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 512,400 International Petroleum common shares during the period of Dec. 18 to 29, 2023, under International Petroleum's normal course issuer bid/share repurchase program (NCIB).

International Petroleum's NCIB, announced on Dec. 1, 2023, 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 Dec. 18 to 29, 2023, International Petroleum repurchased a total of 438,000 International Petroleum common shares on Nasdaq Stockholm. All of these share repurchases were carried out by Pareto Securities AB on behalf of International Petroleum.

A detailed breakdown of the transactions conducted on Nasdaq Stockholm during the period of Dec. 18 to 29, 2023, according to Article 5.3 of MAR and Article 2.3 of the Safe Harbour Regulation is available with this press release on International Petroleum's website.

During the same period, International Petroleum purchased a total of 74,400 International Petroleum 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 December, 2023, International Petroleum cancelled 1,232,754 common shares repurchased under the NCIB. As at Dec. 29, 2023, the total number of issued and outstanding International Petroleum common shares is 126,992,066 with voting rights and International Petroleum holds no common shares in treasury.

Since Dec. 5, 2023, up to and including Dec. 29, 2023, a total of 1,232,754 International Petroleum common shares have been repurchased under the NCIB through the facilities of the TSX and Nasdaq Stockholm. A maximum of 8,342,119 International Petroleum common shares may be repurchased over the period of 12 months commencing Dec. 5, 2023, and ending Dec. 4, 2024, 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. International Petroleum 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.