International Petroleum Corporation Announces Results of Substantial Issuer Bid

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International Petroleum Corporation (IPC or the Corporation) (TSX, Nasdaq Stockholm: IPCO) is pleased to announce the results of its substantial issuer bid (the Offer) under which it will accept for purchase for cancellation 8,258,064 of its common shares (Shares) at a purchase price of CDN$15.50 (equivalent to approximately SEK 122 as at the expiry date of the Offer) per Share, for an aggregate purchase price of approximately CDN$128 million (equivalent to approximately SEK 1,007 million and US$100 million‬ as at the expiry date of the Offer). Shares to be purchased under the Offer represent approximately 5.5% of the issued and outstanding Shares as at May 16, 2022, the date the Offer was commenced. Immediately following completion of the Offer, there will be 142,707,949 Shares issued and outstanding.

Mike Nicholson, IPC’s Chief Executive Officer, commented: “We are very pleased to have concluded our first Substantial Issuer Bid in line with our capital allocation framework to materially increase returns to shareholders in a higher oil price environment. IPC will be returning US$100 million to participating shareholders, with our remaining shareholders benefiting from the cancellation of the repurchased shares. We now intend to continue to distribute value to our shareholders by restarting our Normal Course Issuer Bid that has been on hold pending completion of the Offer.”

Based on the final count by Computershare Investor Services Inc., the Canadian depositary for the Offer, a total of 8,815,989 Shares were validly deposited to the Offer and not withdrawn, including 100,000 Shares that were tendered through the guaranteed delivery procedure. Payment for the Shares accepted for purchase under the Offer will occur in accordance with the terms of the Offer and applicable securities laws. As the Offer was oversubscribed, shareholders who made auction tenders at a price of CDN$15.50 or less per Share and purchase price tenders are expected to have between approximately 93.7% and 94.7% of their successfully tendered Shares purchased by IPC. The Canadian depositary will return all other Shares tendered and not purchased.