International Petroleum Corporation Announces Results of

international oil company (IPC or the Company) (TSX, Nasdaq stockholm:IPCO) is pleased to announce that IPC redeemed a total of 1,095,512 IPC Common Stock (ISIN: CA46016U1084) during the period of July 18 at 22, 2022 under the forecastannounced share buyback program.

The share buyback program, announced by IPC on December 1, 2021, is implemented in accordance with Market Abuse Regulation (EU) No. 596/2014 (MAR) and Delegated Regulation (EU) No. 2016/1052 of the Commission (Safe Harbor 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 July 18-22, 2022, IPC repurchased a total of 1,025,402 common shares of IPC on Nasdaq Stockholm. All of these share buybacks were carried out by Pareto Securities AB on behalf of IPC.

For information regarding transactions under Sweden’s share buyback program, including aggregate volume, weighted average price per share and total value of transactions for each trading day during the period from 18 to July 22, 2022, see the following link to the Nasdaq Stockholm website:

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

During the same period, IPC purchased a total of 70,110 common shares of IPC on the TSX and/or other Canadian trading systems. All of these share buybacks 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. Following the cancellation of the shares repurchased until July 22, 2022, the total number of common shares of IPC issued and outstanding will be 139,407,607 and IPC will not hold any common shares in cash. As of July 22, 2022, the total number of issued and outstanding shares was 142,707,949 and IPC held 3,300,342 common shares in cash.

A full breakdown of trades made during the period July 18-22, 2022 pursuant to Article 5.3 of the MAR and Article 2.3 of the Safe Harbor Regulations on Nasdaq Stockholm is available on the IPC website: www. .international-petroleum.com. From December 3, 2021 through July 22, 2022 inclusive, a total of 7,702,086 common shares of IPC were repurchased under the share buyback program through the facilities of the TSX, Nasdaq Stockholm and/or other Canadian trading systems. A maximum of 11,097,074 common shares of IPC may be repurchased over the twelve-month period beginning December 3, 2021 and ending December 2, 2022, or until such earlier date as the share buyback program is completed or terminated by IPC.

International Petroleum Corp. (CPI) is anot international oil and gas exploration and production company with a portfolio of high quality assets located in Canada, Malaysia and France, providing a solid base for organic and inorganic growth. IPC is a member of the Lundin Group of Companies. IPC is incorporated in Canada and IPC shares are listed on the Toronto Stock Exchange (TSX) and Nasdaq Stockholm Stock Exchange under the symbol “IPCO”.

For more information, please contact:

This press release contains information that International Petroleum Corp. is required to make public in accordance with Swedish law on trading in financial instruments. The information was submitted for publication, through the contact persons listed above, at 10:00 a.m. CEST on July 25, 2022.

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). These statements and information (collectively, “forward-looking statements”) relate to future events, including the Company’s performance, prospects or future business 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 stated. IPC does not intend and undertakes no obligation to update these forward-looking statements, except as required by applicable law.

All statements other than statements of historical fact may be forward-looking statements. Any statement that expresses or involves discussions regarding predictions, expectations, beliefs, plans, projections, forecasts, directions, budgets, goals, 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”, ” plan”, “predict”, “potential”, “targeting”, “”intend”, “could”, “could”, “should”, “believe”, “budget” and similar expressions) are not statements of historical facts and may be “forward-looking statements”. Forward-looking statements include, but are not limited to, statements regarding: the continuation of the share repurchase program, including the number of common shares to be acquired and to be cancelled; IPC’s ability to acquire additional common stock under the e redemption of shares, including the timing of such purchases; and the return of value to IPC shareholders following any repurchase of common shares.

Forward-looking statements are based on certain key expectations and assumptions made by IPC, including expectations and assumptions regarding: prevailing commodity prices and exchange rates; royalty rates and applicable tax laws; interest rate; future well production rates and volumes of reserves and contingent resources; operating costs; the timing of receipt of regulatory approvals; the performance of existing wells; success in drilling new wells; the timing and anticipated results of capital expenditures; the adequacy of budgeted capital expenditures for carrying out planned activities; the timing, location and extent of future drilling operations; the successful completion of acquisitions and divestitures; the benefits of acquisitions; the state of the economy and of exploration and production activities in the jurisdictions in which IPC operates and globally; the availability and cost of financing, labor and services; and the ability to successfully market crude oil, natural gas and natural gas liquids.

Although IPC believes that the expectations and assumptions on which these forward-looking statements are based are reasonable, undue reliance should not be placed on forward-looking statements as IPC cannot guarantee that they will prove to be accurate. Because forward-looking statements address future events and conditions, they, by their very nature, 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: risks associated with the oil and gas industry generally, such as operational risks associated with development, exploration and production; delays or changes in plans for 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 currency exchange rate fluctuations; marketing and transportation; loss of markets; environmental risks; competition; incorrect assessment of the value of acquisitions; failure to complete or realize the anticipated benefits of acquisitions or divestitures; the ability to access sufficient capital from internal and external sources; failure to obtain required regulatory and other approvals; and changes in legislation, including, but not limited to, tax laws, royalties, and environmental regulations. Readers are cautioned that the above list of factors is not exhaustive.

Additional information about these and other factors that could affect IPC, its business or its financial results, is included in IPC’s Annual Information Form for the year ended December 31, 2021 (see “Risk Factors”). ), in the MD&A for the three months ended March 31, 2022 (see “Caution Regarding Forward-Looking Information”, “Risks and Uncertainties” and “Reserves and Resources Opinion”) and other filings with the relevant securities regulatory authorities, including prior financial reports, MD&As and material change reports, which may be viewed on the SEDAR website (www.sedar.com) or on the website of IPC (www.international-petroleum.com).

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