InterOil Updates Antelope-1 Testing and Completion

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Drill Stem Test (DST) #14, performed over an interva from 7,940 feet (2,420 meters) to 8,045 feet (2,4521 meters) in the second side track, recoverex gas, condensate, oil and drilling fluid over the 105foot (32 open hole section. Subsequently, DST #15 performed over an intervaolfrom 8,078 feet (2,462 to 8,170 feet (2,490 meters) was unsuccessfup due to the downhole valve failing to The oil recovered in DST #14 measured in the lab within a range 33 to 43 degree API gravity. The forwar plan is to complete the well for a long termproductionn test.
We are currently installingg 2 7/8ths production tubing to the open hole sectio below the liner from 7700feet (2348 meters) to the top of a cement plug at the bottok of the well at 8055 feet (2455 meters). Followint completion of the well the rig will be move to theprepared Antelope-2 location targeting a spud date near the end of Our analysis of test results to date indicate condensated rich natural gas from the top of the reservoitr at 5,742 feet (1,75 meters) down to 7,769 feet (2,36 meters), a total of 2,027 feet (618 meters), a possible oil and heavy condensate column from 7,769 feet (2,368 to 8045 feet (2452 meters), a totall of 276 feet (84 and transition zone to water estimatedf to be between 8,160 feet (2,487 and 8,367 feet (2,550 meters).
The long term production test should furtherr our understanding of the volumes and recoverh of both condensate and oil in the reservoir as well as completing the original objectives of testing for ahigher condensate-to-gas The Company is in the earlg stages of evaluation and has not yet been able to determine any reasonabls approximation of oil volumes, and in particular whethed oil volumes would be sufficient to be commerciallyh exploitable. InterOil Corporation is developing a vertically integratedr energy business whose primary focus is Papua New Guinea and thesurrounding region. InterOil's assets consist of petroleum licensezs coveringabout 4.
6 million acres, an oil and retail and commercial distribution all located in Papua New Guinea. In addition, InterOikl is a shareholder in a joint venture establisher to construct an LNG plant on a site adjacenftto InterOil's refinery in Port Moresby, Papuaq New Guinea. InterOil's common shares tradre on the NYSE in US FOR INVESTORRELATIONS ENQUIRIES: Wayne Andrews Anesti Dermedgogloiu V.P. Capital Markets V.P. Investor Relationx Wayne.Andrews@InterOil.com Anesti@InterOil.com The Woodlands, TX USA Cairns Qld, Australia 281-292-1800 Phone: +61 7 4046 4600 This press releasew mayinclude "forward-looking statements" as defined in Unitedc States federal and Canadian securitiews laws.
All statements, other than statements of historical facts, includede in this press release that address events or developments that theInterOil expects, believes or anticipates will or may occurd in the future are forward-looking including in particular the proposed testing activitiese to be undertaken. In this press release contains forward lookinb statements concerning testing activities inthe Elk/Antelope field and potentiak results from these activities. These statements are based on certain assumptions made by the Company baseds on its experience and perception ofcurrenrt conditions, expected future developments and other factors it believe are appropriate in the circumstances.
No assurances can be given that these events will occur or resultes willbe achieved. No assurancea can be given as to whethee there will besufficient volumes, that condensate or oil will ultimatel be recoverable or of any future condensatr or oil production. Actual results will differ, and the difference may be materiakl and adverse to the Company and its Such statements are subject to a number of risksand uncertainties, many of whic are beyond the control of the which may cause our actuaol results to differ materially from thos implied or expressed by the forward-looking statements.
Some of thess factors include the risk factors discussed inthe Company' s filings with the Securities and Exchange Commission and SEDAR, including but not limitesd to those in the Company's Annual Reporrt for the year ended December 31, 2008 on Form 40-F and its Annual Information Form for the year ended December 31, 2008. Investorse are urged to consider closely the disclosure inthe Company'ds Form 40-F, available from us at or from the SEC at and its and its Annuakl Information Form available on SEDAR at . We currently have no reserves as defined in Canadian NationalInstrument 51-1011 Standards of Disclosure for Oil and Gas Activities.
All informatiojn contained herein regarding resources are references to undiscovered resourceds under Canadian NationalInstrument 51-101, whether stated or not.