Worldwide Petroleum Company Publicizes 2025 Yr-Finish Monetary and Operational Outcomes and 2026 Funds, Reserves and Steerage – Worldwide Dispatch

TORONTO, Feb. 10, 2026 (GLOBE NEWSWIRE) — Worldwide Petroleum Company (IPC or the Company) (TSX, Nasdaq Stockholm: IPCO) immediately launched its monetary and working outcomes and associated administration’s dialogue and evaluation (MD&A) for the three months and 12 months ended December 31, 2025. IPC can also be happy to announce its 2026 finances, with the give attention to finalizing the event of the Blackrod Section 1 undertaking in Canada. As beforehand introduced, IPC achieved first steam injection on the Blackrod Section 1 undertaking in December 2025 and continues to forecast first oil in Q3 2026, 1 / 4 sooner than initially guided. IPC’s 2026 capital and decommissioning expenditure finances is USD 122 million and its 2026 common every day manufacturing steering is between 44,000 and 47,000 barrels of oil equal (boe) per day (boepd). 2025 year-end proved plus possible (2P) reserves are 521 million boe (MMboe) and finest estimate contingent sources (unrisked) are 1,224 MMboe.⁽¹⁾⁽²⁾

William Lundin, IPC’s President and Chief Government Officer, feedback: “We’re happy to announce one other 12 months of robust manufacturing efficiency and operational outcomes for IPC in 2025. Our common internet manufacturing was 44,900 boepd for the complete 12 months, on the excessive finish of the steering vary introduced at our February 2025 Capital Markets Day. 2025 was the ultimate main spend 12 months for our Blackrod Section 1 growth, and we have now now considerably accomplished building actions with commissioning ongoing on the central processing facility (CPF). The preliminary set of wells are present process steam circulation and we proceed to forecast first oil in Q3 2026. We generated robust money flows from our enterprise in 2025 even in mild of weaker oil and gasoline costs, and we returned USD 100 million to shareholders by share buybacks in 2025. We had been very happy to extend and lengthen our Canadian revolving credit score facility in Q2 2025 and to refinance our USD 450 million of Bonds in This autumn 2025.⁽¹⁾⁽³⁾

Because the transformational Blackrod Section 1 growth transitions to its progressive start-up plan, 2026 marks an inflection level 12 months for the corporate as we quick method the beginning of serious money movement technology from the asset. IPC forecasts USD 1 to 2 billion {dollars} in free money movement technology from 2026 to 2030 at Brent USD 65 to 85 per barrel. With much less shares excellent in comparison with that on the formation of the corporate again in 2017 and a 2P reserves life index of 31 years, IPC stays strongly positioned to create long run shareholder worth by prudent capital allocation in direction of our three key strategic pillars of Natural progress, Stakeholder Returns, and M&A that drive worth creation for our stakeholders.^(1)(2)(7)”

2025 Enterprise Highlights

• Common internet manufacturing of roughly 45,600 boepd for the fourth quarter of 2025 was consistent with the steering vary for the interval (52% heavy crude oil, 15% mild and medium crude oil and 33% pure gasoline).⁽¹⁾
• Full 12 months 2025 common internet manufacturing was 44,900 boepd, on the excessive finish of the 2025 annual steering of 43,000 to 45,000 boepd.⁽¹⁾
• Growth actions on Section 1 of the Blackrod undertaking progressed in 2025 forward of schedule and on finances, with first steam injection achieved in This autumn 2025 and forecast first oil in Q3 2026.
• Accomplished the acquisition of lands adjoining to the Blackrod undertaking, including 64 MMboe of contingent sources (finest estimate, unrisked).⁽¹⁾⁽²⁾
• At Onion Lake Thermal, Canada, 4 manufacturing infill wells and the ultimate Pad L sustaining properly pair had been introduced on-line by Q3 2025.
• Efficiently accomplished the drilling and workover program on the Bertam Area, Malaysia throughout Q3 2025.
• 7.7 million IPC frequent shares bought and cancelled from December 2024 to early December 2025.
• In Q3 2025, revealed IPC’s sixth annual Sustainability Report.

2025 Monetary Highlights

• Working prices per boe of USD 18.4 for the fourth quarter of 2025 and USD 17.8 for the complete 12 months, beneath the low finish of the 2025 steering of USD 18.0 to 19.0 per boe.⁽³⁾
• Robust working money movement (OCF) technology for the fourth quarter and full 12 months 2025 amounted to MUSD 63 and MUSD 259, respectively.⁽³⁾
• Capital and decommissioning expenditures of MUSD 63 for the fourth quarter and MUSD 344 for the complete 12 months 2025, consistent with the newest full 12 months steering.
• Free money movement (FCF) technology for the complete 12 months 2025 of unfavorable MUSD 153, with unfavorable MUSD 29 for the fourth quarter consistent with expectations. FCF for the complete 12 months 2025, earlier than 2025 Blackrod capital expenditure of MUSD 256, was MUSD 103.⁽³⁾
• Web debt of MUSD 484 as at December 31, 2025.⁽³⁾
• Web results of unfavorable MUSD 5 for the fourth quarter of 2025 and optimistic MUSD 29 for the complete 12 months 2025.
• Amended and prolonged IPC’s MCAD 250 revolving credit score facility in Q2 2025, extending the maturity to Could 2027.
• Refinanced IPC’s MUSD 450 unsecured bonds in This autumn 2025, extending the maturity to October 2030.

Reserves and Assets

• Whole 2P reserves as at December 31, 2025 of 521 MMboe, with a reserve life index (RLI) of 31 years and a reserves substitute ratio of 277%.⁽¹⁾⁽²⁾
• Proved developed producing (PDP) reserves enhance of 28% from year-end 2024 to year-end 2025 to 125 MMboe, primarily pushed from Blackrod Section 1.⁽¹⁾⁽²⁾
• Contingent sources (finest estimate, unrisked) as at December 31, 2025 of 1,224 MMboe.⁽¹⁾⁽²⁾

2026 Annual Steerage

• Full 12 months 2026 common internet manufacturing forecast at 44,000 to 47,000 boepd.⁽¹⁾
• Full 12 months 2026 working prices forecast at USD 18 to twenty per boe.⁽³⁾
• Full 12 months 2026 OCF estimated at between MUSD 100 and 250 (assuming Brent USD 55 to 75 per barrel).⁽³⁾
• Full 12 months 2026 capital and decommissioning expenditures steering forecast at MUSD 122.
• Full 12 months 2026 forecast FCF ranges from roughly unfavorable MUSD 70 to optimistic MUSD 85 (assuming Brent USD 55 to 75 per barrel).⁽³⁾

Present Enterprise Plan FCF Forecasts

• Cumulative forecast FCF of roughly MUSD 1,000 to 2,000 over the interval of 2026 to 2030 and roughly MUSD 700 to 1,600 over the interval of 2031 to 2035 (assuming Brent USD 65 to 85 per barrel).⁽³⁾⁽⁷⁾

Worldwide Petroleum Company is an entrepreneurially pushed firm that seeks to maximise shareholder worth by accountable enterprise operations and accretive progress. IPC began in 2017 with 113.5 million frequent shares excellent and a debt-free portfolio of high-quality producing belongings in Malaysia, France and the Netherlands, internet hosting mixed 2P reserves of 29 MMboe, manufacturing of 10 Mboepd, a reserve life index of 8 years and a NPV10 of USD 0.5 billion.

This platform acted as a springboard for IPC to hold out countercyclical strategic strikes together with constructing a place in Canada by acquisitions and sanctioning a significant Steam Assisted Gravity Drainage (SAGD) greenfield growth undertaking. The decisive strikes undertaken by the corporate have been grounded by taking a long-term view and rising publicity to grease. We’re very happy to see the optimistic market recognition in Canadian E&Ps, validating the daring choices made to enter and develop within the jurisdiction given the huge useful resource and beneficial fiscal phrases.

As IPC enters its tenth 12 months of existence in 2026, excluding the Blackrod Section 1 progress capital expenditures, over USD 1.6 billion in free money movement (FCF) has been generated and our present frequent shares excellent is lower than the beginning quantity at roughly 112.2 million shares. Present 2P reserves are 18 instances greater standing at 521 MMboe and contingent sources (finest estimate, unrisked) have grown from 0 MMboe in 2017 to now higher than 1,200 MMboe. Our reserve life index is 4 instances greater at 31 years primarily based on our 2026 mid-point manufacturing steering of 45.5 Mboepd. Manufacturing is predicted to develop to higher than 65 Mboepd by 2028 which underpins materials FCF per share progress within the years forward.^(1)(2)(3)

Oil costs in 2025 ranged from Brent USD 59 to 77 per barrel, with a full 12 months Brent averaging USD 69 per barrel in comparison with USD 81 per barrel averaged over the earlier 12 months 2024. The fourth quarter 2025 Brent value averaged USD 64 per barrel. The volatility in benchmark oil costs throughout 2025 was largely as a consequence of altering US financial and tariff insurance policies and the corresponding potential results on world financial progress, persevering with geopolitical conflicts, and considerations concerning oil oversupply together with from releases of OPEC manufacturing curtailments. IPC believes that these short-term uncertainties will result in underinvestment within the {industry}, which mixed with continued projected file breaking annual world oil demand into 2026 and past, ought to have a optimistic impact on oil costs at a time when IPC is ramping up Blackrod Section 1 manufacturing.

IPC has hedged 1,500 barrels per day of forecast 2026 oil manufacturing at round USD 67 per barrel for Dated Brent and seven,500 barrels per day of forecast 2026 oil manufacturing at round USD 61.5 per barrel for West Texas Intermediate (WTI).

The fourth quarter 2025 WTI to Western Canadian Choose (WCS) value differential averaged USD 11 per barrel, consistent with the complete 12 months 2025 common. The WTI to WCS differential continues to learn from the TMX pipeline enlargement, driving up aggressive stress for Canadian oil and elevated shopping for from Asia. The outlook of the WTI to WCS differential stays tight with extra egress capability relative to the provision within the Western Canadian Sedimentary Basin (WCSB), balanced towards the potential of Venezuelan heavy oil barrels to the US Gulf Coast PADD III refineries. There are presently no tariffs on Canadian crude oil exports to america, which stay coated by the US Mexico Canada commerce settlement. For 2026, IPC has applied WTI to WCS differential hedges for five,000 barrels per day at USD -12.50 per barrel.

The common Canadian gasoline benchmark value, AECO, was CAD 2.16 per Mcf for the fourth quarter of 2025 and CAD 1.63 for the complete 12 months 2025. WCSB gasoline stock ranges stay elevated above the historic common. There may be an expectation for storage ranges to attract in the course of the winter interval, with very chilly climate skilled in North America in early 2026 and additional supported by the ramp up of the LNG Canada undertaking in 2026 which ought to drive greater pure gasoline costs in Canada. IPC has applied hedges for 15,000 GJ per day at CAD 2.73 per GJ for 2026 from April to October 2026.

Fourth Quarter and Full Yr 2025 Highlights

Through the fourth quarter of 2025, IPC’s belongings delivered common internet manufacturing of 45,600 boepd, consistent with steering for the quarter. Full 12 months 2025 common internet manufacturing of 44,900 boepd was the excessive finish of the 2025 steering vary of 43,000 to 45,000 boepd.⁽¹⁾

IPC’s working prices per boe for the fourth quarter of 2025 was USD 18.4. Full 12 months 2025 working prices per boe was USD 17.8, beneath the low finish of the 2025 annual steering of USD 18.0 to 19.0 per boe.⁽³⁾

Working money movement (OCF) technology for the fourth quarter of 2025 was USD 63 million. Full 12 months 2025 OCF was USD 259 million above the latest Q3 2025 steering of USD 245 to 255 million.⁽³⁾

Capital and decommissioning expenditure for the fourth quarter of 2025 was USD 63 million. Full 12 months 2025 capital and decommissioning expenditure of USD 344 million was consistent with newest steering of USD 340 million.

Free money movement (FCF) technology was consistent with steering at unfavorable USD 29 million in the course of the fourth quarter of 2025. Full 12 months 2025 FCF technology was unfavorable USD 153 million, higher than the latest steering of unfavorable USD 160 to 170 million.⁽³⁾

As at December 31, 2025, IPC’s internet debt place was USD 484 million. IPC prudently refinanced its USD 450 million of unsecured bonds in This autumn 2025, extending maturity to October 2030. IPC additionally has entry to a revolving credit score facility of CAD 250 million, with roughly CAD 200 million undrawn as on the finish of 2025.⁽³⁾

Blackrod

The Blackrod asset is 100% owned by IPC and hosts the biggest booked reserves and contingent sources throughout the IPC portfolio. After greater than a decade of pilot operations, subsurface delineation and business engineering research, IPC sanctioned the Section 1 SAGD growth within the first quarter of 2023. The Section 1 growth targets 311 MMboe of 2P reserves, with a multi-year forecast capital expenditure of USD 850 million to first oil deliberate in Q3 2026. The Section 1 growth is deliberate for plateau manufacturing of 30,000 bopd which is predicted by the top of 2027.⁽¹⁾⁽²⁾

As beforehand introduced, IPC achieved first steam on the Blackrod Section 1 undertaking in December 2025, 1 / 4 sooner than initially guided. By the top of 2025, USD 820 million of cumulative progress capital has been spent on the Blackrod Section 1 growth since sanction. Building is nearing completion on the central processing facility (CPF), commissioning actions are ongoing, and drilling plus completions proceed to trace favourably. Website well being and security management has been glorious with no materials security incidents since business growth actions commenced.

Roughly USD 30 million of progress capital finances stays to achieve first oil at Blackrod Section 1 in 2026. IPC is well-positioned to ship consistent with the multi-year finances of USD 850 million to first oil. The whole progress capital expenditure contains the whole put in prices for the amenities and related 40 properly pairs wanted to fill the plant capability of 30,000 bopd and has remained unchanged for the reason that time of sanction in 2023.⁽¹⁾

The remaining capital expenditure deliberate to be spent at Blackrod in 2026 of roughly USD 60 million consists of acceleration of sustaining capital, benefiting from economies of scale and the optimistic momentum seen by the drilling rig at website, capitalised operations for the working prices incurred previous to first oil, and useful resource maturation works.

Blackrod realised a fabric uplift in recoverable useful resource by 2025 by a mix of beneficial drilling outcomes inside and out of doors of the preliminary growth space and additional supplemented by buying adjoining lands with 64 MMboe of contingent sources (finest estimate, unrisked). The 2P reserves attributable to Section 1 has elevated by 52 MMboe to 311 MMboe from year-end 2024 to year-end 2025. The contingent sources (finest estimate, unrisked) attributed to the Blackrod asset realised a internet enhance of 117 MMboe to 1,142 MMboe.⁽¹⁾⁽²⁾

Stakeholder Returns: Regular Course Issuer Bid

Through the interval of December 5, 2024 to December 4, 2025, IPC bought and cancelled an combination of roughly 7.7 million frequent shares below the 2024/2025 NCIB and sure different exemptions in Canada. The common value of shares bought below the 2024/2025 NCIB was SEK 144 / CAD 20 per share.

Since inception, IPC has returned over USD 600 million in shareholder returns within the type of share buybacks, cancelling over 77 million frequent shares at an combination common share value of round SEK 79 / CAD 11 per share. Since 2022, greater than 27% of the shares excellent have been repurchased and cancelled.

In This autumn 2025, IPC introduced the renewal of the NCIB, with the power to repurchase as much as roughly 6.5 million frequent shares over the interval of December 5, 2025 to December 4, 2026. IPC stays centered on progressing the Blackrod Section 1 growth undertaking first oil and can proceed to watch commodity costs in 2026 earlier than buying IPC frequent shares below the present NCIB.

As at December 31, 2025 and February 10, 2026, IPC had a complete of 112,155,527 frequent shares issued and excellent and IPC holds no frequent shares in treasury.

Environmental, Social and Governance (ESG) Efficiency

As a part of IPC’s dedication to operational excellence and accountable growth, IPC’s goal is to scale back threat and get rid of hazards to forestall prevalence of accidents, in poor health well being, and environmental harm, as these are important to the success of our enterprise operations. Through the fourth quarter and for the complete 12 months 2025, IPC recorded no materials security or environmental incidents.

As beforehand introduced, IPC focused a discount of our internet GHG emissions depth by the top of 2025 to 50% of IPC’s 2019 baseline and IPC is on observe to attain this discount for 2025 internet GHG emissions depth. IPC is dedicated to stay at finish 2025 ranges of 20 kg CO2/boe by to the top of 2028.⁽⁴⁾

Reserves, Assets and Worth

As on the finish of December 2025, IPC’s 2P reserves are 521 MMboe. Throughout 2025, IPC changed 277% of the annual 2025 manufacturing. The reserve life index (RLI) as at December 31, 2025, is roughly 31 years.⁽¹⁾⁽²⁾

The online current worth (NPV) of IPC’s 2P reserves as at December 31, 2025 was round USD 2.7 billion. The online asset worth (NAV) of IPC’s 2P reserves as at December 31, 2025 was round USD 2.2 billion. Based mostly on IPC’s present enterprise plans, the cumulative forecast FCF is roughly MUSD 1,000 to 2,000 over the interval of 2026 to 2030 and roughly MUSD 700 to 1,600 over the interval of 2031 to 2035 (assuming Brent USD 65 to 85 per barrel).^{(1)(2)(5)(6)(7)}

As well as, IPC’s finest estimate contingent sources (unrisked) as at December 31, 2025 are 1,224 MMboe, of which 1,142 MMboe relate to future potential phases of the Blackrod undertaking.⁽¹⁾⁽²⁾

2026 Funds and Operational Steerage

IPC is happy to announce its 2026 common internet manufacturing steering is 44,000 to 47,000 boepd. IPC forecasts working prices for 2026 between USD 18 and 20 per boe.⁽¹⁾⁽³⁾

IPC’s 2026 capital and decommissioning expenditure finances is USD 122 million, with USD 90 million forecast regarding Blackrod capital expenditure. The rest of the 2026 finances relates primarily to routine upkeep and ongoing optimization work on the different producing belongings. In all of IPC’s areas of operation, IPC has important flexibility to regulate its tempo of spend primarily based on the event of commodity costs throughout 2026.

Additional particulars concerning IPC’s proposed 2026 finances and operational steering will probably be supplied at IPC’s Capital Markets Day presentation to be held on February 10, 2026 at 15:00 CET. A duplicate of the Capital Markets Day presentation will probably be accessible on IPC’s web site at www.international-petroleum.com.

Notes:

Worldwide Petroleum Corp. (IPC) is a world oil and gasoline exploration and manufacturing firm with a top quality portfolio of belongings positioned in Canada, Malaysia and France, offering a stable basis for natural and inorganic progress. IPC is a member of the Lundin Group of Corporations. IPC is integrated in Canada and IPC’s shares are listed on the Toronto Inventory Change (TSX) and the Nasdaq Stockholm change below the image “IPCO”. 

For additional info, please contact:

This info is info that Worldwide Petroleum Company is required to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The data was submitted for publication, by the contact individuals set out above, at 07:30 CET on February 10, 2026. The Company’s audited condensed consolidated monetary statements (Monetary Statements) and administration’s dialogue and evaluation (MD&A) for the three months and 12 months ended December 31, 2025 have been filed on SEDAR+ (www.sedarplus.ca) and are additionally accessible on the Company’s web site (www.international-petroleum.com).

Ahead-Trying Statements
This press launch comprises statements and knowledge which represent “forward-looking statements” or “forward-looking info” (throughout the which means of relevant securities laws). Such statements and knowledge (collectively, “forward-looking statements”) relate to future occasions, together with the Company’s future efficiency, enterprise prospects or alternatives. Precise outcomes could differ materially from these expressed or implied by forward-looking statements. The forward-looking statements contained on this press launch are expressly certified by this cautionary assertion. Ahead-looking statements communicate solely as of the date of this press launch, except in any other case indicated. IPC doesn’t intend, and doesn’t assume any obligation, to replace these forward-looking statements, besides as required by relevant legal guidelines.

All statements apart from statements of historic reality could also be forward-looking statements. Any statements that categorical or contain discussions with respect to predictions, expectations, beliefs, plans, projections, forecasts, steering, budgets, aims, assumptions or future occasions or efficiency (typically, however not at all times, utilizing phrases or phrases resembling “search”, “anticipate”, “plan”, “proceed”, “estimate”, “count on”, “could”, “will”, “undertaking”, “forecast”, “predict”, “potential”, “focusing on”, “intend”, “might”, “may”, “ought to”, “consider”, “finances” and comparable expressions) will not be statements of historic reality and could also be “forward-looking statements”.

Ahead-looking statements embody, however will not be restricted to, statements with respect to:

• 2026 manufacturing ranges (together with whole every day common manufacturing), manufacturing composition, money flows, working prices and capital and decommissioning expenditure estimates;
• Estimates of future manufacturing, money flows, working prices and capital expenditures which can be primarily based on IPC’s present enterprise plans and assumptions concerning the enterprise atmosphere, that are topic to alter;
• IPC’s monetary and operational flexibility to navigate the Company by intervals of risky commodity costs;
• The power to totally fund future expenditures from money flows and present borrowing capability;
• IPC’s intention and talent to proceed to implement its methods to construct long-term shareholder worth;
• The power of IPC’s portfolio of belongings to offer a stable basis for natural and inorganic progress;
• The continued facility uptime and reservoir efficiency in IPC’s areas of operation;
• Growth of the Blackrod undertaking in Canada, together with estimates of useful resource volumes, future manufacturing, timing, regulatory approvals, third occasion business preparations, breakeven oil costs and internet current values;
• Present and future manufacturing efficiency, operations and growth potential of the Onion Lake Thermal, Suffield, Brooks, Ferguson and Mooney operations, together with the timing and success of future oil and gasoline drilling and optimization packages;
• The potential enchancment within the Canadian oil egress state of affairs and IPC’s potential to learn from any such enhancements;
• The power of IPC to attain and keep present and forecast manufacturing in France and Malaysia;
• The intention and talent of IPC to accumulate frequent shares below the NCIB, together with the timing of any such purchases;
• The return of worth to IPC’s shareholders because of the NCIB;
• IPC’s potential to implement its greenhouse gasoline (GHG) emissions depth and local weather methods and to attain its internet GHG emissions depth discount targets;
• IPC’s potential to implement tasks to scale back internet emissions depth, together with potential carbon seize and storage;
• Estimates of reserves and contingent sources;
• The power to generate free money flows and use that money to repay debt;
• IPC’s continued entry to its current credit score amenities, together with present monetary headroom, on phrases acceptable to the Company;
• IPC’s potential to determine and full future acquisitions;
• Expectations concerning the oil and gasoline {industry} in Canada, Malaysia and France, together with assumptions concerning future royalty charges, regulatory approvals, legislative modifications, and ongoing tasks and their anticipated completion; and
• Future drilling and different exploration and growth actions.

Statements regarding “reserves” and “contingent sources” are additionally deemed to be forward-looking statements, as they contain the implied evaluation, primarily based on sure estimates and assumptions, that the reserves and sources described exist within the portions predicted or estimated and that the reserves and sources could be profitably produced sooner or later. Final restoration of reserves or sources is predicated on forecasts of future outcomes, estimates of quantities not but determinable and assumptions of administration.

The forward-looking statements are primarily based on sure key expectations and assumptions made by IPC, together with expectations and assumptions regarding: the potential influence of tariffs applied in 2025 by the U.S. and Canadian governments and that apart from the tariffs which have been applied, neither the U.S. nor Canada (i) will increase the speed or scope of such tariffs, or imposes new tariffs, on the import of products from one nation to the opposite, together with on oil and pure gasoline, and/or (ii) imposes another type of tax, restriction or prohibition on the import or export of merchandise from one nation to the opposite, together with on oil and pure gasoline; prevailing commodity costs and forex change charges; relevant royalty charges and tax legal guidelines; rates of interest; future properly manufacturing charges and reserve and contingent useful resource volumes; working prices; our potential to take care of our current credit score rankings; our potential to attain our efficiency targets; the timing of receipt of regulatory approvals; the efficiency of current wells; the success obtained in drilling new wells; anticipated timing and outcomes of capital expenditures; the sufficiency of budgeted capital expenditures in finishing up deliberate actions; the timing, location and extent of future drilling operations; the profitable completion of acquisitions and tendencies and that we can implement our requirements, controls, procedures and insurance policies in respect of any acquisitions and notice the anticipated synergies on the anticipated timeline or in any respect; the advantages of acquisitions; the state of the economic system and the exploration and manufacturing enterprise within the jurisdictions through which IPC operates and globally; the supply and price of financing, labour and companies; our intention to finish share repurchases below our regular course issuer bid program, together with the funding of such share repurchases, current and future market situations, together with with respect to the value of our frequent shares, and compliance with respect to relevant limitations below securities legal guidelines and laws and inventory change insurance policies; and the power to market crude oil, pure gasoline and pure gasoline liquids efficiently.

Though IPC believes that the expectations and assumptions on which such forward-looking statements are primarily based are cheap, undue reliance shouldn’t be positioned on the forward-looking statements as a result of IPC may give no assurances that they’ll show to be right. Since forward-looking statements handle future occasions and situations, by their very nature they contain inherent dangers and uncertainties. Precise outcomes might differ materially from these presently anticipated as a consequence of a lot of elements and dangers.

These embody, however will not be restricted to normal world financial, market and enterprise situations, the dangers related to the oil and gasoline {industry} usually resembling operational dangers in growth, exploration and manufacturing; delays or modifications in plans with respect to exploration or growth tasks or capital expenditures; the uncertainty of estimates and projections regarding reserves, sources, manufacturing, revenues, prices and bills; well being, security and environmental dangers; commodity value fluctuations; rate of interest and change fee fluctuations; advertising and marketing and transportation; lack of markets; environmental and climate-related dangers; competitors; innovation and cybersecurity dangers associated to our programs, together with our prices of addressing or mitigating such dangers; the power to draw, have interaction and retain expert workers; incorrect evaluation of the worth of acquisitions; failure to finish or notice the anticipated advantages of acquisitions or tendencies; the power to entry enough capital from inner and exterior sources; failure to acquire required regulatory and different approvals; geopolitical conflicts, together with present and potential conflicts in Ukraine, the Center East, South America and elsewhere and their potential influence on, amongst different issues, world market situations; political or financial developments, together with, with out limitation, the danger that (i) one or each of the U.S. and Canadian governments will increase the speed or scope of tariffs applied in 2025, or imposes new tariffs on the import of products from one nation to the opposite, together with on oil and pure gasoline, (ii) the U.S. and/or Canada imposes another type of tax, restriction or prohibition on the import or export of merchandise from one nation to the opposite, together with on oil and pure gasoline, and (iii) the tariffs imposed by the U.S. on different nations and responses thereto might have a fabric adversarial impact on the Canadian, U.S. and world economies, and by extension the Canadian oil and pure gasoline {industry} and the Company; and modifications in laws, together with however not restricted to tax legal guidelines, royalties, environmental and abandonment laws.

Further info on these and different elements that might have an effect on IPC, or its operations or monetary outcomes, are included within the Monetary Statements, the MD&A (See “Threat Elements”, “Cautionary Assertion Relating to Ahead-Trying Data” and “Reserves and Assets Advisory” therein), the Company’s materials change report dated February 10, 2026 (MCR), the Company’s Annual Data Type (AIF) for the 12 months ended December 31, 2024 (See “Cautionary Assertion Relating to Ahead-Trying Data”, “Reserves and Assets Advisory” and “Threat Elements”) and different experiences on file with relevant securities regulatory authorities, together with earlier monetary experiences, administration’s dialogue and evaluation and materials change experiences, which can be accessed by the SEDAR+ web site (www.sedarplus.ca) or IPC’s web site (www.international-petroleum.com).

Administration of IPC accredited the manufacturing, working prices, working money movement, capital and decommissioning expenditures and free money movement steering and estimates contained herein as of the date of this press launch. The aim of those steering and estimates is to help readers in understanding IPC’s anticipated and focused monetary outcomes, and this info will not be acceptable for different functions.

Estimated FCF technology is predicated on IPC’s present enterprise plans over the intervals of 2026 to 2030 and 2031 to 2035, together with internet debt of USD 484 million as at December 31, 2025, with assumptions primarily based on the experiences of IPC’s unbiased reserves evaluator and auditor, and together with sure company changes regarding estimated normal and administration prices and hedging, and excluding shareholder distributions and sure refinancing prices. Assumptions embody common internet manufacturing of roughly 62 Mboepd over the interval of 2026 to 2030, common capital expenditures of roughly USD 5 per boe, common working prices of roughly USD 18 to twenty per boe, common Brent oil costs of USD 65 to 95 per bbl escalating by 2% per 12 months, and common Brent to Western Canadian Choose differentials and common gasoline costs as estimated by IPC’s unbiased reserves evaluator and auditor and as additional described within the MCR. IPC’s present enterprise plans and assumptions, and the enterprise atmosphere, are topic to alter. Precise outcomes could differ materially from forward-looking estimates and forecasts.

Non-IFRS Measures
References are made on this press launch to “working money movement” (OCF), “free money movement” (FCF), “Earnings Earlier than Curiosity, Tax, Depreciation and Amortization” (EBITDA), “working prices” and “internet debt”/”internet money”, which aren’t usually accepted accounting measures below Worldwide Monetary Reporting Requirements (IFRS) and wouldn’t have any standardized which means prescribed by IFRS and, subsequently, will not be comparable with comparable measures offered by different public corporations. Non-IFRS measures shouldn’t be thought-about in isolation or as an alternative choice to measures ready in accordance with IFRS.

The definition of every non-IFRS measure is offered in IPC’s MD&A (See “Non-IFRS Measures” therein).

Working money movement
The next desk units out how working money movement is calculated from figures proven within the Monetary Statements:

¹ Embrace internet gross sales of diluent to 3rd occasion amounting to USD 137 thousand for the fourth quarter of 2025 and USD 647 thousand for the 12 months ended December 31, 2025.

Free money movement
The next desk units out how free money movement is calculated from figures proven within the Monetary Statements:

¹ See be aware 19 to the Monetary Statements. Contains in 2025 secured quantities acquired of USD 7.7 million in direction of the long run asset retirement obligation for the Bertam discipline.

² Depreciation isn’t particularly disclosed within the Monetary Statements
³ See notes 5 and 6 to the Monetary Statements

EBITDA
The next desk units out the reconciliation from internet end result from the consolidated assertion of operations to EBITDA:

¹ Sale of belongings is included below “Different revenue/(expense)” however not particularly disclosed within the Monetary Statements
² Merchandise isn’t proven within the Monetary Statements

Working prices
The next desk units out how working prices is calculated:

Web money / (debt)
The next desk units out how internet money / (debt) is calculated from figures proven within the Monetary Statements:

Reserves and Assets Advisory
This press launch comprises references to estimates of gross and internet reserves and sources attributed to the Company’s oil and gasoline belongings. For added info with respect to such reserves and sources, discuss with “Reserves and Assets Advisory” within the MD&A and the MCR. Gentle, medium and heavy crude oil reserves/sources disclosed on this press launch embody answer gasoline and different by-products. Additionally see “Supplemental Data concerning Product Sorts” beneath.

Reserve estimates, contingent useful resource estimates and estimates of future internet income in respect of IPC’s oil and gasoline belongings in Canada and France/Malaysia are efficient as of December 31, 2025, and are included within the experiences ready by Sproule Worldwide Restricted and ERC Equipoise Ltd., respectively (collectively, Sproule ERCE), an unbiased certified reserves evaluator and auditor, in accordance with Nationwide Instrument 51-101 – Requirements of Disclosure for Oil and Fuel Actions (NI 51-101) and the Canadian Oil and Fuel Analysis Handbook (the COGE Handbook) and utilizing Sproule ERCE’s December 31, 2025 value forecasts.

The value forecasts used within the Sproule ERCE experiences can be found on the web site of Sproule ERCE (sproule-erce.com) and are contained within the MCR. These value forecasts are as at December 31, 2025 and will not be reflective of present and future forecast commodity costs.

The reserve life index (RLI) is calculated by dividing the 2P reserves of 521 MMboe as at December 31, 2025 by the mid-point of the 2026 CMD manufacturing steering of 44,000 to 47,000 boepd. Reserves substitute ratio is predicated on 2P reserves of 493 MMboe as at December 31, 2024, gross sales manufacturing throughout 2025 of 15.7 MMboe, internet additions to 2P reserves throughout 2025 of 43.4 MMboe and 2P reserves of 521 MMboe as at December 31, 2025.

The reserves and sources info and information supplied on this press launch current solely a portion of the disclosure required below NI 51-101. All the required info will probably be contained within the Company’s Annual Data Type for the 12 months ended December 31, 2025, which will probably be filed on SEDAR+ (accessible at www.sedarplus.ca) on or earlier than April 1, 2026. Additional info with respect to IPC’s reserves, contingent sources and estimates of future internet income, together with assumptions regarding the calculation of internet current worth and different related info associated to the contingent sources disclosed, is disclosed within the MCR accessible below IPC’s profile on www.sedarplus.ca and on IPC’s web site at www.international-petroleum.com.

IPC makes use of the industry-accepted commonplace conversion of six thousand cubic toes of pure gasoline to at least one barrel of oil (6 Mcf = 1 bbl). A BOE conversion ratio of 6:1 is predicated on an power equivalency conversion technique primarily relevant on the burner tip and doesn’t symbolize a worth equivalency on the wellhead. As the worth ratio between pure gasoline and crude oil primarily based on the present costs of pure gasoline and crude oil is considerably totally different from the power equivalency of 6:1, using a 6:1 conversion foundation could also be deceptive as a sign of worth.

Supplemental Data concerning Product Sorts

The next desk is meant to offer supplemental details about the product sort composition of IPC’s internet common every day manufacturing figures supplied on this press launch:

This press launch additionally makes reference to IPC’s forecast whole common every day manufacturing of 44,000 to 47,000 boepd for 2026. IPC estimates that roughly 57% of that manufacturing will probably be comprised of heavy oil, roughly 12% will probably be comprised of sunshine and medium crude oil and roughly 31% will probably be comprised of standard pure gasoline.

Foreign money
All greenback quantities on this press launch are expressed in United States {dollars}, besides the place in any other case famous. References herein to USD imply United States {dollars}. References herein to CAD imply Canadian {dollars}.