International Petroleum Corporation (IPC or the Corporation) (TSX, Nasdaq Stockholm: IPCO) is pleased to announce that IPC repurchased a total of 886,100 IPC common shares (ISIN: CA46016U1084) during the week of December 2 to 6, 2019 under the previously announced share repurchase program.

The share repurchase program, announced by IPC on November 7, 2019, is being implemented in accordance with the Market Abuse Regulation (EU) 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 (TSX) and Nasdaq Stockholm and applicable Canadian and Swedish securities laws.

During the week of December 2 to 6, 2019, IPC repurchased a total of 870,000 IPC common shares on Nasdaq Stockholm. All of these share repurchases were carried out by Pareto Securities AB on behalf of IPC.

For more information regarding transactions under the share repurchase program in Sweden, including aggregated volume, weighted average price per share and total transaction value for each trading day during the week of December 2 to 6, 2019, see the following link to Nasdaq Stockholm’s website:

nasdaqomx.com

During the same period, IPC purchased a total of 16,100 IPC common shares on the TSX and/or alternative Canadian trading systems. All of these share repurchases were carried out by GMP Securities L.P. on behalf of IPC.

As previously announced, all common shares repurchased by IPC under the share repurchase program will be cancelled. Following cancellation of the above repurchased shares, the total number of issued and outstanding IPC common shares will be 161,264,117 and IPC will not hold any common shares in treasury. Until such common shares are cancelled, IPC holds 2,455,948 common shares in treasury.