International Petroleum Corporation (IPC or the Corporation) (TSX, Nasdaq
Stockholm: IPCO) is pleased to announce that IPC repurchased a total of 76,000
IPC common shares (ISIN: CA46016U1084) during the period of July 1 to 4, 2025
under IPC's normal course issuer bid / share repurchase program (NCIB).
IPC's NCIB, announced on December 3, 2024, 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 period of July 1 to 4, 2025, IPC repurchased a total of 60,000 IPC
common shares on Nasdaq Stockholm. All of these share repurchases were carried
out by Pareto Securities AB on behalf of IPC.
A summary and detailed breakdown of the transactions conducted on Nasdaq
Stockholm during the period of July 1 to 4, 2025 according to article 5.3 of MAR
and article 2.3 of the Safe Harbour Regulation is available with this press
release on IPC's website: www.international-petroleum.com/news-and-media/press-
releases (http://www.international-petroleum.com/news-and-media/press-releases).
During the same period, IPC purchased a total of 16,000 IPC common shares on the
TSX. All of these share repurchases were carried out by ATB Securities Inc. on
behalf of IPC.
All common shares repurchased by IPC under the NCIB will be cancelled. As at
July 4, 2025, the total number of issued and outstanding IPC common shares is
113,354,532 with voting rights, of which IPC holds 76,000 common shares in
treasury.
Since December 5, 2024 up to and including July 4, 2025, a total of 6,392,351
IPC common shares have been repurchased under the NCIB through the facilities of
the TSX and Nasdaq Stockholm. A maximum of 7,465,356 IPC common shares may be
repurchased over the period of twelve months commencing December 5, 2024 and
ending December 4, 2025, or until such earlier date as the NCIB is completed or
terminated by IPC.
International Petroleum Corp. (IPC) 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. 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 the Nasdaq Stockholm exchange under the symbol "IPCO".
For further information, please contact:
Rebecca Gordon Robert Eriksson
SVP Corporate Planning and Investor Relations Media Manager
rebecca.gordon@international-petroleum.com reriksson@rive6.ch
Tel: +41 22 595 10 50 Or Tel: +46 701 11 26 15
This information was submitted for publication, through the contact persons set
out above, at 10:30 CEST on July 7, 2025.
Forward-Looking Statements
This press release contains statements and information which constitute
"forward-looking statements" or "forward-looking information" (within the
meaning of applicable securities legislation). Such statements and information
(together, "forward-looking statements") relate to future events, including the
Corporation's future performance, 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 does not assume any obligation, to update these forward-
looking statements, except as required by applicable laws.
All statements other than statements of historical fact may be forward-looking
statements. Any statements that express or involve discussions with respect to
predictions, expectations, beliefs, plans, projections, forecasts, guidance,
budgets, objectives, assumptions or future events or performance (often, but not
always, using words or phrases such as "seek", "anticipate", "plan", "continue",
"estimate", "expect", "may", "will", "project", "forecast", "predict",
"potential", "targeting", "intend", "could", "might", "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 with respect to: the ability and willingness of IPC to
continue the NCIB, including the number of common shares to be acquired and
cancelled and the timing of such purchases and cancellations; and the return of
value to IPC's shareholders as a result of any common share repurchases.
The forward-looking statements are based on certain key expectations and
assumptions made by IPC, including expectations and assumptions concerning: the
potential impact of tariffs implemented in 2025 by the U.S. and Canadian
governments and that other than the tariffs that have been implemented, neither
the U.S. nor Canada (i) increases the rate or scope of such tariffs, or imposes
new tariffs, on the import of goods from one country to the other, including on
oil and natural gas, and/or (ii) imposes any other form of tax, restriction or
prohibition on the import or export of products from one country to the other,
including on oil and natural gas; prevailing commodity prices and currency
exchange rates; applicable royalty rates and tax laws; interest rates; future
well production rates and reserve and contingent resource volumes; operating
costs; our ability to maintain our existing credit ratings; our ability to
achieve our performance targets; the timing of receipt of regulatory approvals;
the performance of existing wells; the success obtained in drilling new wells;
anticipated timing and results of capital expenditures; the sufficiency of
budgeted capital expenditures in carrying out planned activities; the timing,
location and extent of future drilling operations; the successful completion of
acquisitions and dispositions and that we will be able to implement our
standards, controls, procedures and policies in respect of any acquisitions and
realize the expected synergies on the anticipated timeline or at all; the
benefits of acquisitions; the state of the economy and the exploration and
production business in the jurisdictions in which IPC operates and globally; the
availability and cost of financing, labour and services; our intention to
complete share repurchases under our normal course issuer bid program, including
the funding of such share repurchases, existing and future market conditions,
including with respect to the price of our common shares, and compliance with
respect to applicable limitations under securities laws and regulations and
stock exchange policies; and the ability to market crude oil, natural gas and
natural gas liquids successfully.
Although IPC believes that the expectations and assumptions on which such
forward-looking statements are based are reasonable, undue reliance should not
be placed on the forward-looking statements because IPC can give no assurances
that they will prove to be correct. Since forward-looking statements address
future events and conditions, by their very nature they involve inherent risks
and uncertainties. Actual results could differ materially from those currently
anticipated due to a number of factors and risks.
These include, but are not limited to: general global economic, market and
business conditions; the risks associated with the oil and gas industry in
general such as operational risks in development, exploration and production;
delays or changes in plans with respect to exploration or development projects
or capital expenditures; the uncertainty of estimates and projections relating
to reserves, resources, production, revenues, costs and expenses; health, safety
and environmental risks; commodity price fluctuations; interest rate and
exchange rate fluctuations; marketing and transportation; loss of markets;
environmental and climate-related risks; competition; innovation and
cybersecurity risks related to our systems, including our costs of addressing or
mitigating such risks; the ability to attract, engage and retain skilled
employees; incorrect assessment of the value of acquisitions; failure to
complete or realize the anticipated benefits of acquisitions or dispositions;
the ability to access sufficient capital from internal and external sources;
failure to obtain required regulatory and other approvals; geopolitical
conflicts, including the war between Ukraine and Russia and the conflict in the
Middle East, and their potential impact on, among other things, global market
conditions; political or economic developments, including, without limitation,
the risk that (i) one or both of the U.S. and Canadian governments increases the
rate or scope of tariffs implemented in 2025, or imposes new tariffs on the
import of goods from one country to the other, including on oil and natural gas,
(ii) the U.S. and/or Canada imposes any other form of tax, restriction or
prohibition on the import or export of products from one country to the other,
including on oil and natural gas, and (iii) the tariffs imposed by the U.S. on
other countries and responses thereto could have a material adverse effect on
the Canadian, U.S. and global economies, and by extension the Canadian oil and
natural gas industry and the Corporation; and changes in legislation, including
but not limited to tax laws, royalties, environmental and abandonment
regulations. Readers are cautioned that the foregoing list of factors is not
exhaustive.
Additional information on these and other factors that could affect IPC, or its
operations or financial results, are included in IPC's annual information form
for the year ended December 31, 2024 (See "Cautionary Statement Regarding
Forward-Looking Information", "Reserves and Resources Advisory" and "Risk
Factors"), in the management's discussion and analysis (MD&A) for the three
months ended March 31, 2025 (See "Risk Factors", "Cautionary Statement Regarding
Forward-Looking Information" and "Reserves and Resources Advisory") and other
reports on file with applicable securities regulatory authorities, including
previous financial reports, management's discussion and analysis and material
change reports, which may be accessed through the SEDAR+ website
(www.sedarplus.ca) or IPC's website (www.international-petroleum.com).