InterOil Earns Declaration of Location and Renewal of Petroleum Prospecting Licenses

InterOil Corporation today announced that the Department of Petroleum and Energy of Papua New Guinea has issued a declaration of location for the Elk/Antelope field and renewed Petroleum Prospecting Licenses 236, 237 and 238 for a second five year term, after relinquishment of 50% of the licensed area selected by InterOil as required under relevant PNG legislation. The Declaration of Location is the initial step towards a Petroleum Development License, and is an approval required to move towards first production, through a liquid stripping plant currently under early stage review. InterOil believes it has captured the heart of the carbonate reef trend within its retained acreage and has a multi-year prospect inventory which is significantly de-risked given the recent success at the Elk and Antelope structures.

InterOil Corporation is developing a vertically integrated energy business whose primary focus is Papua New Guinea and the surrounding region. InterOil's assets consist of petroleum licenses covering about 8.7 million acres, an oil refinery, and retail and commercial distribution facilities, all located in Papua New Guinea. In addition, InterOil is a shareholder in a joint venture established to construct an LNG plant on a site adjacent to InterOil's refinery in Port Moresby, Papua New Guinea.

InterOil's common shares trade on the NYSE Alternext US LLC (formerly the American Stock Exchange) in US dollars.
Contact:

Contacts:
InterOil Corporation
Wayne Andrews
V.P. Capital Markets, The Woodlands, TX USA
(281) 292-1800
Email: Wayne.Andrews@InterOil.com

InterOil Corporation
Anesti Dermedgoglou
V.P. Investor Relations, Cairns Qld, Australia
+61 7 4046 4600
Email: Anesti@InterOil.com
Website: http://www.interoil.com


Source: InterOil Corporation