InterOil Corporation

InterOil Corporation

December 29, 2006 09:12 ET

Don R. Hansen Elected to InterOil Board of Directors

TORONTO, ONTARIO--(CCNMatthews - Dec. 29, 2006) - InterOil Corporation (TSX:IOL) (AMEX:IOC) (POMSoX:IOC), a Canadian company with operations in Papua New Guinea, announced today that Mr. Don R. Hansen has been elected to the InterOil board of directors. Mr. Hansen has also been elected to serve on the Audit and Compensation Committees in his capacity as an independent director.

Mr. Hansen is the Chief Executive Officer of Red Deer River Energy Corp., a self owned private oil and gas consulting company. Don was previously Vice President International Energy Operations with Unocal Corporation until the acquisition by Chevron Corporation in late 2005. He joined Unocal in 2000 after Unocal purchased Northrock Resources Ltd., a publicly traded Canadian E&P company. Don was Chief Executive Officer of Northrock and helped grow the company from a start-up to over 30,000 boed before selling to Unocal.

Mr Hansen has had over 26 years of Exploration and Production experience. He joins InterOil with significant board experience having served on the boards of Black Gold Energy LLC, several Unocal domestic and foreign subsidiaries, Asia Society Texas, Houston, the Unocal Foundation and Northrock Resources Ltd.. Don has also served two terms as Governor, Canadian Association of Petroleum Producers in Calgary, and has served on the boards of; YMCA, Calgary, North West Family Church, Calgary, and a private technology company, Outland Technologies Inc.. In 1980, Don earned a Bachelor of Science degree in engineering from the University of Saskatchewan with great distinction.

"We are delighted with the significant experience that Don brings to our Board of Directors. His knowledge and experience in the E&P Engineering and Operations segment of the oil and gas segments will be of material benefit to InterOil and its shareholders and will play a significant role towards the development of our exploration assets," said Mr. Phil Mulacek, Chairman and Chief Executive Officer of InterOil.

InterOil is developing a vertically integrated energy company whose primary focus is Papua New Guinea and the surrounding region. Its assets comprise an oil refinery, upstream petroleum exploration licenses, retail and commercial distribution assets and targeting expansion into Liquefied Natural Gas (LNG). The majority of the refined products from InterOil's refinery are secured by off-take contracts with Shell and InterOil's wholly-owned subsidiary, InterOil Products Limited. BP Singapore is InterOil's agent for crude oil supplied to the refinery. InterOil is also undertaking an extensive petroleum exploration program within its eight million acre license area located in Papua New Guinea. InterOil is widely recognized as being the largest value added processing facility in PNG.

InterOil's common shares trade on the Toronto Stock Exchange under the symbol IOL in Canadian dollar and on the American Stock Exchange under the symbol IOC in US dollars. For more information please see the InterOil website at:

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