International Petroleum Corporation Announces Commencement of Steam Injection at Blackrod Phase 1

International Petroleum Corporation (IPC) has issued a corporate update confirming the start of steam injection at its Blackrod Phase 1 project in Canada. On December 20, 2025, IPC initiated the first steam injection, a key step in preparing the reservoir for production, marking a major milestone following significant project progress throughout 2025. As previously guided, the company continues to expect first oil production in the third quarter of 2026, approximately one quarter earlier than originally planned. CEO William Lundin expressed enthusiasm about this development, noting that steam circulation for the initial wells is underway and the project remains on budget with a targeted growth capital expenditure of $850 million USD to first oil. The Blackrod asset, fully owned by IPC, holds 259 million barrels of oil equivalent in proven and probable reserves and 1,025 million barrels equivalent in contingent resources, with regulatory approval to produce up to 80,000 barrels of oil per day. Phase 1 aims for a plateau production rate of 30,000 barrels per day. IPC plans to share further details on production forecasts and cash flows at its Capital Markets Day on February 10, 2026. #InternationalPetroleum #BlackrodProject #SteamInjection #OilProduction #SlimScan #GrowthStocks #CANSLIM