Ms. Rebecca Gordon reports

INTERNATIONAL PETROLEUM CORPORATION ANNOUNCES RESULTS OF NORMAL COURSE ISSUER BID

International Petroleum Corp. repurchased a total of 64,565 common shares (ISIN: CA46016U1084) during the period of July 3 to July 7, 2023, under its normal course issuer bid/share repurchase program (NCIB).

The company'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 July 3 to July 7, 2023, International Petroleum repurchased a total of 34,665 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 July 3 to July 7, 2023, please go to Nasdaq Stockholm's website.

A detailed breakdown of the transactions conducted on Nasdaq Stockholm during the period of July 3 to July 7, 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, the company purchased a total of 29,900 IPC common shares on the TSX. All of these share repurchases were carried out by ATB Capital Markets Inc. on behalf of the company.

All common shares repurchased by International Petroleum under the NCIB will be cancelled. As at July 7, 2023, the total number of issued and outstanding common shares is 130,497,085 with voting rights, of which it holds 64,565 common shares in treasury.

Since Dec. 5, 2022, up to and including July 7, 2023, a total of 7,125,779 International Petroleum common shares have been repurchased under the NCIB through the facilities of the TSX and Nasdaq Stockholm. A maximum of 9,333,859 International Petroleum 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 the company.

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. It is a member of the Lundin Group of Companies. It is is incorporated in Canada and its shares are listed on the Toronto Stock Exchange (TSX) and the Nasdaq Stockholm exchange under the symbol IPCO.

We seek Safe Harbor.