07:18 AM EST, 12/03/2024 (MT Newswires) -- International Petroleum ( IPCFF ) earlier on Tuesday, said the Toronto Stock Exchange approved the company's notice of intention to renew its normal course issuer bid (NCIB).

The company can purchase up to 7.47 million of its common shares representing about 6.2% of the 119.88 million outstanding common shares as of November 29, 2024, (or 10% of IPC's 'public float') over 12 months commencing on December 5, 2024, and ending on December 4, next year, or until an earlier date as the NCIB is completed or terminated by the company.

The oil and gas company also entered into an automatic share purchase plan to allow the company to repurchase its common shares when it would not be permitted to buy them due to regulatory restrictions and customary self-imposed blackout periods. Under the NCIB, any of the company's common shares purchased by IPC will be cancelled.

The company believes that the purchase represents an "effective use of IPC's capital, is in the best interest of IPC and is an efficient way to return value to IPC's shareholders."

IPCO on Monday closed down $0.54 or 3.4% at $15.33.