International Petroleum Corporation

Transaction in Own Shares • Aug 25, 2025

International Petroleum Corporation Announces Results of Normal Course Issuer Bid

International Petroleum Corporation Announces Results of Normal Course Issuer Bid

International Petroleum Corporation (IPC or the Corporation) (TSX, Nasdaq

Stockholm: IPCO) is pleased to announce that IPC repurchased a total of 132,778

IPC common shares (ISIN: CA46016U1084) during the period of August 18 to

22, 2025 under IPC's normal course issuer bid / share repurchase program

(NCIB).

IPC's NCIB, announced on December 3, 2024, 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 August 18 to 22, 2025, IPC repurchased a total of 81,178

IPC common shares on Nasdaq Stockholm. All of these share repurchases were

carried out by Pareto Securities AB on behalf of IPC.

A summary and detailed breakdown of the transactions conducted on Nasdaq

Stockholm during the period of August 18 to 22, 2025 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 51,600 IPC common shares on the

TSX. All of these share repurchases were carried out by ATB Securities Inc. on

behalf of IPC.

All common shares repurchased by IPC under the NCIB will be cancelled. As at

August 22, 2025, the total number of issued and outstanding IPC common shares is

113,278,532 with voting rights, of which IPC holds 376,630 common shares in

treasury.

Since December 5, 2024 up to and including August 22, 2025, a total of

6,768,981 IPC common shares have been repurchased under the NCIB through the

facilities of the TSX and Nasdaq Stockholm. A maximum of 7,465,356 IPC common

shares may be repurchased over the period of twelve months commencing December

5, 2024 and ending December 4, 2025, 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 Or Tel: +46 701 11 26 15

This information was submitted for publication, through the contact persons set

out above, at 12:30 CEST on August 25, 2025.

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: the

potential impact of tariffs implemented in 2025 by the U.S. and Canadian

governments and that other than the tariffs that have been implemented, neither

the U.S. nor Canada (i) increases the rate or scope of such tariffs, or imposes

new tariffs, on the import of goods from one country to the other, including on

oil and natural gas, and/or (ii) imposes any other form of tax, restriction or

prohibition on the import or export of products from one country to the other,

including on oil and natural gas; 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; political or economic developments, including, without limitation,

the risk that (i) one or both of the U.S. and Canadian governments increases the

rate or scope of tariffs implemented in 2025, or imposes new tariffs on the

import of goods from one country to the other, including on oil and natural gas,

(ii) the U.S. and/or Canada imposes any other form of tax, restriction or

prohibition on the import or export of products from one country to the other,

including on oil and natural gas, and (iii) the tariffs imposed by the U.S. on

other countries and responses thereto could have a material adverse effect on

the Canadian, U.S. and global economies, and by extension the Canadian oil and

natural gas industry and the Corporation; and changes in legislation, including

but not limited to tax laws, royalties, environmental and abandonment

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, 2024 (See "Cautionary Statement Regarding

Forward-Looking Information", "Reserves and Resources Advisory" and "Risk

Factors"), in the management's discussion and analysis (MD&A) for the three and

six months ended June 30, 2025 (See "Risk Factors", "Cautionary Statement

Regarding Forward-Looking Information" and "Reserves and Resources Advisory")

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).