PORT MORESBY, Papua New Guinea and HOUSTON, Nov. 29, 2012 /PRNewswire/ -- 

InterOil Corporation (NYSE:IOC) (POMSoX:IOC) ("InterOil" or the "Company" 

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. (TSXRE; 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. 

  "InterOil and its partners are pleased to have completed the JVOA with 

Pacific Rubiales Energy. The process has enhanced our working relationship and 

commitment to a mutually beneficial joint venture," stated Mr. Phil Mulacek, 

Chief Executive Officer of InterOil. 

  About InterOil 

  InterOil Corporation is developing a vertically integrated energy business 

whose primary focus is Papua New Guinea and the surrounding region.  

InterOil's assets consist of petroleum licenses covering about 3.9 million 

acres, an oil refinery, and retail and commercial distribution facilities, all 

located in Papua New Guinea.  In addition, InterOil is a shareholder in a 

joint venture established to construct liquefaction facilities in Papua New 

Guinea. 

  InterOil's common shares trade on the NYSE in US dollars.