(Oslo, 26 February 2010) InterOil Exploration & Production ASA reached
consolidated revenue of USD 28.9 million with an EBITDA of USD 0.1 million in Q4
2009. Higher production combined with higher oil prices resulted in increased
operating revenue compared to prior period; however the decrease in EBITDA can
mainly be traced back to an accrual of USD 9.9 million in connection with the
tax claim pertaining to related parties. The production decreased by 15%
compared to Q4 2008 and increased by 2% since last quarter. InterOil incurred a
net loss before tax of USD -11.8 million for the period.

InterOil started the 2009 drilling campaign in Colombia and Peru at the end of
the third quarter 2009. The drilling of new wells, fracturing and dual
completion (completion and production from two separate reservoir zones
simultaneously) in Q4 2009 counteracts the decline in production experienced in
previous quarters and the production has increased by 2.4% since Q3 2009.
Increased production combined with higher oil prices has resulted in USD 28.9
million operating revenue in Q4 2009, which is 12% higher than in previous
quarter. The EBITDA of USD 0.1 million is down from USD 13.9 million since prior
quarter. The decrease in EBITDA can mainly be traced back to a provision of USD
9.9 million in connection with the tax claim pertaining to related parties.
InterOil has also had higher exploration cost especially in Colombia where we
have acquired a new 3D seismic on the Altair license in amount of USD 5.3
million. The EBITDA also includes exploration expenses in Angola of USD 6.9
million and a net profit of USD 2.8 million connected to the sale of 7.5% of the
Cabinda North license in Angola. Hence, the normalized EBITDA from our operation
exclusive all "one offs" is USD 19.4 million, which is 25% higher than in prior
quarter.

InterOil has during the last eight months worked for full repayment of all
outstanding debt. The company has the opinion that both a sale and a refinancing
will secure the full repayment of all outstanding debt. The Board of Directors
is aiming to find a solution acceptable for the bondholders, the shareholders
and the company. The plan is to conclude this process in the near future and as
soon as practically possible.

InterOil has during Q4 completed eight wells of which seven wells are set in
production and one is under final testing. Five wells are located in Colombia
and three in Peru. In the South Mirador area in Peru, InterOil has also
throughout December dual completed five wells. The campaign has contributed to
InterOils steady production in Q4. InterOil plans to start the 2010 drilling
campaign in the second quarter of this year. The plan is to drill seventeen
wells in Peru and eight in Colombia. In Colombia InterOil currently signed a
deal with a major Colombian drilling contractor to drill two exploration wells
in the Altair license in March/April 2010 at their cost. By doing this the
contractor will receive 10% of the Altair License. InterOil production guidance
for 2010 is 8'500 - 9'500 boe/day.

Detailed information on the operational and financial activities of InterOil is
presented in InterOil's Q4 2009 report and presentation enclosed.

The Q4 report is also available at www.interoil.no .
InterOil will present the results for Q4 2009 on Friday 26 February at 09.00 CET
at Hotel Continental, Stortingsgaten 24/26 in Oslo. The 4th quarter presentation
is also broadcasted live through the company's web site www.interoil.no
.

For more information please contact:

Fredrik von Zernichow
Investor Relation Manager
Tel: +47 6751 8661
Mob: +47 9927 3843
Fax: +47 6751 8660
E-mail: f.zernichow@interoil.no

***************************

InterOil Exploration & Production ASA is a Norwegian based exploration and
production company - listed on the Oslo Stock Exchange - with focus on
Latin-America and West-Africa. The company is operator of several production and
exploration assets in Peru and Colombia, and is an active license partner in
Angola and Ghana. InterOil currently employs approximately 250 people and is
headquartered in Oslo.

This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)

[HUG#1388814]

Financial result Q4 2009