International Petroleum Corporation Announces Third Quarter 2025 Financial and Operational Results and Blackrod Phase 1 Development Progressing Ahead of Schedule

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[{"type":"image","alt":"International Petroleum Corporation","displaySize":"","headline":null,"caption":"International Petroleum Corporation","className":"","disableSlideshowImg":false,"size":{"original":{"width":300,"height":198,"url":"https://media.zenfs.com/en/globenewswire.com/6cb63b6d9ac196ee33e5f5232dea6242"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/Ll3OcBEbkeljjPSwdhxgwQ--/YXBwaWQ9aGlnaGxhbmRlcjt3PTQyMDtoPTI3NztjZj13ZWJw/https://media.zenfs.com/en/globenewswire.com/6cb63b6d9ac196ee33e5f5232dea6242","width":300,"height":198}},"lazy":false},{"type":"text","content":"TORONTO, Nov. 04, 2025 (GLOBE NEWSWIRE) -- International Petroleum Corporation (IPC or the Corporation) (TSX, Nasdaq Stockholm: IPCO) today released its financial and operational results and related management’s discussion and analysis (MD&A) for the three and nine months ended September 30, 2025. IPC also announces that the Blackrod Phase 1 development is progressing ahead of schedule with first steam now expected by year end 2025 and first oil by Q3 2026, a quarter earlier than originally guided.","length":507,"tagName":"p"},{"type":"text","content":"William Lundin, IPC's President and Chief Executive Officer, comments: “We are pleased to report another strong quarter for IPC. We produced an average of 45,900 barrels of oil equivalent per day (boepd) during the third quarter, which was above the guidance range for the period. Strong operational performance translated into robust financial results for the third quarter.","length":379,"tagName":"p"},{"type":"text","content":"At the Blackrod asset, significant progress has been made during the quarter on the transformational Phase 1 development. We now forecast first steam by year end 2025 and first oil by Q3 2026, a quarter earlier than the original sanction case. This is a testament to the quality of multidisciplinary teamwork and overall project execution. With this positive progress and earlier than planned start-up, we have accelerated the drilling of the final well pad into the fourth quarter of 2025. The growth capital budget for the Blackrod Phase 1 development remains intact at MUSD 850 to first oil in 2026.","length":602,"tagName":"p"},{"type":"text","content":"During the third quarter of 2025, we completed the 2024/2025 NCIB program, reducing the outstanding number of common shares by about 6.2% since the begi...

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