International Petroleum Corporation Announces Results of Share Repurchase Program

TORONTO, Nov. 28, 2022 (GLOBE NEWSWIRE) -- International Petroleum Corporation (IPC or the Corporation) (TSX, Nasdaq Stockholm: IPCO) is pleased to announce that IPC repurchased a total of 130,020 IPC common shares (ISIN: CA46016U1084) during the period of November 14 to 25, 2022 under the previously announced share repurchase program.

The share repurchase program, announced by IPC on December 1, 2021, 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 November 14 to 25, 2022, IPC purchased all of the 130,020 IPC common shares on the TSX. All of these share repurchases were carried out by ATB Capital Markets Inc. on behalf of IPC.

As previously announced, all common shares repurchased by IPC under the share repurchase program will be cancelled. As at November 25, 2022, the total number of issued and outstanding IPC common shares is 137,842,861 with voting rights, of which 256,218 common shares were held by IPC in treasury.

Since December 3, 2021 up to and including November 25, 2022, a total of 9,523,050 IPC common shares have been repurchased under the share repurchase program through the facilities of the TSX, Nasdaq Stockholm and/or alternative Canadian trading systems. A maximum of 11,097,074 IPC common shares may be repurchased during the twelve month period ending December 2, 2022. As previously announced, IPC has sought approval from the TSX to renew the normal course issuer bid for a further twelve months.

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 VP Corporate Planning and Investor Relations [e-mail] Tel: [phone]

Or

Robert Eriksson Media Manager [e-mail] Tel: [phone]

This press release was submitted for publication, through the contact persons set out above, at 11:45 CET on November 28, 2022.