International Petroleum Stock

International Petroleum Corporation explores for, develops, and produces oil and gas.

The company holds a portfolio of oil and gas production assets and development projects in Canada, Malaysia and France. As of December 31, 2019, the company had a proved and probable reserves of 300 million barrels of oil equivalents.

As of December 31, 2019, the company operated its produced volumes in Canada, France (Paris Basin) and Malaysia and owned non-operated interests in France (Aquitaine Basin). The company reported average daily production of 45,800 barrels of oil equivalents per day (43% heavy crude oil, 18% light and medium crude oil and 18% natural gas). The company’s oil and gas assets in Canada are located in Alberta and Saskatchewan.

Oil and Gas Assets

The company owns the Suffield area oil and gas assets in Alberta, Canada. The company owns BlackPearl, including the interests in the Onion Lake, Mooney and Blackrod projects in Alberta and Saskatchewan, Canada. In March 2020, the company completed the acquisition of Granite, including the interests in the Ferguson assets in Alberta, Canada. Net production in Canada during 2019 was 37.5 Thousand barrels of oil equivalents per day.

Suffield Area

The onshore Suffield Area oil and gas assets in Canada are situated in southeast Alberta and are operated by the company. The oil assets are 100% working interest and gas assets are 99.7% working interest on a well-count basis.

Onion Lake

Onion Lake is located in Saskatchewan, Canada and is a conventional heavy crude oil property with thermal development on a portion of the lands. The company holds working interests, ranging from 50% to 100%, in approximately 17 net sections of land (11,496 net acres) located in the Onion Lake area of Saskatchewan. The company is the operator of the field which is located on the Onion Lake Cree Nation reserve, along the Saskatchewan/Alberta border near Lloydminster. As of December 2019, there were 39 conventional primary producing wells (31.3 net wells) and 34 thermal producing wells on the property.

Mooney

The company has a 100% working interest in 28 sections (7,296 hectares) in the Mooney field located in the Slave Lake area of Alberta. The Mooney field produces oil from horizontal production wells, a portion of which are produced utilizing an alkaline-surfactant-polymer flood (phase one) and a portion of which are produced conventionally (phases two and three). As of December 2019, there were 17 horizontal wells producing from the phase one alkaline-surfactant-polymer flood and 15 horizontal conventional wells producing from phase two.

Blackrod

Blackrod is an in situ (steam assisted gravity drainage) oil sands project located south of Fort McMurray. The company holds a 100% working interest in approximately 87 net sections (22,184 net hectares) of oil sands leases in the Blackrod area, including a strategic acquisition in 2019 of approximately 12 net sections to the north and south of the existing Blackrod area.

Ferguson

The company owns Granite. The company operates and holds a 100% working interest in approximately 57 sections in the Ferguson oil field located in southern Alberta. The Ferguson field produces oil from horizontal wells using a gas flood enhanced oil recovery scheme. As of December 2019, there were 60 horizontal wells producing from the Ferguson pool. The company also owns 100% of the central oil battery and associated facilities that have a capacity of 8,000 barrels of oil per day and 20,000 barrels of storage, as well as a natural gas plant with a capacity of 7,000 thousand cubic feet per day of gas.

Malaysia

The company is the operator of Block PM307 with a 75% working interest, with Petronas holding the remaining 25% through its wholly owned subsidiary Petronas Carigali Sdn Bhd.

Bertam Field (Block PM307)

The Bertam field is located 175 kilometers offshore to the east of Peninsular Malaysia.

France

In France, the company’s oil and gas assets are situated in the Paris Basin and the Aquitaine Basin. The majority of the production and reserves of the Group’s oil and gas assets comes from the operated fields in the Paris Basin. In the Aquitaine Basin, production comes fields operated by Vermilion Energy Inc., where the company holds a 50% working interest.

France – Paris Basin

The company is the operator of ten oil field licenses and three exploration permits located approximately 100 kilometers east of Paris in the central part of the Paris Basin. The company is the operator of all of the Paris Basin fields and holds a 100% working interest in nine of the ten producing fields (43.01% working interest in Dommartin Lettree field).

France – The Aquitaine Basin

The company has a 50% working interest in five production licenses in the Aquitaine Basin. All licenses associated with the company’s oil and gas assets are operated by Vermilion, who has the remaining 50% interest.

Strategy

The company’s strategy is to use its platform to build an international upstream company focused on creating long term value for its shareholders to acquire and grow a significant resource base.

History

International Petroleum Corporation was incorporated in 2017.