaq Stockholm stock exchange under the symbol “IPCO”.

For further information please contact:

Rebecca Gordon
SVP Corporate Planning and Investor Relations
[email protected]
Phone: +41 22 595 10 50

Robert Eriksson
Media Manager
[email protected]
Phone: +46 701 11 26 15

The information was submitted for publication via the contacts listed above, on August 19, 2024 at 12:30 CEST.

Forward-looking statements
This press release contains statements and information that constitute “forward-looking statements” or “forward-looking information” (within the meaning of applicable securities laws). Such statements and information (collectively, “forward-looking statements”) relate to future events, including the future performance, business prospects or opportunities of the Corporation. Actual results may differ materially from those expressed or implied in any 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 assumes no 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 “aim”, “anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “predict”, “potential”, “target”, “intend”, “could”, “may”, “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 regarding: IPC’s ability and willingness to continue operating the NCIB, including the number of shares of common stock to be acquired and cancelled and the timing of such purchases and cancellations; and the return of value to IPC shareholders as a result of potential common share repurchases.

The forward-looking statements are based on certain key expectations and assumptions of IPC, including expectations and assumptions regarding: prevailing commodity prices and 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 achieved in drilling new wells; expected 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 activities; the successful completion of acquisitions and divestitures and that we will be able to implement our standards, controls, procedures and policies relating to any acquisitions and realize the expected synergies within the expected timeline or at all; the benefits of acquisitions; the state of the economy and exploration and production activities in the jurisdictions in which IPC operates and globally; the availability and cost of financing, labor and services; our intention to repurchase shares under our normal offering program, including the financing of such shares; existing and future market conditions, including the price of our common stock, and compliance with applicable restrictions under securities laws and regulations and exchange policies; and the ability to successfully market crude oil, natural gas and natural gas liquids.

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 cannot give any assurances that they will prove to be correct. Since forward-looking statements relate to future events and circumstances, by their 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 generally, such as operational risks in development, exploration and production; delays or changes in plans relating to exploration or development projects or capital expenditures; the uncertainty of estimates and projections regarding reserves, resources, production, revenues, costs and expenditures; health, safety and environmental risks; fluctuations in commodity prices; fluctuations in interest rates and exchange rates; 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; improper assessment of the value of acquisitions; failure to complete or realize the expected benefits of acquisitions or divestitures; the ability to access sufficient capital from internal and external sources; failure to obtain required regulatory and other approvals; geopolitical conflicts, including the Ukraine-Russia war and the Middle East conflict, 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 about these and other factors that could affect IPC, or its business or financial results, is included in IPC’s Annual Information Form for the year ended December 31, 2023 (see “Cautionary Statement Regarding Forward-Looking Information,” “Risk Factors” and “Opinion on Reserves and Resources” 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,” “Risk Factors” and “Opinion on Reserves and Resources” therein) and other reports filed with applicable securities regulators, including previous financial reports, management’s discussions and analyses and material change reports, which can be accessed via the SEDAR+ website (www.sedarplus.ca) or IPC’s website (www.international-petroleum.com).