International PetroReal Oil Corporation

International PetroReal Oil Corporation

February 28, 2008 17:45 ET

International PetroReal Oil Corporation Completes Debt Settlement; Announces Possible Share Transfers

CALGARY, ALBERTA--(Marketwire - Feb. 28, 2008) - International PetroReal Oil Corporation (TSX VENTURE:IPO) ("International PetroReal" or the "Corporation") has completed its previously announced shares for debt settlement after receiving the necessary regulatory approvals and shareholder consents for this transaction. The Corporation issued 11,550,000 common shares at a deemed price of $0.30 per common share to holders of convertible debentures to fully satisfy obligations of $3,390,000 in aggregate principal amount of outstanding convertible debentures of the Corporation. The common shares issued are subject to hold period expiring on June 13, 2008.

International PetroReal Oil Corporation also announces that certain of its shareholders have advised the Corporation of their desire and intent to sell securities that they own in International PetroReal at .50 cents per share. The Corporation has agreed to assist these shareholders by introducing them to potential purchasers or otherwise use its commercially reasonable best efforts to facilitate these shareholders in an effort to maintain orderly operations of the Corporation. Although a firm deadline has not been established by these shareholders, a transaction is expected to be completed expeditiously and could be subject to regulatory approval and other requirements.

About International PetroReal Oil Corporation

International PetroReal is a Calgary based, TSX Venture Exchange listed company that is engaged in exploration, exploitation, development and production of oil and gas in North America.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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