Ms. Rebecca Gordon reports

INTERNATIONAL PETROLEUM CORPORATION ANNOUNCES COMPLETION OF NORMAL COURSE ISSUER BID AND CONFIRMS INTENTION TO RENEW

International Petroleum Corp. has completed the current normal course issuer bid/share repurchase program (NCIB), purchasing for cancellation 9.3 million International Petroleum common shares between December, 2022, and November, 2023, representing approximately 6.8 per cent of the total outstanding common shares at the commencement of the NCIB. As previously announced, the International Petroleum board of directors has approved, subject to acceptance by the Toronto Stock Exchange, the renewal of International Petroleum's NCIB for a further 12 months from December, 2023, to December, 2024. International Petroleum expects that the renewed NCIB program will permit IPC to purchase on the TSX and/or Nasdaq Stockholm, and cancel, up to a further 8.3 million common shares, representing approximately 6.5 per cent of the total outstanding common shares (or 10 per cent of International Petroleum's "public float" under applicable TSX rules). International Petroleum's current intention is to fully complete the renewed NCIB program during 2024.

During the period of Nov. 13 to Nov. 15, 2023, International Petroleum repurchased a total of 134,000 International Petroleum common shares (ISIN: CA46016U1084) under the NCIB on Nasdaq Stockholm. All of these share repurchases were carried out by Pareto Securities AB on behalf of International Petroleum.

International Petroleum's current 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 and the applicable rules and policies of the Toronto Stock Exchange (TSX) and Nasdaq Stockholm and applicable Canadian and Swedish securities laws. Since Dec. 5, 2022, up to and including Nov. 15, 2023, a total of 9,333,479 International Petroleum common shares were repurchased under the NCIB through the facilities of the TSX and Nasdaq Stockholm.

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 Nov. 13 to Nov. 15, 2023, see Nasdaq Stockholm's website.

A detailed breakdown of the transactions conducted on Nasdaq Stockholm during the period of Nov. 13 to Nov. 15, 2023, according to Article 5.3 of MAR and Article 2.3 of the Safe Harbour Regulation is available with a press release on International Petroleum's website.

All common shares repurchased by International Petroleum under the NCIB will be cancelled. As of Nov. 16, 2023, the total number of issued and outstanding International Petroleum common shares is 128,652,220 with voting rights, of which International Petroleum holds 427,400 common shares in treasury. Following cancellation of these common shares held in treasury, the total number of issued and outstanding International Petroleum common shares will be 128,224,820.

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. International Petroleum is incorporated in Canada and International Petroleum's shares are listed on the Toronto Stock Exchange (TSX) and the Nasdaq Stockholm exchange under the symbol IPCO.

We seek Safe Harbor.