On February 6, 2023, International Petroleum Corporation (IPC) announced its proposed acquisition of Cor4 Oil Corp. (Cor4) in Canada for USD 62 million (CAD 84 million). This acquisition, effective as of December 31, 2022, included 15.9 million barrels of oil equivalent (MMboe) in total proved plus probable (2P) reserves. The targeted assets, located near IPC's operations in southern Alberta, are forecasted to produce about 4,000 barrels per day in 2023 and offer numerous drilling locations.

IPC's CEO, Mike Nicholson, expressed satisfaction with the acquisition, noting its strategic fit with IPC’s existing Suffield assets and a recent land acquisition completed in late 2022. The deal expands IPC's drilling inventory to over 25 locations along the Ellerslie play fairway. IPC plans to drill six wells in this area in 2023.

IPC Canada Ltd. and Cor4 agreed that IPC Canada would offer to buy all Cor4 common shares, options, and warrants for the stated consideration. About 98% of Cor4's shareholders have agreed to tender their shares.

The completion of the acquisition is subject to regulatory approvals and is anticipated by the end of Q1 2023. More details will be shared at IPC’s Capital Markets Day on February 7, 2023.