Ms. Rebecca Gordon reports

INTERNATIONAL PETROLEUM CORPORATION ANNOUNCES TSX APPROVAL FOR RENEWAL OF NORMAL COURSE ISSUER BID

The Toronto Stock Exchange has approved International Petroleum Corp.'s notice of intention to renew International Petroleum's normal course issuer bid (NCIB).

Under the NCIB, International Petroleum is authorized to purchase, through the facilities of the TSX and/or Nasdaq Stockholm, or as otherwise permitted under Canadian securities laws, as and when considered advisable by International Petroleum, up to 6,468,077 common shares in the capital of the corporation, representing approximately 5.8 per cent of the 112,155,527 common shares outstanding as at Nov. 30, 2025 (or 10 per cent of International Petroleum's float (as defined in the TSX company manual) of 64,680,771 common shares as at Nov. 30, 2025), over a period of 12 months commencing on Dec. 5, 2025, and ending on Dec. 4, 2026, or until such earlier date as the NCIB is completed or terminated by International Petroleum.

The maximum number of common shares which can be purchased each day on Nasdaq Stockholm will be 25 per cent of the average daily trading volume of the common shares for the 20 trading days preceding the date of purchase, subject to certain exceptions for block purchases. In addition, International Petroleum will be limited to daily purchases of no more than 24,839 common shares on the TSX, being 25 per cent of International Petroleum's average daily TSX trading volume of 99,360 common shares during the six months ended Nov. 30, 2025 (which excludes purchases of common shares on the TSX by International Petroleum under its previous NCIB), subject to certain exceptions for block purchases and other prescribed exemptions available under applicable Canadian securities laws. International Petroleum currently does not hold any common shares in treasury.

In connection with the NCIB, International Petroleum has entered into an automatic share purchase plan (ASPP) with its designated broker to allow International Petroleum to repurchase common shares when it would ordinarily not be permitted to purchase common shares due to regulatory restrictions and customary self-imposed blackout periods. Pursuant to the ASPP, International Petroleum may provide standard instructions during non-blackout periods to its designated broker, which instructions may not be varied or suspended during the blackout period. Outside of any blackout periods, common shares will be purchased in accordance with management's discretion. All purchases made under the ASPP will be included in computing the number of common shares purchased under the NCIB. The ASPP has been reviewed and precleared by the TSX and may be terminated by International Petroleum or its broker in accordance with its terms or will terminate on the expiry of the NCIB.

Any common shares that International Petroleum purchases under the NCIB will be purchased on the open market through the facilities of the TSX and/or Nasdaq Stockholm, or as otherwise permitted under Canadian and Swedish securities laws, at the prevailing market price at the time of such purchase and in accordance with the applicable rules and policies of the TSX and Nasdaq Stockholm and applicable Canadian and Swedish securities laws, with no maximum monetary amount allocated to the NCIB at this time. The actual number of common shares that will be purchased, and the timing of any such purchases, will be determined by International Petroleum, subject to the limits imposed by the TSX and Nasdaq Stockholm and under applicable Canadian and Swedish securities laws. There can be no assurances as to the number of common shares that will ultimately be acquired by International Petroleum. Any common shares purchased by International Petroleum under the NCIB will be cancelled.

The purpose of the NCIB is to reduce the outstanding share capital of the corporation. International Petroleum believes that the purchase of common shares for cancellation represents an effective use of International Petroleum's capital, is in the best interest of International Petroleum and is an efficient way to return value to International Petroleum's shareholders.

International Petroleum's previous normal course issuer bid for the purchase of up to 7,465,356 common shares, commenced on Dec. 5, 2024, and was fully completed by Sept. 30, 2025. The common shares acquired under International Petroleum's previous NCIB were acquired for a weighted average price of $20.10 per common share on the TSX. Purchases were made through the facilities of the TSX and Nasdaq Stockholm, including pursuant to the previous ASPP.

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.

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