Mr. Mike Nicholson reports

INTERNATIONAL PETROLEUM CORPORATION SUCCESSFULLY COMPLETES USD 150 MILLION TAP ISSUE

International Petroleum Corp. has successfully completed a tap issue of $150-million (U.S.) of senior unsecured bonds under its existing 7.25 per cent senior unsecured bonds (ISIN No. 0012423476). Following settlement of the tap issue, the amount of senior unsecured bonds outstanding will be $450-million (U.S.), with maturity in February, 2027. The bonds are rated B-plus by S&P Global Ratings and B1 by Moody's.

Settlement of these additional bonds is expected to occur on or around Sept. 28, 2023, subject to the satisfaction of customary conditions precedent. International Petroleum intends to make an application to list these additional bonds on the Oslo Stock Exchange. Net proceeds of the tap issue will be used for the company's general corporate purposes.

Arctic Securities and Pareto Securities acted as joint lead managers, and SpareBank 1 Markets acted as co-manager, in connection with the tap issue.

Mike Nicholson, chief executive officer of International Petroleum, comments: "We are very pleased to have successfully completed IPC's $150-million (U.S.) tap issue, bringing our outstanding bonds to $450-million (U.S.). We are accessing the debt capital markets at a favourable time when our balance sheet and our production base are strong. This financing further enhances IPC's strong liquidity position and gives us significant additional flexibility to implement our capital allocation strategies."

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.

We seek Safe Harbor.