International Petroleum Corporation (abbreviated as IPC or the company)(TSX, Nasdaq Stockholm: IPCO)It was announced that during the period from November 2 to 6, 2026, in accordance with the previously announced ordinary share issuer's tender offer repurchase plan (NCIB), the company repurchased a total of 158,992 shares of IPC ordinary shares (ISIN : CA46016U1084).

On December 3, 2025, IPC announced NCIB. This announcement complies with the European Union's 'Market Abuse Regulation' (EU) No. 596/2014 (MAR), the Commission Regulation of the European Union (EU) No. 2016/1052 (Safe Harbor Regulation), as well as the applicable rules and policies of the Toronto Stock Exchange (TSX) and Nasdaq Stockholm. It is also in accordance with the securities laws applicable in Canada and Sweden.

From November 2 to 6, 2026, IPC repurchased 104,992 shares of IPC common stock from Nasdaq Stockholm. All of the aforementioned repurchases were carried out by Pareto Securities AB on behalf of IPC.

In accordance with Article 5.3 of MAR and Article 2.3 of the Safe Harbor Regulations, a summary and detailed breakdown of transactions conducted on Nasdaq Stockholm from November 2 to 6, 2026, have been published on the IPC website along with this press release: www.international-petroleum.com / news-and-media / press-releases.

During the same period, IPC repurchased 54,000 shares of IPC common stock from TSX. All of the aforementioned repurchases were carried out by ATB Securities Inc on behalf of IPC.

All ordinary shares repurchased under NCIB will be cancelled. As of November 6, 2026, IPC has issued and is in circulation a total of 111,521,876 ordinary shares with voting rights, of which IPC holds 158,992 ordinary shares as treasury shares.

As of November 6, 2026, IPC has repurchased a total of 1,463,868 shares of IPC common stock through the mechanisms of TSX and Nasdaq Stockholm. According to the plan, an additional maximum of 6,468,077 shares of IPC common stock can be repurchased until December 4, 2026, or until IPC is completed earlier or NCIB is terminated.

International Petroleum Corp. (IPC) is an international oil and gas exploration and production company that owns a high-quality portfolio of assets in Canada, Malaysia, and France, providing a solid foundation for organic and inorganic growth. IPC is a member of Lundin Group, of, and Companies. IPC is registered in Canada, and its shares are listed on the Toronto Stock Exchange (TSX) and Nasdaq Stockholm exchange, with the stock code "IPCO".

For more information, please contact:

This information was submitted and published on November 9, 2026, at 11:00 Central European Time, through the aforementioned contact person.

Forward-looking Statements

This press release contains statements and information that constitute “forward-looking statements” or “forward-looking information” (as defined by applicable securities legislation). Such statements and information (collectively referred to as “forward-looking statements”) relate to future events, including the company’s future performance, business prospects, or opportunities. Actual results may differ significantly from those implied or stated in the forward-looking statements. The forward-looking statements in this press release are subject to this cautionary statement. Unless otherwise indicated, the IPC has no intention and does not assume any obligation to update these forward-looking statements. Except as required by applicable law, IPC does not undertake any obligation to update such forward-looking statements.

Except for statements of historical facts, all other statements may constitute forward-looking statements. Any statements that involve predictions, expectations, beliefs, plans, projections, guidance, budgets, targets, assumptions, or future events or performance (often, but not always, using words such as "seek," "expect," "plan," "continue," "estimate," "anticipate," "may," "will," "expected to," "predict," "forecast," "potential," "aim at," "intend," "can," "possibly," "should," "believe," "budget," or similar expressions) are not statements of historical facts and may be considered forward-looking statements. Forward-looking statements include, but are not limited to: IPC's intention and ability to acquire common shares in accordance with NCIB, including the timing of any such purchases; the number of common shares to be cancelled and the cancellation date; and the value to be returned to IPC shareholders as a result of any repurchase of common shares.

These forward-looking statements are based on certain key expectations and assumptions made under IPC, including: the duration and impact of current tariffs applicable to Canadian imports and exports, and that in addition to the currently effective tariffs, the United States or Canada will not: (i) increase such tariff rates or ranges, reinstate currently suspended tariffs, or impose new tariffs on goods imported from one country by another (including oil and natural gas); and/or (ii) impose any other form of taxes, restrictions, or prohibitions on products imported or exported between the two countries (including oil and natural gas); current commodity prices and exchange rates; applicable royalty rates and tax laws; interest rates; future oil well production as well as reserves and contingent resource volumes; operating costs; IPC the ability to maintain the existing credit rating; IPC the ability to achieve performance targets; the time required to obtain regulatory approvals; the performance of existing oil wells; the success of new well drilling; the expected timing and results of capital expenditures; whether budgeted capital expenditures will be sufficient to carry out planned activities; the timing, location, and scope of future drilling operations; the successful completion of mergers and acquisitions and divestitures, and IPC the ability to implement its standards, controls, procedures, and policies in any acquisitions and to achieve the anticipated synergies within the expected timeline or if not at all; the benefits brought by acquisitions; IPC the economic conditions of the jurisdictions in which it operates and the global conditions for exploration and production businesses; the availability and cost of financing, labor, and services; IPC the intention to complete the share repurchase plan under the ordinary stock issuer's offer, including the funding arrangements for such repurchases, current and future market conditions (including IPC the price of ordinary stock), as well as compliance with applicable securities laws, regulations, and exchange policies; and the ability to successfully sell crude oil, natural gas, and natural gas liquids.

Although IPC believes that the expectations and assumptions on which the aforementioned forward-looking statements are based are reasonable, one should not rely too heavily on these forward-looking statements, as IPC cannot guarantee that they will ultimately prove to be correct. Since forward-looking statements involve future events and conditions, they inherently carry inherent risks and uncertainties. Due to various factors and risks, actual results may differ significantly from current expectations.

These factors include, but are not limited to: the overall global economy, market, and business conditions; risks associated with the oil and natural gas industry, such as operational risks in development, exploration, and production; delays or changes in exploration or development projects and capital expenditure plans; uncertainties in estimates and forecasts related to reserves, resources, production, revenue, costs, and expenses; health, safety, and environmental risks; fluctuations in commodity prices; interest rate and exchange rate fluctuations; marketing and transportation issues; market loss; environment and climate-related risks; competition; innovation and cybersecurity risks related to the IPC system, including the costs of addressing or mitigating such risks; the ability to attract, retain, and motivate skilled employees; misvaluation of acquisition value; failure to complete acquisitions or divestitures, or failure to achieve expected benefits; the ability to obtain sufficient capital from internal and external sources; failure to obtain required regulatory and other approvals; geopolitical conflicts, including current and potential future conflicts in Ukraine, the Middle East, South America, and other regions, and their potential impact on global market conditions; political or economic developments, including but not limited to: (i) ongoing tariffs applied to Canadian imports and exports for an extended period, implementation of threatened tariffs, reinstatement of currently suspended tariffs, increases in tariff rates or ranges, or imposition of new tariffs, including those on oil and natural gas; (ii) any other forms of taxes, restrictions, or prohibitions imposed by the United States and/or Canada on imports and exports of products (including oil and natural gas) between countries; and (iii) tariffs imposed by the United States on other countries, or retaliatory tariffs imposed by other countries on the United States, which could trigger a broader global trade war, thereby having a significant adverse effect on the economies of Canada, the United States, and the global economy, as well as on Canada's oil and natural gas industry and companies, including reduced demand and prices for oil and natural gas, disruption of supply chains, and increased costs.Causing fluctuations in global financial markets and restricting financing channels; as well as legislative changes, including but not limited to tax laws, royalties, environmental and waste regulations. Readers should note that the above factors are not exhaustive.

For more information regarding these and other factors that may affect IPC, its operations, or financial results, please refer to the annual information statement for the period ending December 31, 2025, available at IPC (see "Cautionary Statements Regarding Forward-Looking Information," "Reserves and Resources Notes," and "Risk Factors"); the management discussions and analyses for the three-month and nine-month periods ending September 30, 2026 ( MD &A) (see "Risk Factors," "Cautionary Statements Regarding Forward-Looking Information," and "Reserves and Resources Notes"); as well as other reports filed with the relevant securities regulatory authorities, including previous financial reports, management discussions and analyses, and reports on significant changes. These can be accessed through the SEDAR website ( www.sedarplus.ca ) or the IPC website ( www.international-petroleum.com ).

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