International Petroleum begins steam injection at Blackrod

Mr. William Lundin reports INTERNATIONAL PETROLEUM CORPORATION CORPORATE UPDATE: BLACKROD PHASE 1 COMMENCEMENT OF STEAM INJECTION International Petroleum Corp. has provided an update on the Blackrod phase 1 development in Canada. Following substantial progress on the project achieved during 2025, International Petroleum commenced first steam injection at the Blackrod phase 1 project on Dec. 20, 2025. As previously announced, International Petroleum forecasts first oil production at the Blackrod phase 1 project to occur in Q3 2026, a quarter earlier than originally guided. All dollar amounts in this press release are expressed in United States dollars, except where otherwise noted. William Lundin, International Petroleum's president and chief executive officer, commented: "We are extremely excited to announce that first steam at the transformational Blackrod phase 1 development project occurred in December, 2025. The warm-up process, through steam circulation, for the initial set of wells is ongoing and we continue to forecast first oil production from Blackrod phase 1 in Q3 2026. The Blackrod phase 1 development remains on budget with a forecast growth capital expenditure of $850-million to first oil. IPC plans to provide further updates on IPC's forecast production and cash flows at our Capital Markets Day on Feb. 10, 2026." The Blackrod asset is 100 per cent owned by International Petroleum and contains 259 million barrels of oil equivalent of 2P reserves and 1,025 million barrels of oil equivalent of contingent resources (best estimate, unrisked) as at Dec. 31, 2024, with regulatory approval to produce up to 80,000 barrels of oil per day. In early 2023, International Petroleum sanctioned the phase 1 development targeting plateau production rates of 30,000 barrels of oil per day with a growth capital expenditure guidance of $850-million. As previously announced, from the phase 1 project sanction to the end of Q3 2025, capital expenditures of $785-million have been incurred, or approximately 92 per cent of the $850-million growth capital guidance to first oil. International Petroleum 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. International Petroleum is a member of the Lundin Group of Companies. International Petroleum is incorporated in Canada and International Petroleum's shares are listed on the Toronto Stock Exchange and the Nasdaq Stockholm exchange under the symbol IPCO. We seek Safe Harbor.