International Petroleum Corporation announces the results of its Toronto Stock Exchange share buyback program: IPCO

TORONTO, March 02, 2020 (GLOBE NEWSWIRE) – International Petroleum Corporation (IPC or the Company) (TSX, Nasdaq Stockholm: IPCO) is pleased to announce that IPC has purchased a total of 348,936 IPC common shares (ISIN: CA46016U1084) during the period from February 17 to 28, 2020 as part of the buyback program previously announced.

The share buyback program, announced by IPC on November 7, 2019, is implemented in accordance with Market Abuse Regulation (EU) No 596/2014 (MAR) and Commission Delegated Regulation (EU) No. 2016/1052 (Safe Harbor Regulation) and the applicable rules and policies of the Toronto Stock Exchange (TSX) and Nasdaq Stockholm and the applicable Canadian and Swedish securities laws.

During the period from February 17 to 28, 2020, IPC repurchased a total of 300,000 IPC common shares on the Nasdaq Stockholm. All of these share buybacks were made by Pareto Securities AB on behalf of IPC.

For more information on transactions under the Swedish share buyback program, including aggregated volume, weighted average price per share and total value of transactions for each trading day at market price for the period of February 17 to 28, 2020, see the following link to the Nasdaq Stockholms website:

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

During the period from February 17 to 28, 2020, IPC purchased a total of 48,936 common shares of IPC on the TSX and / or other Canadian trading systems. All of these share buybacks were made by Stifel Nicolaus Canada Inc. on behalf of IPC.

As previously announced, all of the common shares purchased by IPC under the share repurchase program will be canceled. After the cancellation of the shares purchased above, the total number of IPC ordinary shares issued and outstanding will be 155,378,693 and IPC will hold no ordinary shares in cash. On February 28, 2020, IPC canceled 1,865,776 common shares and the total number of issued and outstanding shares is 155,385,093. IPC currently holds 6,400 common shares in cash.

A complete breakdown of the transactions carried out during the period from 17 to 28 February 2020 in accordance with article 5.3 of the MAR and article 2.3 of the Safe Harbor regulation on the Nasdaq Stockholm is attached to this press release . From November 11, 2019 to February 28, 2020 inclusive, a total of 8,341,372 IPC common shares were purchased under the share buyback program through the facilities of the TSX, Nasdaq Stockholm and / or other Canadian trading systems. Under the rules applicable to the normal course issuer bid of the TSX, a maximum of 11,517,057 CPI common shares may be redeemed during the twelve month period beginning on November 11, 2019 and ending on 10 November 2020 or until an earlier date on which the normal course issuer bid is completed or terminated by IPC.

International Petroleum Corp. (IPC) is an 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 the shares of IPC are listed on the Toronto Stock Exchange (TSX) and the Nasdaq Stock Exchange in Stockholm under the symbol "IPCO".

For further information, please contact:

The information was submitted for publication, through the contact persons indicated above, at 12.30 p.m. CET on 2 March 2020.

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 future performance, business prospects or opportunities of the Company. Actual results may differ materially from those expressed or implied by the forward-looking statements. The forward-looking statements contained in this press release are expressly qualified by this warning. Forward-looking statements speak only as of the date of this press release, unless otherwise indicated. IPC does not intend, and does not assume any obligation, to update these forward-looking statements, unless required by applicable laws.

All statements other than statements of historical fact may be forward-looking statements. Any statements that express or imply discussions regarding predictions, expectations, beliefs, plans, projections, forecasts, directions, budgets, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "research", "anticipate", "plan", "continue", "estimate", "wait", "may", "will", "project", 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, but are not limited to, statements regarding: the share repurchase program, including the number of common shares to be acquired; IPC's ability to acquire common shares under the proposed share repurchase program, including the timing of these purchases; and the return of value to IPC shareholders following any share buyback.

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; royalty rates and applicable tax laws; interest rate; future production rates from wells and volumes of reserves and potential resources; operating costs; the time of receipt of regulatory approvals; the performance of existing wells; success in drilling new wells; schedule and expected results of capital expenditures; the adequacy of budgeted capital expenditures in the execution of planned activities; the timing, location and extent of future drilling operations; the success of acquisitions and disposals; the benefits of acquisitions; the state of the economy and exploration and production activities in the jurisdictions in which IPC operates and globally; the availability and cost of funding, 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 on which these forward-looking statements are based are reasonable, undue reliance should not be placed on forward-looking statements because IPC cannot guarantee that they will prove to be correct. Since 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 forecast 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 related to development, exploration and production; delays or changes in plans for exploration or development projects or capital expenditures; uncertainty in estimates and projections for reserves, resources, production, income, costs and expenses; risks to health, safety and the environment; fluctuations in commodity prices and exchange rates; interest rate fluctuations; marketing and transportation; loss of markets; environmental risks; competition; incorrect assessment of the value of acquisitions; inability to realize or realize the anticipated benefits of acquisitions or divestitures; the ability to access sufficient capital from internal and external sources; failure to obtain regulatory and other approvals required; and changes in legislation, including, but not limited to, tax laws, fees 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 business or financial results, is included in the most recent MD&A (MD&A) (see "Implementation caution regarding forward-looking information ”), the company's annual report. Information form (AIF) for the year ended December 31, 2018 (see the "Caution regarding forward-looking information", the "Reserves and Resources Notice" and the "Risk Factors") and Other reports filed with the relevant securities regulatory authorities, which can be found on the SEDAR website (www.sedar.com) or on the IPC website (www.international-petroleum.com) .

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

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