Ms. Rebecca Gordon of International Petroleum reports

INTERNATIONAL PETROLEUM CORP. AND BLACKPEARL RESOURCES INC. ANNOUNCE CLOSING OF STRATEGIC BUSINESS COMBINATION AND APPOINTMENT OF DIRECTOR

International Petroleum Corp. and BlackPearl Resources Inc. have closed the strategic business combination of International Petroleum and BlackPearl by way of the previously announced plan of arrangement. In connection with the closing of the arrangement, International Petroleum is also pleased to announce the appointment of John Festival to the International Petroleum board of directors, which now comprises eight members.

Pursuant to the arrangement, International Petroleum acquired all of the issued and outstanding common shares of BlackPearl on the basis of 0.22 of a common share of International Petroleum for each BlackPearl share. International Petroleum issued 75,798,219 International Petroleum shares in connection with the arrangement and, following completion of the arrangement, 163,720,065 International Petroleum shares are issued and outstanding.

The BlackPearl shares are expected to be delisted from the Toronto Stock Exchange on or around Dec. 17, 2018. BlackPearl has applied to Nasdaq Stockholm for the delisting of BlackPearl's Swedish depositary receipts and, subject to approval by Nasdaq Stockholm, the Swedish depositary receipts are expected to be delisted from Nasdaq Stockholm on or around Dec. 17, 2018.

Mr. Festival was, until completion of the arrangement, the president, chief executive officer and a director of BlackPearl. He graduated from the University of Saskatchewan in 1984 with a degree in chemical engineering. He has over 34 years of experience in the Canadian oil and gas industry, with a particular focus on heavy oil exploration and production. Mr. Festival is also a director of Toscana Energy Income Corp. and Gibson Energy Inc.

In addition, Chris Hogue, former vice-president of operations of BlackPearl, has been appointed senior VP of Canada of International Petroleum. Ed Sobel, former VP of exploration of BlackPearl, has been appointed VP of exploration of International Petroleum.

Registered BlackPearl shareholders, who have not already done so, should submit the certificates representing their BlackPearl shares, together with a signed and completed letter of transmittal, to the depositary, Computershare Investor Services Inc., in order to receive International Petroleum shares. Holders of BlackPearl shares who hold their shares through a broker, investment dealer or other intermediary should follow the instructions provided by such broker, investment dealer or other intermediary to exchange their BlackPearl shares for International Petroleum shares.

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