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Production update May 2012

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The average production in May 2012, compared to the average production in April 2012, was:

Production* May 2012 April 2012
Gross Net Gross Net
Peru   2'994 2'994 2'747 2'747
Colombia** 1'775 1'295 1'897 1'401
Total   4'769 4'289 4'644 4'148

*The production is average daily oil production (bopd) before royalty
**InterOil's working interest in Colombia varies from 70% to 90% dependent on license

The appraisal well, 13141, located to the North East on the San Luis Field in Peru discovered oil in an undepleted segment in the Salina Mogollon formation and was set in production late in May. The well produces today 280 bopd. InterOil Peru has started the drilling of the second well, 13172D, targeting the same reservoir in an updip position to 13141. We expect to have the first results by mid June. A third well will be drilled on the San Luis Field following the completion of well 13172D.

The decrease in production in Colombia can mainly be traced back to normal depletion in the Altair-1 well. The drilling of the Mizar-1 exploration well in the Altair license in Colombia is completed. The well was drilled to a TD of 7749 ft in the Gatcheta Formation. Several oil bearing intervals were discovered and the well is currently undergoing a multiple test program.

Oil has been sold at average sales price of USD 106.75 in Peru and USD 99.88 in Colombia per barrel during May.

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. The company is operator of several production and exploration assets in Peru, Colombia and Ghana. InterOil currently employs approximately 280 people and is headquartered in Oslo.
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

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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