Ms. Rebecca Gordon reports

INTERNATIONAL PETROLEUM CORPORATION ANNOUNCES RESULTS OF NORMAL COURSE ISSUER BID AND UPDATED SHARE CAPITAL

International Petroleum Corp. repurchased a total of 151,600 International Petroleum common shares (ISIN: CA46016U1084) during the period of April 24 to April 28, 2023, under its normal course issuer bid/share repurchase program (NCIB).

International Petroleum's NCIB, announced on Dec. 1, 2022, 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 April 24 to April 28, 2023, International Petroleum repurchased a total of 115,000 common shares on Nasdaq Stockholm. All of these share repurchases were carried out by Pareto Securities AB on behalf of the company.

For more information regarding transactions under the NCIB in Sweden, including aggregated volume, weighted average price per share and total transaction value for each trading day during the period of April 24 to April 28, 2023, see the Nasdaq Stockholm website.

A detailed breakdown of the transactions conducted on Nasdaq Stockholm during the period of April 24 to April 28, 2023, according to Article 5.3 of MAR and Article 2.3 of the Safe Harbour Regulation, is available with this press release on the company's website.

During the same period, International Petroleum purchased a total of 36,600 common shares on the TSX. All of these share repurchases were carried out by ATB Capital Markets Inc. on behalf of International Petroleum.

All common shares repurchased by International Petroleum under the NCIB will be cancelled. During April, 2023, the company cancelled 332,800 common shares repurchased under the NCIB. As at April 28, 2023, the total number of issued and outstanding International Petroleum common shares is 131,737,146 with voting rights, of which International Petroleum holds 116,700 common shares in treasury.

Since Dec. 5, 2022, up to and including April 28, 2023, a total of 5,937,853 IPC common shares have been repurchased under the NCIB through the facilities of the TSX and Nasdaq Stockholm. A maximum of 9,333,859 common shares may be repurchased over the period of 12 months commencing Dec. 5, 2022, and ending Dec. 4, 2023, or until such earlier date as the NCIB is completed or terminated by International Petroleum.

About International Petroleum Corp.

International Petroleum 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. International Petroleum is a member of the Lundin Group of Companies. IPC is incorporated in Canada and its shares are listed on the Toronto Stock Exchange and the Nasdaq Stockholm exchange under the symbol IPCO.

We seek Safe Harbor.