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Production update December 2007

The average production in December 2007, compared to the average production in November 2007, was:

Production*
December 2007
November 2007
Peru
2 877
2 985
Colombia
1 775
1 724
Total
4 652
4 709
 
*The production is average daily production (bopd) and is working interest before royalty
 
The decline in production in the last couple of months is normal depletion in combination with intense maintenance work of existing wells. As previously noted InterOil has started Enhanced Oil Recovery (EOR) methods in both new and old wells. Several wells in both Peru and Colombia have been down due to EOR, which includes chemical treatment and fracturing, and where first set in production late December and the beginning of January. The year end production was 5400 bopd and the average production in the upcoming months is expected to be significantly higher.
 
Oil has been sold at average sales price of USD 87.93 in Peru and USD 78.45 in Colombia per barrel during December, to be compared with the average price during January -September 2007 of USD 64.63 in Peru and USD 60.30 in Colombia.
 
InterOil will in addition to EOR also continue to drill new wells and has planned to drill 4 wells in Peru and 2 wells in Colombia during first quarter 2008.

Interoil Main Office:
c/o Advokatfirmaet Schjødt AS
Ruseløkkveien 14
NO-0251 Oslo, Norway

Phone: (+47) 67 51 86 50
Fax: (+47) 67 51 86 60
info@interoil.no

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