InterOil Corporation

InterOil Corporation

October 26, 2006 20:15 ET

InterOil Announces Appointment of Chief Financial Officer

TORONTO, ONTARIO--(CCNMatthews - Oct. 26, 2006) - InterOil Corporation (TSX:IOL) (AMEX:IOC) (POMSoX:IOC), a Canadian company with operations in Papua New Guinea, announced today the immediate appointment of Mr. Collin Visaggio as Chief Financial Officer of InterOil Corporation. Mr Visaggio is a seasoned oil and gas executive who has 24 years' experience in senior financial and business positions within Woodside Petroleum and BP Australia.

Mr Visaggio was selected from a strong field of candidates and comes to InterOil with highly recommended credentials. Mr Visaggio has spent most of his career at Woodside Petroleum with his most recent positions being Manager, Compliance and Business for the Africa Business Unit, and Manager, Commercial and Planning for the Gas Business Unit, where he was responsible for implementing business governance and compliance processes. Prior to these positions he was Deputy Chief Financial Officer and Financial Analysis and Planning Manager within Corporate Finance.

"InterOil is entering an exciting new phase in its development," said Mr Collin Visaggio. "The recent acquisition of Shell's assets in PNG, its recent success at the Elk #1 discovery well as well as commercial arrangements entered into with leading financial institutions, are a reflection of a company with a vision and the desire to grow and succeed. I look forward to working with the team at InterOil as we embark on this growth journey."

"We are extremely pleased to announce the appointment of Mr Collin Visaggio as CFO at InterOil," said Mr Phil Mulacek, Chairman and Chief Executive Officer of InterOil. "Collin brings with him his many years of experience in the oil industry, a dedicated approach to this position and additional qualities that we have been looking for in our new CFO."

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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