International Petroleum Corporation Announces 2023 Year-End Financial and Operational Results and 2024 Budget, Reserves and Guidance

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TORONTO, Feb. 06, 2024 (GLOBE NEWSWIRE) — International Petroleum Corporation (IPC or the Corporation) (TSX, Nasdaq Stockholm: IPCO) today released its financial and operating results and related management’s discussion and analysis (MD&A) for the three months and year ended December 31, 2023. IPC is also pleased to announce its 2024 budget, including that IPC continues to progress the development of the Blackrod Phase 1 project in Canada in line with schedule and budget. IPC also confirms its intention to complete the previously announced normal course issuer bid (NCIB) to acquire a further 6.5 million common shares up to December 2024, in addition to the 1.8 million common shares already purchased for cancellation under the NCIB in December 2023 and January 2024. IPC’s 2024 capital and decommissioning expenditure budget is USD 437 million and its 2024 average daily production guidance is between 46,000 and 48,000 barrels of oil equivalent (boe) per day (boepd).⁽¹⁾ 2023 year-end proved plus probable (2P) reserves are 468 million boe (MMboe) and best estimate contingent resources (unrisked) are 1,145 MMboe.⁽¹⁾⁽²⁾