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News Article | May 9, 2017
Site: globenewswire.com

TORONTO, May 09, 2017 (GLOBE NEWSWIRE) -- International Petroleum Corporation (“IPC” or the “Corporation”) (TSX:IPCO) (Nasdaq First North:IPCO), today released its financial and operating results and related management’s discussion and analysis (“MD&A”) for the first quarter ending March 31, 2017. As previously announced, the spin-off by Lundin Petroleum AB of its non-Norwegian producing assets into IPC was completed and on April 24, 2017, all of the common shares of IPC were distributed to the shareholders of Lundin Petroleum.  The common shares of IPC commenced trading that day on the Toronto Stock Exchange and Nasdaq First North. The Corporation intends to seek the listing of its common shares on the Nasdaq Stockholm early in the second half of 2017, subject to fulfilling the requirements of Nasdaq Stockholm. "I am pleased with IPC's strong first quarter performance, with production of 11,500 boepd coming in ahead of our mid-point guidance. This was driven by continued high uptime performance on the Bertam FPSO and good performance in France and the Netherlands. I firmly believe we can add further value to our assets in France and Malaysia by actively pursuing organic growth opportunities in France and infill drilling in Malaysia. We expect to be able to provide more information on progressing these opportunities in our second quarter results. In addition, we are busy evaluating a number of potential acquisition opportunities and we remain encouraged by the quality of the assets we are seeing on the market. Our shareholders who received their IPC common shares in the spin-off have been well rewarded under Lundin Petroleum.  While the offer was announced to purchase a portion of common shares of IPC and Statoil have agreed to tender their shares into that offer, I hope you will join me, my experienced management team and our Board as we seek to use this excellent platform to grow a new internationally focused upstream exploration and production company." International Petroleum Corp. (IPC) is a new international oil and gas exploration and production company with a high quality portfolio of assets located in Europe and South East Asia, 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 First North Exchange (Stockholm) under the symbol "IPCO". Pareto Securities AB is the Corporation’s Certified Adviser on Nasdaq First North. This information is information that International Petroleum Corporation is required to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the contact persons set out above, at 08.30 CEST on 9 May 2017. The Company's interim consolidated carve-out financial statements, notes to the financial statements and management's discussion and analysis have been filed on SEDAR (www.sedar.com) and are also available on the Company's website (www.international-petroleum.com). Forward-Looking Statements This press release may contain statements and information which constitute "forward-looking information" (within the meaning of applicable securities legislation). Such statements and information (together, "forward-looking statements") relate to future events, including the Company's future performance, business prospects or opportunities. Actual results may differ materially from those expressed or implied by forward-looking statements. Forward-looking statements 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, 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" 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 organic growth opportunities in France, infill drilling in Malaysia, potential acquisition opportunities, estimates of reserves, future production levels, future capital expenditures and their allocation to exploration and development activities, future drilling and other exploration and development activities. Ultimate recovery of reserves or resources is based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Reserve estimates and estimates of future net revenue are effective as of 31 December 2016 and were prepared by IPC in accordance with standards prescribed by National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities of the Canadian Securities Administrators and audited by ERC Equipoise Ltd., an independent qualified reserves auditor. BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf per 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.


News Article | May 9, 2017
Site: globenewswire.com

TORONTO, May 09, 2017 (GLOBE NEWSWIRE) -- International Petroleum Corporation (“IPC” or the “Corporation”) (TSX:IPCO) (Nasdaq First North:IPCO), today released its financial and operating results and related management’s discussion and analysis (“MD&A”) for the first quarter ending March 31, 2017. As previously announced, the spin-off by Lundin Petroleum AB of its non-Norwegian producing assets into IPC was completed and on April 24, 2017, all of the common shares of IPC were distributed to the shareholders of Lundin Petroleum.  The common shares of IPC commenced trading that day on the Toronto Stock Exchange and Nasdaq First North. The Corporation intends to seek the listing of its common shares on the Nasdaq Stockholm early in the second half of 2017, subject to fulfilling the requirements of Nasdaq Stockholm. "I am pleased with IPC's strong first quarter performance, with production of 11,500 boepd coming in ahead of our mid-point guidance. This was driven by continued high uptime performance on the Bertam FPSO and good performance in France and the Netherlands. I firmly believe we can add further value to our assets in France and Malaysia by actively pursuing organic growth opportunities in France and infill drilling in Malaysia. We expect to be able to provide more information on progressing these opportunities in our second quarter results. In addition, we are busy evaluating a number of potential acquisition opportunities and we remain encouraged by the quality of the assets we are seeing on the market. Our shareholders who received their IPC common shares in the spin-off have been well rewarded under Lundin Petroleum.  While the offer was announced to purchase a portion of common shares of IPC and Statoil have agreed to tender their shares into that offer, I hope you will join me, my experienced management team and our Board as we seek to use this excellent platform to grow a new internationally focused upstream exploration and production company." International Petroleum Corp. (IPC) is a new international oil and gas exploration and production company with a high quality portfolio of assets located in Europe and South East Asia, 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 First North Exchange (Stockholm) under the symbol "IPCO". Pareto Securities AB is the Corporation’s Certified Adviser on Nasdaq First North. This information is information that International Petroleum Corporation is required to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the contact persons set out above, at 08.30 CEST on 9 May 2017. The Company's interim consolidated carve-out financial statements, notes to the financial statements and management's discussion and analysis have been filed on SEDAR (www.sedar.com) and are also available on the Company's website (www.international-petroleum.com). Forward-Looking Statements This press release may contain statements and information which constitute "forward-looking information" (within the meaning of applicable securities legislation). Such statements and information (together, "forward-looking statements") relate to future events, including the Company's future performance, business prospects or opportunities. Actual results may differ materially from those expressed or implied by forward-looking statements. Forward-looking statements 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, 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" 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 organic growth opportunities in France, infill drilling in Malaysia, potential acquisition opportunities, estimates of reserves, future production levels, future capital expenditures and their allocation to exploration and development activities, future drilling and other exploration and development activities. Ultimate recovery of reserves or resources is based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Reserve estimates and estimates of future net revenue are effective as of 31 December 2016 and were prepared by IPC in accordance with standards prescribed by National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities of the Canadian Securities Administrators and audited by ERC Equipoise Ltd., an independent qualified reserves auditor. BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf per 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.


International Petroleum Corporation ("IPC" or the "Corporation") (TSX, Nasdaq First North: IPCO) is pleased to announce that it has received approval to list its common shares (the "Common Shares") on the Toronto Stock Exchange (the "TSX") and on the Nasdaq First North exchange ("Nasdaq First North"). Trading on the TSX and on Nasdaq First North is expected to begin at market open in Toronto and Stockholm today 24 April 2017. The Common Shares will trade under the symbol "IPCO" on both the TSX and Nasdaq First North. IPC was incorporated to acquire all of the oil and gas exploration and production properties and related assets of Lundin Petroleum AB ("Lundin Petroleum") located in Malaysia, France and the Netherlands.  IPC acquired these assets through a series of reorganization transactions (the "Reorganization") which are summarized in a non-offering long form prospectus of IPC dated 17 April 2017 (the "Final Prospectus"), filed with the Alberta Securities Commission on the same date. The Reorganization was completed on 7 April 2017. Prior to opening of trading on Nasdaq First North, Lundin Petroleum distributed all of the Common Shares on a pro rata basis to Lundin Petroleum shareholders of record as of close of business in Stockholm on 20 April 2017 ("Record Date") and such holders of Lundin Petroleum shares will receive one Common Share for every three shares of Lundin Petroleum held as of the Record Date (the "Spin-Off"). IPC plans to initially list its shares on Nasdaq First North, with an intention to move to the Nasdaq Stockholm, subject to IPC fulfilling the requirements of Nasdaq Stockholm. Mike Nicholson, CEO of IPC, comments: "I am very pleased to be leading the launch of this exciting new Lundin Group growth company.  Starting at a favourable point in the cycle, we are fortunate to begin with a solid asset base, a strong balance sheet and an excellent team of people who know how to create value in the oil and gas business.  With a deeply experienced Board and strong support from the Lundin family, we have all the ingredients required to build a successful independent upstream company in the years ahead." In connection with the Reorganization, the Spin-Off and the listing of Common Shares on the TSX and Nasdaq First North, BMO Capital Markets is acting as IPC's exclusive financial advisor and Pareto Securities in Sweden is acting as the issuing agent and Certified Adviser for IPC on Nasdaq First North.  Blake, Cassels & Graydon LLP and Gernandt & Danielsson Advokatbyrå KB are acting as legal advisors to IPC.   Further information in respect of IPC, the Reorganization and the Spin-Off are available in the Final Prospectus. A copy of the Final Prospectus may be obtained on SEDAR at www.sedar.com under the profile of IPC.   International Petroleum Corp. (IPC) is a new international oil and gas exploration and production company with a high quality portfolio of assets located in Europe and South East Asia, 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 First North Exchange (Stockholm) under the symbol "IPCO". Pareto Securities AB is the Corporation's Certified Adviser on Nasdaq First North. For further information, please contact: Rebecca Gordon VP Corporate Planning and Investor Relations rebecca.gordon@international-petroleum.com Tel: +41 22 595 10 50      or     Robert Eriksson Media Manager reriksson@rive6.ch Tel: +46 701 11 26 15          Forward-Looking Statements This press release may contain statements and information which constitute "forward-looking information" (within the meaning of applicable securities legislation). Such statements and information (together, "forward-looking statements") relate to future events, including the Company's future performance, business prospects or opportunities. Actual results may differ materially from those expressed or implied by forward-looking statements. Forward-looking statements 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, 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" 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 estimates of reserves, future production levels, future capital expenditures and their allocation to exploration and development activities, future drilling and other exploration and development activities. Ultimate recovery of reserves or resources is based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Reserve estimates and estimates of future net revenue are effective as of 31 December 2016 and were prepared by IPC in accordance with standards prescribed by National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities of the Canadian Securities Administrators and audited by ERC Equipoise Ltd., an independent qualified reserves auditor. BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf per 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.


International Petroleum Corp. ("IPC" or the "Corporation") (TSX, Nasdaq First North: IPCO) announced today that, as disclosed in its non-offering long form prospectus dated 17 April 2017, its wholly-owned subsidiary, Lundin Petroleum BV ("LPBV"), has launched an offer to purchase up to US$100 million of IPC's common shares ("Common Shares") for consideration of C$4.77 per Common Share (or the corresponding amount in SEK to be determined promptly following completion of the offer) (the "Offer"). For Common Shares held through Euroclear Sweden AB ("Euroclear"), the acceptance period for the Offer will commence on 25 April 2017 and expire at 3:00 p.m. (CET) on 16 May 2017 (the "Euroclear Acceptance Period"). For Common Shares held through The Canadian Depository for Securities Ltd. ("CDS"), the acceptance period for the Offer will commence on 24 April 2017 and expire at 5:00 p.m. (Eastern time) on 23 May 2017 (the "CDS Acceptance Period"). The reason for the differences between the Euroclear Acceptance Period and the CDS Acceptance Period is that due to time differences between Sweden and Canada and the technical systems and intermediary parties connecting Euroclear with CDS, it is necessary to have a longer acceptance period in the Canadian system maintained by CDS in comparison with the Swedish system maintained by Euroclear. During the Euroclear Acceptance Period and the CDS Acceptance Period, holders of Common Shares held through Euroclear and CDS, respectively, may tender all, but not less than all, of their Common Shares to the Offer. If the value of the Common Shares tendered to the Offer is in excess of US$100 million, the Common Shares taken up under the Offer will be taken up on a pro rata basis among those tendering. The Offer will not be conditional upon any minimum number of Common Shares being tendered.   The offered consideration by LPBV in the Offer is C$4.77 per Common Share for Common Shares held through CDS and the corresponding amount in SEK as at a date promptly following completion of the Offer, for Common Shares held through Euroclear. The final consideration amount in SEK for each Common Share will therefore not be determined until after the completion of the Offer. A shareholder information document containing more details regarding the Offer and how to tender Common Shares will be distributed to participants of CDS on 24 April 2017 through CDS' online tendering system, CDSX.  No information will be distributed directly to shareholders of IPC through Euroclear or otherwise. The information document, which is available in both English and Swedish language versions, is also available on the Corporation's website and will be available through IPC's profile on SEDAR at www.sedar.com. The acceptance form in both English and Swedish language versions is available on the Corporation's website and the shareholder information document and acceptance form can also be obtained from Pareto Securities by calling +46 8 402 51 40 or by sending an e-mail to issueservice.se@paretosec.com. Expected timetable for the Offer: 24 April 2017   Launch date of Offer 24 April 2017 - 23 May 2017    Acceptance period for Common Shares held through CDS 25 April 2017 - 16 May 2017    Acceptance period for Common Shares held through Euroclear 16 May 2017    Deadline to submit acceptance forms to Pareto Securities for Common Shares held through Euroclear 23 May 2017    Deadline for book-entry delivery of Common Shares held through CDS via CDSX 26 May 2017    Announcement of outcome of the Offer 2 June 2017     Estimated payment date for Common Shares held through CDS Promptly following the payment date for Common Shares held through CDS    Payment for Common Shares held through Euroclear Questions regarding the Offer for Common Shares registered in the system maintained by Euroclear will be answered by Pareto Securities at the following telephone number +46 8 402 51 40 during normal office hours in Sweden until the Offer has been completed. Questions regarding the Offer for Common Shares registered in the system maintained by CDS will be answered by Computershare Trust Company of Canada at the following telephone number +1 800 564 6253 or +1 514 982 7555 during normal office hours in Canada until the Offer has been completed. Management of the Corporation believes that the proposed Offer provides all shareholders of the Corporation with the equal opportunity to assess whether they wish to hold or dispose of Common Shares during the Offer period, recognizing that the strategic and investment goals of some shareholders of Lundin Petroleum AB (who became shareholders of the Corporation immediately following the spin-off of the Common Shares completed earlier today) may or may not correspond to the Corporation's assets and proposed strategy. IPC has been advised by Statoil ASA ("Statoil") that it intends to tender its Common Shares to the Offer. The Corporation has also been advised that Nemesia Sàrl, an investment company related to the Lundin family ("Nemesia"), along with Landor Participations Inc., another investment company related to a member of the Lundin family, and members of IPC's Board and management, do not intend to tender to the Offer. In addition, the Corporation understands that Statoil and Nemesia have entered into an agreement pursuant to which, following the expiry of the Offer, Nemesia will acquire any Common Shares held by Statoil that have not been acquired by LPBV in the Offer. In order to finance the Offer, certain IPC subsidiaries, including LPBV, have entered into a reserve-based lending facility with a syndicate of banks led by BNP Paribas, Australia and New Zealand Banking Group (ANZ), BMO Capital Markets and ScotiaBank Europe. US$100 million will be available to LPBV under the reserve-based lending facility to finance the Offer. International Petroleum Corp. (IPC) is a new international oil and gas exploration and production company with a high quality portfolio of assets located in Europe and South East Asia, 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 First North Exchange (Stockholm) under the symbol "IPCO". Pareto Securities AB is the Corporation's Certified Adviser on Nasdaq First North. For further information, please contact: Rebecca Gordon VP Corporate Planning and Investor Relations rebecca.gordon@international-petroleum.com Tel: +41 22 595 10 50 or     Robert Eriksson Media Manager reriksson@rive6.ch Tel: +46 701 11 26 15          Important information The Offer described in this press release is not being made to persons whose participation in the Offer (i) requires additional disclosure of information or registration or other measures in addition to those required under Swedish, U.S. or Canadian law or (ii) would result in a breach of applicable law or regulation. It is the duty of each person to observe restrictions resulting from foreign legislation. This press release, the offer document and any other documentation relating to the Offer are not being distributed and must not be mailed or otherwise distributed or sent in or into any country in which distribution or offering would require any such additional measures to be taken or would be in conflict with any law or regulation in such country. Any purported acceptance of the Offer resulting directly or indirectly from a violation of these restrictions may be disregarded. This press release is not a prospectus or an offer document (Sw. erbjudandehandling) in accordance with Swedish take-over rules and regulations. The Offer described in this press release does not constitute a takeover offer. This was confirmed in a statement issued by the Swedish Securities Council (AMN 2017:11), according to which the Offer described in this press release is to be considered a repurchase offer solely for purposes of Swedish rules and regulations and does not constitute a takeover offer. Forward-Looking Statements This press release may contain statements and information which constitute "forward-looking information" (within the meaning of applicable securities legislation). Such statements and information (together, "forward-looking statements") relate to future events, including the Company's future performance, business prospects or opportunities. Actual results may differ materially from those expressed or implied by forward-looking statements. Forward-looking statements 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, 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" 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 estimates of reserves, future production levels, future capital expenditures and their allocation to exploration and development activities, future drilling and other exploration and development activities. Ultimate recovery of reserves or resources is based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Reserve estimates and estimates of future net revenue are effective as of 31 December 2016 and were prepared by IPC in accordance with standards prescribed by National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities of the Canadian Securities Administrators and audited by ERC Equipoise Ltd., an independent qualified reserves auditor. BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf per 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.


TORONTO, April 24, 2017 (GLOBE NEWSWIRE) -- International Petroleum Corp. ("IPC" or the "Corporation") (TSX:IPCO) (Nasdaq First North:IPCO) announced today that, as disclosed in its non-offering long form prospectus dated 17 April 2017, its wholly-owned subsidiary, Lundin Petroleum BV ("LPBV"), has launched an offer to purchase up to US$100 million of IPC's common shares ("Common Shares") for consideration of C$4.77 per Common Share (or the corresponding amount in SEK to be determined promptly following completion of the offer) (the "Offer"). For Common Shares held through Euroclear Sweden AB (“Euroclear”), the acceptance period for the Offer will commence on 25 April 2017 and expire at 3:00 p.m. (CET) on 16 May 2017 (the “Euroclear Acceptance Period”). For Common Shares held through The Canadian Depository for Securities Ltd. (“CDS”), the acceptance period for the Offer will commence on 24 April 2017 and expire at 5:00 p.m. (Eastern time) on 23 May 2017 (the “CDS Acceptance Period”). The reason for the differences between the Euroclear Acceptance Period and the CDS Acceptance Period is that due to time differences between Sweden and Canada and the technical systems and intermediary parties connecting Euroclear with CDS, it is necessary to have a longer acceptance period in the Canadian system maintained by CDS in comparison with the Swedish system maintained by Euroclear. During the Euroclear Acceptance Period and the CDS Acceptance Period, holders of Common Shares held through Euroclear and CDS, respectively, may tender all, but not less than all, of their Common Shares to the Offer. If the value of the Common Shares tendered to the Offer is in excess of US$100 million, the Common Shares taken up under the Offer will be taken up on a pro rata basis among those tendering. The Offer will not be conditional upon any minimum number of Common Shares being tendered. The offered consideration by LPBV in the Offer is C$4.77 per Common Share for Common Shares held through CDS and the corresponding amount in SEK as at a date promptly following completion of the Offer, for Common Shares held through Euroclear. The final consideration amount in SEK for each Common Share will therefore not be determined until after the completion of the Offer. A shareholder information document containing more details regarding the Offer and how to tender Common Shares will be distributed to participants of CDS on 24 April 2017 through CDS’ online tendering system, CDSX.  No information will be distributed directly to shareholders of IPC through Euroclear or otherwise. The information document, which is available in both English and Swedish language versions, is also available on the Corporation's website and will be available through IPC’s profile on SEDAR at www.sedar.com. The acceptance form in both English and Swedish language versions is available on the Corporation's website and the shareholder information document and acceptance form can also be obtained from Pareto Securities by calling +46 8 402 51 40 or by sending an e-mail to issueservice.se@paretosec.com. Questions regarding the Offer for Common Shares registered in the system maintained by Euroclear will be answered by Pareto Securities at the following telephone number +46 8 402 51 40 during normal office hours in Sweden until the Offer has been completed. Questions regarding the Offer for Common Shares registered in the system maintained by CDS will be answered by Computershare Trust Company of Canada at the following telephone number +1 800 564 6253 or +1 514 982 7555 during normal office hours in Canada until the Offer has been completed. Management of the Corporation believes that the proposed Offer provides all shareholders of the Corporation with the equal opportunity to assess whether they wish to hold or dispose of Common Shares during the Offer period, recognizing that the strategic and investment goals of some shareholders of Lundin Petroleum AB (who became shareholders of the Corporation immediately following the spin-off of the Common Shares completed earlier today) may or may not correspond to the Corporation's assets and proposed strategy. IPC has been advised by Statoil ASA ("Statoil") that it intends to tender its Common Shares to the Offer. The Corporation has also been advised that Nemesia Sàrl, an investment company related to the Lundin family ("Nemesia"), along with Landor Participations Inc., another investment company related to a member of the Lundin family, and members of IPC's Board and management, do not intend to tender to the Offer. In addition, the Corporation understands that Statoil and Nemesia have entered into an agreement pursuant to which, following the expiry of the Offer, Nemesia will acquire any Common Shares held by Statoil that have not been acquired by LPBV in the Offer. In order to finance the Offer, certain IPC subsidiaries, including LPBV, have entered into a reserve-based lending facility with a syndicate of banks led by BNP Paribas, Australia and New Zealand Banking Group (ANZ), BMO Capital Markets and ScotiaBank Europe. US$100 million will be available to LPBV under the reserve-based lending facility to finance the Offer. International Petroleum Corp. (IPC) is a new international oil and gas exploration and production company with a high quality portfolio of assets located in Europe and South East Asia, 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 First North Exchange (Stockholm) under the symbol "IPCO". Pareto Securities AB is the Corporation's Certified Adviser on Nasdaq First North. The Offer described in this press release is not being made to persons whose participation in the Offer (i) requires additional disclosure of information or registration or other measures in addition to those required under Swedish, U.S. or Canadian law or (ii) would result in a breach of applicable law or regulation. It is the duty of each person to observe restrictions resulting from foreign legislation. This press release, the offer document and any other documentation relating to the Offer are not being distributed and must not be mailed or otherwise distributed or sent in or into any country in which distribution or offering would require any such additional measures to be taken or would be in conflict with any law or regulation in such country. Any purported acceptance of the Offer resulting directly or indirectly from a violation of these restrictions may be disregarded. This press release is not a prospectus or an offer document (Sw. erbjudandehandling) in accordance with Swedish take-over rules and regulations. The Offer described in this press release does not constitute a takeover offer. This was confirmed in a statement issued by the Swedish Securities Council (AMN 2017:11), according to which the Offer described in this press release is to be considered a repurchase offer solely for purposes of Swedish rules and regulations and does not constitute a takeover offer. This press release may contain statements and information which constitute "forward-looking information" (within the meaning of applicable securities legislation). Such statements and information (together, "forward-looking statements") relate to future events, including the Company's future performance, business prospects or opportunities. Actual results may differ materially from those expressed or implied by forward-looking statements. Forward-looking statements 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, 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" 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 estimates of reserves, future production levels, future capital expenditures and their allocation to exploration and development activities, future drilling and other exploration and development activities. Ultimate recovery of reserves or resources is based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Reserve estimates and estimates of future net revenue are effective as of 31 December 2016 and were prepared by IPC in accordance with standards prescribed by National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities of the Canadian Securities Administrators and audited by ERC Equipoise Ltd., an independent qualified reserves auditor. BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf per 1 Bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.


TORONTO, April 24, 2017 (GLOBE NEWSWIRE) -- International Petroleum Corporation (“IPC” or the “Corporation”) (TSX:IPCO) (Nasdaq First North:IPCO) is pleased to announce that it has received approval to list its common shares (the “Common Shares”) on the Toronto Stock Exchange (the "TSX") and on the Nasdaq First North exchange (“Nasdaq First North”). Trading on the TSX and on Nasdaq First North is expected to begin at market open in Toronto and Stockholm today 24 April 2017. The Common Shares will trade under the symbol “IPCO” on both the TSX and Nasdaq First North. IPC was incorporated to acquire all of the oil and gas exploration and production properties and related assets of Lundin Petroleum AB (“Lundin Petroleum”) located in Malaysia, France and the Netherlands.  IPC acquired these assets through a series of reorganization transactions (the “Reorganization”) which are summarized in a non-offering long form prospectus of IPC dated 17 April 2017 (the “Final Prospectus”), filed with the Alberta Securities Commission on the same date. The Reorganization was completed on 7 April 2017. Prior to opening of trading on Nasdaq First North, Lundin Petroleum distributed all of the Common Shares on a pro rata basis to Lundin Petroleum shareholders of record as of close of business in Stockholm on 20 April 2017 (“Record Date”) and such holders of Lundin Petroleum shares will receive one Common Share for every three shares of Lundin Petroleum held as of the Record Date (the “Spin-Off”). IPC plans to initially list its shares on Nasdaq First North, with an intention to move to the Nasdaq Stockholm, subject to IPC fulfilling the requirements of Nasdaq Stockholm. Mike Nicholson, CEO of IPC, comments: “I am very pleased to be leading the launch of this exciting new Lundin Group growth company.  Starting at a favourable point in the cycle, we are fortunate to begin with a solid asset base, a strong balance sheet and an excellent team of people who know how to create value in the oil and gas business.  With a deeply experienced Board and strong support from the Lundin family, we have all the ingredients required to build a successful independent upstream company in the years ahead.” In connection with the Reorganization, the Spin-Off and the listing of Common Shares on the TSX and Nasdaq First North, BMO Capital Markets is acting as IPC’s exclusive financial advisor and Pareto Securities in Sweden is acting as the issuing agent and Certified Adviser for IPC on Nasdaq First North.  Blake, Cassels & Graydon LLP and Gernandt & Danielsson Advokatbyrå KB are acting as legal advisors to IPC. Further information in respect of IPC, the Reorganization and the Spin-Off are available in the Final Prospectus. A copy of the Final Prospectus may be obtained on SEDAR at www.sedar.com under the profile of IPC. International Petroleum Corp. (IPC) is a new international oil and gas exploration and production company with a high quality portfolio of assets located in Europe and South East Asia, 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 First North Exchange (Stockholm) under the symbol "IPCO". Pareto Securities AB is the Corporation’s Certified Adviser on Nasdaq First North. Forward-Looking Statements  This press release may contain statements and information which constitute "forward-looking information" (within the meaning of applicable securities legislation). Such statements and information (together, "forward-looking statements") relate to future events, including the Company's future performance, business prospects or opportunities. Actual results may differ materially from those expressed or implied by forward-looking statements. Forward-looking statements 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, 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" 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 estimates of reserves, future production levels, future capital expenditures and their allocation to exploration and development activities, future drilling and other exploration and development activities. Ultimate recovery of reserves or resources is based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Reserve estimates and estimates of future net revenue are effective as of 31 December 2016 and were prepared by IPC in accordance with standards prescribed by National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities of the Canadian Securities Administrators and audited by ERC Equipoise Ltd., an independent qualified reserves auditor. BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf per 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.


News Article | April 20, 2017
Site: globenewswire.com

International Petroleum Corporation ("IPC" or the "Corporation") is pleased to announce that it has published a Company Description in connection with its listing on the Nasdaq First North stock exchange. The Company Description can be found on the Corporation's website, www.international-petroleum.com. The first day of trading on Nasdaq First North will be on 24 April 2017. The International Securities Identification Number (i.e., the ISIN) of IPC's share is CA46016U1084 and it will trade under the symbol "IPCO". International Petroleum Corp. (IPC) is a new international oil and gas exploration and production company with a high quality portfolio of assets located in Europe and South East Asia, 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 expected to be listed as of 24 April 2017 on the Toronto Stock Exchange (TSX) and the NASDAQ First North Exchange (Stockholm) under the symbol "IPCO". Pareto Securities AB is the Company's Certified Adviser on NASDAQ First North. For further information, please contact: This information is information that International Petroleum Corporation is required to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the contact persons set out above, at 12.00 CEST on 20 April 2017. This press release may contain statements and information which constitute "forward-looking information" (within the meaning of applicable securities legislation). Such statements and information (together, "forward-looking statements") relate to future events, including the Company's future performance, business prospects or opportunities. Actual results may differ materially from those expressed or implied by forward-looking statements. Forward-looking statements 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, 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" 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 estimates of reserves, future production levels, future capital expenditures and their allocation to exploration and development activities, future drilling and other exploration and development activities. Ultimate recovery of reserves or resources is based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Reserve estimates and estimates of future net revenue are effective as of 31 December 2016 and were prepared by IPC in accordance with standards prescribed by National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities of the Canadian Securities Administrators and audited by ERC Equipoise Ltd., an independent qualified reserves auditor. BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf per 1 Bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.


News Article | April 20, 2017
Site: globenewswire.com

International Petroleum Corporation ("IPC" or the "Corporation") is pleased to announce that it has published a Company Description in connection with its listing on the Nasdaq First North stock exchange. The Company Description can be found on the Corporation's website, www.international-petroleum.com. The first day of trading on Nasdaq First North will be on 24 April 2017. The International Securities Identification Number (i.e., the ISIN) of IPC's share is CA46016U1084 and it will trade under the symbol "IPCO". International Petroleum Corp. (IPC) is a new international oil and gas exploration and production company with a high quality portfolio of assets located in Europe and South East Asia, 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 expected to be listed as of 24 April 2017 on the Toronto Stock Exchange (TSX) and the NASDAQ First North Exchange (Stockholm) under the symbol "IPCO". Pareto Securities AB is the Company's Certified Adviser on NASDAQ First North. For further information, please contact: This information is information that International Petroleum Corporation is required to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the contact persons set out above, at 12.00 CEST on 20 April 2017. This press release may contain statements and information which constitute "forward-looking information" (within the meaning of applicable securities legislation). Such statements and information (together, "forward-looking statements") relate to future events, including the Company's future performance, business prospects or opportunities. Actual results may differ materially from those expressed or implied by forward-looking statements. Forward-looking statements 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, 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" 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 estimates of reserves, future production levels, future capital expenditures and their allocation to exploration and development activities, future drilling and other exploration and development activities. Ultimate recovery of reserves or resources is based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Reserve estimates and estimates of future net revenue are effective as of 31 December 2016 and were prepared by IPC in accordance with standards prescribed by National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities of the Canadian Securities Administrators and audited by ERC Equipoise Ltd., an independent qualified reserves auditor. BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf per 1 Bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.


Mathias S.A.,Durham University | Gluyas J.G.,Durham University | Gonzalez Martinez De Miguel G.J.,Durham University | Gonzalez Martinez De Miguel G.J.,ERC Equipoise Ltd | Hosseini S.A.,University of Texas at Austin
Water Resources Research | Year: 2011

This work extends an existing analytical solution for pressure buildup because of CO 2 injection in brine aquifers by incorporating effects associated with partial miscibility. These include evaporation of water into the CO 2 rich phase and dissolution of CO 2 into brine and salt precipitation. The resulting equations are closed-form, including the locations of the associated leading and trailing shock fronts. Derivation of the analytical solution involves making a number of simplifying assumptions including: vertical pressure equilibrium, negligible capillary pressure, and constant fluid properties. The analytical solution is compared to results from TOUGH2 and found to accurately approximate the extent of the dry-out zone around the well, the resulting permeability enhancement due to residual brine evaporation, the volumetric saturation of precipitated salt, and the vertically averaged pressure distribution in both space and time for the four scenarios studied. While brine evaporation is found to have a considerable effect on pressure, the effect of CO 2 dissolution is found to be small. The resulting equations remain simple to evaluate in spreadsheet software and represent a significant improvement on current methods for estimating pressure-limited CO 2 storage capacity. Copyright 2011 by the American Geophysical Union.


Lohr T.,ERC Equipoise Ltd | Underhill J.R.,Heriot - Watt University
Petroleum Geoscience | Year: 2015

The results of well-constrained seismic interpretation and new mapping of three-dimensional (3D) seismic data volumes demonstrates that the North Falkland Basin consists of two superimposed failed rift basins: a Late Jurassic NW–SEstriking Southern Rift Basin (SRB); and an Early Cretaceous north–south-striking Northern Rift Basin (NRB). The SRB is best developed in coastal waters of the Falkland Islands, where it comprises a series of extensional sub-basins that are transected by faults belonging to the more substantive NRB. Regional interpretation demonstrates that the NRB consists of a southward-tapering, asymmetric extensional basin containing a thick (in excess of 10 km) sequence of sediments. Its syn-rift subsidence history was controlled by a major west-dipping normal fault array comprising several fault segment precursors, which, together with corresponding antithetic faults, effectively subdivides the hanging wall into a series of subbasins throughout its length. The NRB initially developed in a fluvial and later lacustrine environment before becoming predominantly marine in the Tertiary. A prograding delta system filled the basin from the north during the early post-rift phase. Contemporaneously, sediment was shed off the segmented basin-bounding fault via long-established feeder drainage systems through breached relay ramps into the depocentre. The resultant sediment dispersal led to deposition of numerous lacustrine turbidites that created the Sea Lion fans and its affiliates, the location of which mimics, and is thus interpreted to have been controlled by, the underlying syn-rift sub-basins. Post-rift subsidence was punctuated by an important, but short-lived, phase of basin inversion during the Aptian that created a large, broad and gentle north–south-striking anticline that runs along the central basin axis. Whilst the episode of basin inversion arrested subsidence, it did not inhibit petroleum prospectivity. The syn-rift lacustrine source intervals did subsequently pass through the critical moment in the Cretaceous leading to hydrocarbon maturation and the migration of waxy oil, a process that continues to the present day. © 2015 The Author(s).

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