International Petroleum Corporation to Acquire Cor4 Oil Corp.

International Petroleum Corporation (IPC) has agreed to acquire private Cor4 Oil Corp. in Canada for asset consideration of approximately USD 62 million (CAD 84 million). The acquisition adds about 15.9 MMboe of 2P reserves and forecast average net production of ~4,000 boe/d in southern Alberta adjacent to IPC's Suffield assets; shareholders representing ~98% of Cor4's fully diluted shares have entered support agreements and the deal is expected to close pending regulatory approvals by end of Q1 2023.