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 147,400 International Petroleum common shares (ISIN: CA46016U1084) during the period of Jan. 22 to Jan. 31, 2024, 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 (European Union) 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 and Nasdaq Stockholm and applicable Canadian and Swedish securities laws.

During the period of Jan. 22 to Jan. 31, 2024, International Petroleum repurchased a total of 99,000 International Petroleum common shares on Nasdaq Stockholm. All of these share repurchases were carried out by Pareto Securities AB on behalf of International Petroleum.

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 Jan. 22 to Jan. 31, 2024, see Nasdaq Stockholm's website.

A detailed breakdown of the transactions conducted on Nasdaq Stockholm during the period of Jan. 22 to Jan. 31, 2024, 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 48,400 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 January, 2024, International Petroleum cancelled 512,100 common shares repurchased under the NCIB. As at Jan. 31, 2024, the total number of issued and outstanding International Petroleum common shares is 126,479,966 with voting rights, of which International Petroleum holds 102,200 common shares in treasury.

Since Dec. 5, 2023, up to and including Jan. 31, 2024, a total of 1,847,054 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.

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 TSX and the Nasdaq Stockholm exchange under the symbol IPCO.

We seek Safe Harbor.