Ms. Rebecca Gordon reports

INTERNATIONAL PETROLEUM CORPORATION ANNOUNCES COMPLETION OF ANNUAL NORMAL COURSE ISSUER BID AND UPDATED SHARE CAPITAL

International Petroleum Corp. has completed the current normal course issuer bid/share repurchase program (NCIB), purchasing for cancellation 7,465,356 International Petroleum common shares between December, 2024, and September, 2025, representing approximately 6.2 per cent of the total outstanding common shares at the commencement of the NCIB. International Petroleum expects to renew its NCIB for a further 12 months from December, 2025, to December, 2026, subject to acceptance by the Toronto Stock Exchange. Under a renewed 2025/2026 NCIB, International Petroleum would be entitled to purchase on the TSX and/or Nasdaq Stockholm, and cancel, up to approximately 6.5 million common shares, representing approximately 5.8 per cent of the total outstanding common shares (or 10 per cent of International Petroleum's public float under applicable TSX rules).

During the period of Sept. 22, 2025, to Sept. 26, 2025, International Petroleum repurchased a total of 141,764 International Petroleum common shares (ISIN: CA 46016U 10 8 4) under the NCIB.

International Petroleum's NCIB, announced on Dec. 3, 2024, 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 TSX and Nasdaq Stockholm, and applicable Canadian and Swedish securities laws.

During the period of Sept. 22, 2025, to Sept. 26, 2025, International Petroleum repurchased a total of 99,063 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 summary and detailed breakdown of the transactions conducted on Nasdaq Stockholm during the period of Sept. 22, 2025, to Sept. 26, 2025, according to Article 5.3 of MAR and Article 2.3 of the safe harbour regulation is available with this news release on International Petroleum's website.

During the same period, International Petroleum purchased a total of 42,701 International Petroleum common shares on the TSX. All of these share repurchases were carried out by ATB Securities Inc. on behalf of International Petroleum.

All common shares repurchased by International Petroleum under the NCIB will be cancelled. During September, 2025, International Petroleum cancelled 600,437 common shares repurchased under the NCIB and a further 50,000 common shares purchased under other exemptions in Canada. As at Sept. 30, 2025, the total number of issued and outstanding International Petroleum common shares is 112,180,065 with voting rights, of which International Petroleum held 24,538 common shares in treasury. Following the cancellation of the common shares held in treasury, the total number of issued and outstanding International Petroleum common shares will be 112,155,527 with voting rights.

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 TSX and the Nasdaq Stockholm under the symbol IPCO.

We seek Safe Harbor.