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InterOil Executes Joint Venture Operating Agreement With Pacific Rubiales Energy for Triceratops and PPL 237

PORT MORESBY, Papua New Guinea and HOUSTON, Nov. 29, 2012 /PRNewswire/ -- InterOil Corporation (NYSE:IOC) (POMSoX:IOC) ("InterOil" or the "Company") announced that negotiations have been completed and the parties have executed the Joint Venture Operating Agreement (JVOA) and related documents associated with its Farm-In Agreement with Pacific Rubiales Energy Corp. (TSX:PRE; BVC: PREC; BOVESPA: PREB) ("PRE"), pursuant to which PRE will acquire a 10.0% net (12.9% gross) participating interest in Petroleum Prospecting License 237 ("PPL 237") onshore Papua New Guinea, including the Triceratops structure and exploration acreage located within that license.  This announcement is made further to the Company's announcement on July 30, 2012 that it had executed a Farm-In Agreement with PRE.

Signing of the JVOA and related documentation accomplishes one of the key milestones to final completion of the Farm-In transaction, which remains subject to previously announced closing conditions and approvals.

"InterOil and its partners are pleased to have completed the JVOA with Pacific Rubiales Energy. The process has enhanced our working relationship and commitment to a mutually beneficial joint venture," stated Mr. Phil Mulacek, Chief Executive Officer of InterOil.

About InterOil
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 3.9 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 liquefaction facilities in Papua New Guinea.

InterOil's common shares trade on the NYSE in US dollars. 

Investor Contacts for InterOil

Wayne Andrews

Meg LaSalle

V. P. Capital Markets

Investor Relations Coordinator

Wayne.Andrews@InterOil.com

Meg.LaSalle@InterOil.com

The Woodlands, TX USA

The Woodlands, TX USA

Phone: +1 281-292-1800

Phone: +1 281-292-1800

Forward Looking Statements
United StatesDecember 31, 2011December 31, 2011

Investors are urged to consider closely the disclosure in the Company's Form 40-F, available from us at www.interoil.com or from the SEC at www.sec.gov and its Annual Information Form available on SEDAR at www.sedar.com.

SOURCE InterOil Corporation

About PR Newswire
Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

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