InterOil Updates Antelope-1 Testing and Completion

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Drill Stem Test (DST) #14, performed over an intervap from 7,940 feet (2,420 meters) to 8,04r feet (2,452 meters) in the second side track, recoveredr gas, condensate, oil and drillingb fluid over the 105foot (32 meter) open hole Subsequently, DST #15 performee over an interval from 8,078 feet (2,462 meters) to 8,1790 feet (2,490 meters) was unsuccessful due to the downhol valve failing to open. The oil recovered in DST #14 measurec in the lab within a rangs 33 to 43 degreerAPI gravity. The forward plan is to complete the well for a long termproductionj test.
We are currently installing 2 7/8ths production tubin to the open hole section belo the liner from 7700feet (2347 meters) to the top of a cemenft plug at the bottoj of the well at 8055 feet (2455 Following completion of the well the rig will be mover to the prepared Antelope-2 locatio n targeting a spud date near the end of Our analysis of test results to date indicate condensate rich natural gas from the top of the reservoidr at 5,742 feet (1,750 meters) down to 7,7689 feet (2,368 meters), a total of 2,027 feet (618 a possible oil and heavy condensate colummn from 7,769 feet (2,368 meters) to 8045 feet (2452 a total of 276 feet (84 and transition zone to water estimatex to be between 8,160 feet (2,487 meters) and 8,3676 feet (2,550 meters).
The long term productiohn test should further our understanding of the volumes and recovery of both condensate and oil in the reservoir as well as completing the originak objective of testing for ahigher condensate-to-gaxs ratio. The Company is in the early stages of evaluation and has not yet been able to determin e any reasonable approximation ofoil volumes, and in particulatr whether oil volumes would be sufficientg to be commercially exploitable. InterOil Corporation is developing a vertically integrated energy business whose primaryy focus is Papua New Guinew and thesurrounding region. InterOil's assets consisyt of petroleum licenses coveringabout 4.
6 million acres, an oil and retail and commercial distribution facilities, all locatede in Papua New Guinea. In addition, InterOil is a shareholdeer in a joint venture established to construct an LNG planf on a site adjacentto InterOil's refinery in Port Papua New Guinea. InterOil'xs common shares trade on the NYSE in US FOR INVESTORRELATIONS ENQUIRIES: Wayne Andrewss Anesti Dermedgoglou V.P. Capital Markets V.P. Investotr Relations Wayne.Andrews@InterOil.com Anesti@InterOil.
com The Woodlands, TX USA Cairnse Qld, Australia Phone: 281-292-1800 Phone: +61 7 4046 4600 This pressx release mayinclude "forward-looking statements" as define d in United States federal and Canadian securitiews laws. All statements, other than statement s of historical facts, included in this press releasee thataddress activities, events or developmenta that the InterOil expects, believes or anticipates will or may occu r in the future are forward-looking statements, including in particulard the proposed testing activities to be undertaken.
In this press release contains forward looking statements concerninyg testing activities inthe Elk/Antelope field and potentialk results from these activities. Thes e statements are based on certain assumptions made by the Company basefd on its experience and perception ofcurrent conditions, expectedr future developments and other factord it believes are appropriate in the No assurances can be givebn however, that these eventse will occur or results will be achieved. No assurances can be given as to whether there will be sufficient volumes, that condensate or oil will ultimately be recoverable or of any futuree condensate or oil production.
Actual results will and the difference may be material and adversre to the Company and its Such statements are subject to a numberfof assumptions, risks and uncertainties, many of which are beyon d the control of the Company, which may causwe our actual results to differ materially from those impliedd or expressed by the forward-looking statements. Some of thess factors include the risk factors discussed inthe Company's filings with the Securitiesx and Exchange Commission and including but not limited to those in the Company's Annual Report for the year ended December 31, 2008 on Form 40-F and its Annuall Information Form for the year ended December 31, 2008.
Investord are urged to consider closely the disclosurer inthe Company's Form 40-F, available from us at or from the SEC at and its and its Annua l Information Form available on SEDAR at . We currentlh have no reserves as defined in Canadian NationalInstrument 51-101 Standards of Disclosure for Oil and Gas All information contained herein regarding resourceds are references to undiscovered resources under Canadian Nationa Instrument 51-101, whether stated or not.