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Press Release: International Petroleum Corp. and BlackPearl Resources Inc. announce closing of strategic business combination and appointment of director

14.12.2018 - 17:15:16
===
International Petroleum Corp. ("IPC") (TSX, Nasdaq Stockholm: IPCO) and
BlackPearl Resources Inc. ("BlackPearl") (TSX: PXX, Nasdaq Stockholm:
PXXS) are pleased to announce the closing today of the strategic
business combination of IPC and BlackPearl by way of the previously
announced plan of arrangement (the "Arrangement"). In connection with
closing of the Arrangement, IPC is also pleased to announce the
appointment of John Festival to the IPC Board of Directors, which is now
comprised of eight members.

Pursuant to the Arrangement, IPC acquired all of the issued and
outstanding common shares of BlackPearl ("BlackPearl Shares") on the
basis of 0.22 of a common share of IPC (each, an "IPC Share") for each
BlackPearl Share. IPC issued 75,798,219 IPC Shares in connection with
the Arrangement and, following completion of the Arrangement,
163,720,065 IPC Shares are issued and outstanding.

The BlackPearl Shares are expected to be delisted from the TSX on or
around December 17, 2018. BlackPearl has applied to Nasdaq Stockholm for
the delisting of BlackPearl's Swedish depositary receipts and, subject
to approval by Nasdaq Stockholm, the Swedish depositary receipts are
expected to be delisted from Nasdaq Stockholm on or around December 17,
2018.

John Festival was, until completion of the Arrangement, the President
and CEO and a director of BlackPearl. He graduated from the University
of Saskatchewan in 1984 with a degree in Chemical Engineering. He has
over 34 years' experience in the Canadian oil and gas industry, with a
particular focus on heavy oil exploration and production. Mr. Festival
is also a director of Toscana Energy Income Corporation and Gibson
Energy Inc.

In addition, Chris Hogue, former Vice President Operations of BlackPearl,
has been appointed Senior Vice President, Canada of IPC. Ed Sobel,
former Vice President Exploration of BlackPearl, has been appointed Vice
President, Exploration of IPC.

Registered BlackPearl shareholders, who have not already done so, should
submit the certificates representing their BlackPearl Shares, together
with a signed and completed letter of transmittal, to the depositary,
Computershare Investor Services Inc. in order to receive IPC Shares.
Holders of BlackPearl Shares who hold their shares through a broker,
investment dealer or other intermediary should follow the instructions
provided by such broker, investment dealer or other intermediary to
exchange their BlackPearl Shares for IPC Shares.




For further information, please contact:

Rebecca                                      Or  Robert 
Gordon                                           Eriksson 
VP                                               Media 
Corporate                                        Manager 
Planning                                         reriksson@rive6.ch 
and                                              Tel: 
Investor                                         +46 
Relations                                        701 
rebecca.gordon@international-petroleum.com       11 
Tel:                                             26 
+41                                              15 

22
595
10
50


Forward-Looking Statements

This press release contains certain statements and information which
constitute "forward-looking statements" or "forward-looking information"
(within the meaning of applicable securities legislation). Such
statements and information (together, "forward-looking statements")
relate to future events. Actual results may differ materially from those
expressed or implied by forward-looking statements. The forward-looking
statements contained in this press release are expressly qualified by
this cautionary statement. Forward-looking statements speak only as of
the date of this press release, unless otherwise indicated. Neither IPC
nor BlackPearl intends, nor does it 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, budgets, 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", "budget"
and similar expressions) are not statements of historical fact and may
be "forward-looking statements". Forward-looking statements contained in
this press release include, but are not limited to, statements with
respect to the expected timing regarding the delisting of the BlackPearl
Shares and depositary receipts.

Although IPC and BlackPearl believe that the expectations and
assumptions on which such forward-looking statements are based are
reasonable, undue reliance should not be placed on the forward-looking
statements because neither IPC nor BlackPearl can give assurances that
they will prove to be correct. Since forward-looking statements address
future events and conditions, by their very nature they involve inherent
risks and uncertainties. Actual results could differ materially from
those currently anticipated due to a number of factors and risks.



Attachment


-- IPC PR V5 - Joint Press Release Announcing Closing 14-12-18
https://ml-eu.globenewswire.com/Resource/Download/64aa3860-bb59-4d8e-82de-0d6fce8039a8





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(END) Dow Jones Newswires

December 14, 2018 11:15 ET (16:15 GMT)

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