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Production update August 2008

Production*                          August 2008            July 2008
Peru                                      3'717                         3'576
Colombia                              1'743                         1'662
Total                                      5'460                         5'238
*The production is average daily production (bopd) and is working interest before royalty
The increased production in Peru is a result of the two new wells in the promising Mirador area. InterOil is now in the final stage to complete another 3 wells in the Mirador area and expects to see the results during September or in the beginning of October. In Colombia the fracturing and drilling campaign is ongoing. As production wells are shut in during the fracturing procedure, the full effect on the result will not be seen before the fracturing campaign is completed in September.
Oil has been sold at average sales price of USD 111.70 in Peru and USD 109.78 in Colombia per barrel during August, to be compared with the average sales price in second quarter of 2008 of USD 117.92 in Peru and USD 115.86 in Colombia.
For more information please contact:
Fredrik von Zernichow
Investor Relation Manager
Tel: +47 6751 8661
Mob: +47 9927 3843
Fax: +47 6751 8660
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 200 people and is headquartered in Oslo.

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

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