GRANITE OIL CORP. ("Granite" or the "Company") (TSX: GXO)(OTCQX:GXOCF) is pleased to announce that it has entered into an arrangement agreement (the "Agreement") with International Petroleum Corporation (TSX, Nasdaq Stockholm: IPCO) ("IPC"), pursuant to which IPC will acquire all of the issued and outstanding common shares of Granite (the "Shares") for cash consideration of $0.95 per Share (the "Transaction"). The Transaction is to be completed by way of a plan of arrangement under the Business Corporations Act (Alberta) (the "Arrangement"). The Transaction values Granite at approximately $79.7 million, including the assumption by IPC of Granite's net debt and transaction costs. The cash consideration offered to Granite shareholders represents a 61% premium to the closing price of the Shares on January 17, 2020 and a 77% premium over the 30-day volume weighted average trading price of the Shares on the TSX up to and including January 17, 2020.

GRANITE OIL CORP. ("Granite" or the "Company") (TSX:GXO)(OTCQX:GXOCF) is pleased to present the summary results of the independent reserves report (the "Sproule Report") prepared by Sproule Associates Limited ("Sproule") with an effective date of December 31, 2019.

International Petroleum Corporation (IPC or the Corporation) (TSX, Nasdaq Stockholm: IPCO) today released its financial and operating results and related management's discussion and analysis (MD&A) for the three months ended March 31, 2019.