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InterOil Executes JV Operating Pact with Pacific Rubiales Energy

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InterOil Corporation (NYSE: IOC) announced that negotiations have been completed and the parties have executed the Joint Venture Operating Agreement (JVOA) and related documents associated with its Farm-In Agreement with Pacific Rubiales Energy Corp. (TSX:PRE; BVC: PREC; BOVESPA: PREB) ("PRE"), pursuant to which PRE will acquire a 10.0% net (12.9% gross) participating interest in Petroleum Prospecting License 237 ("PPL 237") onshore Papua New Guinea, including the Triceratops structure and exploration acreage located within that license.  This announcement is made further to the Company's announcement on July 30, 2012 that it had executed a Farm-In Agreement with PRE.

Signing of the JVOA and related documentation accomplishes one of the key milestones to final completion of the Farm-In transaction, which remains subject to previously announced closing conditions and approvals.

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