NEW OIL DISCOVERIES IN PERU AND COLOMBIA

InterOil Exploration & Production ASA (IOX) is pleased to announce the result of
two successful wells in the well established Mirador Area, Peru. The first
infill production well is now producing 350 bopd through a 3/8" choke. The
second well, drilled as an exploration well to the North of the Mirador South
Field, intercepted a new and separate structure with oil in several intervals.
Logging and pressure test support the conclusion of a separate structure where
initially 7 wells are planned to develop this new field.

Finally the first exploration well in the Altair Block in Colombia encountered a
20ft oil pay zone in the main, C7 reservoir. The well has been logged and we are
presently preparing a production test. Similar wells in this area have initial
production of some 800-1500 bopd.

The discovery of a new extension of the South Mirador Field in Peru and the
Altair Field in Colombia mean that IOX will redefine its reserves for both Peru
and Colombia.

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#1406550]