International Petroleum Corporation Announces Results of Share Buyback Program and Share Capital Update

International oil company (IPC or the Company) (TSX, Nasdaq Stockholm: IPCO) is pleased to announce that IPC repurchased in total 451,810 Ordinary shares of IPC (ISIN: CA46016U1084) during the december period 20 at 30, 2021 under the previclearly announced share buyback program.

The share buyback program, announced by IPC on December 1, 2021, is implemented in accordance with Market Abuse Regulation (EU) No 596/2014 (MAR) and Delegated Regulation (EU) No 2016 / 1052 of the Commission (Safe Harbor Regulation) and applicable rules and policies of the Toronto Stock Exchange (TSX) and Nasdaq Stockholm and applicable Canadian and Swedish securities laws.

During the period December 20 to 30, 2021, IPC repurchased a total of 419,000 common shares of IPC on Nasdaq Stockholm. All of these share buybacks were carried out by Pareto Securities AB on behalf of IPC.

For more information on transactions under the Sweden share buyback program, including aggregate volume, weighted average price per share and total transaction value for each trading day during the period December 20-30, 2021, see the following link to the Nasdaq Stockholm website:

http://www.nasdaqomx.com/transactions/markets/nordic/corporate-actions/stockholm/repurchases-of-own-shares

During the same period, IPC purchased a total of 32,810 common shares of IPC on the Toronto Stock Exchange and / or other Canadian trading systems. All of these share buybacks were carried out by ATB Capital Markets Inc. on behalf of IPC.

As previously announced, all common shares repurchased by IPC under the share repurchase program will be canceled. On December 30, 2021, IPC canceled 169,652 ordinary shares repurchased under the share repurchase program. As of December 31, 2021, the total number of IPC common shares issued and outstanding was 155,198,105 and IPC holds 1,160,651 treasury shares.

A full breakdown of transactions made during the period December 20-30, 2021 in accordance with Article 5.3 of MAR and Article 2.3 of the Safe Harbor Rules on Nasdaq Stockholm is attached to this press release. From December 3, 2021 to December 30, 2021 inclusive, a total of 1,330,303 common shares of IPC were repurchased under the share repurchase program through the trading systems TSX, Nasdaq Stockholm and / or Canadian alternatives. A maximum of 11,097,074 common shares of IPC may be repurchased during the twelve month period beginning on December 3, 2021 and ending on December 2, 2022, or until an earlier date on which the repurchase program of actions is completed or terminated by IPC.

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International Petroleum Corp. (IPC) is am international oil and gas exploration and production company with a portfolio of high quality assets located in Canada, Malaysia and France, providing a solid foundation for organic and inorganic growth. IPC is a member of the Lundin group of companies. IPC is incorporated in Canada and IPC’s shares are listed on the Toronto Stock Exchange (TSX) and Nasdaq Stockholm Stock Exchange under the symbol “IPCO”.

For more information, please contact:

This press release contains information that International Petroleum Corp. is required to make public in accordance with the Swedish Act on Trading in Financial Instruments. The information has been submitted for publication, through the contact persons indicated above, at 10:00 a.m. CET on December 31, 2021.

Forward-looking statements
This press release contains statements and information that constitute “forward-looking statements” or “forward-looking information” (within the meaning of applicable securities laws). These statements and information (together, “forward-looking statements”) relate to future events, including the future performance of the Company, business prospects or opportunities. Actual results may differ materially from those expressed or implied by forward-looking statements. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement. Forward-looking statements speak only as of the date of this press release, unless otherwise indicated. IPC does not intend and assumes no obligation to update these forward-looking statements, except as required by applicable law.

All statements other than statements of historical fact may be forward-looking statements. Any statement that expresses or involves discussions regarding predictions, expectations, beliefs, plans, projections, forecasts, directions, budgets, goals, assumptions or future events or performance (often, but not always , using words or phrases such as “seek”, “anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “plan”, ” predict “,” predict “,” potential “,” targeting “,” intention “,” could “,” could “,” should “,” believe “,” budget “and similar expressions) are not statements of historical fact and may be “forward-looking statements”. Forward-looking statements include, without limitation, statements regarding: the continuation of the share repurchase program, including the number of common shares to be acquired and canceled; IPC’s ability to acquire common shares under the share repurchase program, including the timing of such purchases; and the return of value to IPC shareholders following any repurchase of common shares.

Forward-looking statements are based on certain key expectations and assumptions made by IPC, including expectations and assumptions regarding: commodity prices and prevailing exchange rates; applicable royalty rates and tax laws; interest rate; future well production rates and volumes of reserves and contingent resources; operating costs; the timing of receipt of regulatory approvals; the performance of existing wells; the success achieved in drilling new wells; the timing and expected results of capital expenditures; the adequacy of the capital expenditure budgeted for the realization of the planned activities; the timing, location and extent of future drilling operations; successful acquisitions and divestitures; the benefits of acquisitions; the state of the economy and exploration and production activities in the jurisdictions in which IPC does business and around the world; the availability and cost of finance, labor and services; and the ability to successfully market crude oil, natural gas and natural gas liquids.

Although IPC believes that the expectations and assumptions upon which these forward-looking statements are based are reasonable, forward-looking statements should not be relied on unduly because IPC cannot guarantee that they will prove to be correct. Because forward-looking statements deal with future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently expected due to a number of factors and risks. These include, but are not limited to: risks associated with the oil and gas industry in general, such as operational risks associated with development, exploration and production; delays or changes in plans for exploration or development projects or capital expenditures; the uncertainty of estimates and projections of reserves, resources, production, income, costs and expenditure; risks to health, safety and the environment; fluctuations in commodity prices; fluctuations in interest rates and exchange rates; marketing and transport; loss of markets; environmental risks; competetion; poor appreciation of the value of acquisitions; the inability to realize or realize the expected benefits of acquisitions or disposals; the ability to access sufficient capital from internal and external sources; failure to obtain required regulatory and other approvals; and changes in legislation, including, but not limited to, tax laws, royalties and environmental regulations. Readers are cautioned that the above list of factors is not exhaustive.

Additional information on these and other factors that could affect IPC, or its operations or financial results, is included in the Management’s Discussion and Analysis (MD&A) for the nine-month period ended September 30, 2021 (see “Disclaimer concerning forward-looking information ”attached), the Company’s annual information form for the year ended December 31, 2020 (see“ Caution regarding forward-looking information ”,“ Notice on reserves and resources ”and“ risk ”contained therein) and other reports filed with applicable securities regulatory authorities, including prior financial reports, MD&A and material change reports, which may be viewed on the SEDAR website (www.sedar.com) or on the IPC website (www.international-petroleum.com).

Currency
All dollar amounts in this press release are in US dollars, unless otherwise indicated. References here to the USD mean the United States dollar. References here to CAD mean Canadian dollars.

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