International Petroleum Corporation

Strong Q3 operating performance + guidance reaffirmed - Q3 production averaged 44,000 boe/d (in line with forecast) and 43,000 boe/d year-to-date average. - Full-year 2026 production guidance maintained: 44,000–47,000 boe/d (Q4 expected to be higher than Q3, keeping the full-year average inside range).

Cash flow up sharply; free cash flow turned positive (forecast range increased) - Q3 operating cash flow / EBITDA > $79M on ~$37M capex, delivering free cash flow of $27M. - Full-year 2026 outlook updated: operating cash flow $275M–$350M (assumes Brent $80–$110 for the remainder) and free cash flow guidance raised to $35M–$110M. - Drivers: the company is fully exposed to Brent/WTI with strong pricing in Q3 (e.g., dated Brent averaged ~$97 in Q3).

Blackrod ramp-up progressing well; plateau targeted but key execution dependencies - Blackrod Phase 1 delivered ahead of schedule and on budget; early performance is “in line if not slightly ahead” of type curves, with spot rates >10,000 bbl/d and ~18 well pairs online now (up from 12 at end of Q3). - Plateau target: 30,000 bbl/d by end of 2027; management sees no major technical risk beyond standard ramp-up, but emphasizes ongoing focus on facility throughput/operations and conformance. - Upcoming optionality/milestones for later expansion: resource maturation works starting end of 2026 into early 2027, plus early Phase 1 debottlenecking studies; earliest Phase 2 timing discussed as ~beginning of 2028 (subject to execution, commodity prices, and balance sheet).