InterOil Corporation Announces Closing of Public Offerings and Exercise of
Over-Allotment Options
</pre> <p>CAIRNS, <span class="xn-location">Australia</span> and <span class="xn-location">HOUSTON</span>, <span class="xn-chron">Nov. 10, 2010</span> /CNW/ -- InterOil Corporation (NYSE: IOC) (IOC:POMSoX) today announced the closing of its previously announced public offerings of US$61 million aggregate principal amount of 2.75% Convertible Senior Notes due 2015 and 2,434,735 million common shares at US$75 per share. The underwriters have exercised their option to purchase an additional <span class="xn-money">$9 million</span> aggregate principal amount of the notes and an additional 365,215 common shares at <span class="xn-money">$75.00</span> per share to cover over-allotments.</p> <p/> <p>InterOil has received total combined net proceeds from the offerings of approximately <span class="xn-money">$266 million</span>, after deducting the underwriting discounts, commissions and estimated offering expenses.</p> <p/> <p>InterOil intends to use the net proceeds from this offering for the development and construction in <span class="xn-location">Papua New Guinea</span> of a proposed condensate stripping plant and related facilities, a liquefied natural gas plant and related facilities, exploration and development activities in <span class="xn-location">Papua New Guinea</span>, the repayment of the <span class="xn-money">$25 million</span> loan with Clarion Finaz AG, which matures in <span class="xn-chron">January 2011</span>, and general corporate purposes.</p> <pre> About InterOil </pre> <p>InterOil Corporation is developing a vertically integrated energy business whose primary focus is <span class="xn-location">Papua New Guinea</span> 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 <span class="xn-location">Papua New Guinea</span>. In addition, InterOil is a shareholder in a joint venture established to construct an LNG plant in <span class="xn-location">Papua New Guinea</span>.</p> <pre> InterOil's common shares trade on the NYSE in US dollars. </pre> <p> </p> <p> </p> <p>FOR INVESTOR RELATIONS ENQUIRIES:</p> <p> </p> <pre> Wayne Andrews Meg Hunt V. P. Capital Markets Investor Relations Coordinator [email protected] [email protected] The Woodlands, TX USA The Woodlands, TX USA Phone: 281-292-1800 Phone: 281-292-1800 Cautionary Statements </pre> <p>This press release may include "forward-looking statements" as defined in <span class="xn-location">United States</span> federal and Canadian securities laws. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the InterOil expects, believes or anticipates will or may occur in the future are forward-looking statements, including in particular the proposed uses of the funds raised through this placement. These statements are based on certain assumptions made by the Company based on its experience and perception of current conditions, expected future developments and other factors it believes are appropriate in the circumstances. No assurances can be given however, that these events will occur. Actual results will differ, and the difference may be material and adverse to the Company and its shareholders. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause our actual results to differ materially from those implied or expressed by the forward-looking statements. Some of these factors include the risk factors discussed in the Company's filings with the Securities and Exchange Commission and SEDAR, including but not limited to those in the Company's Annual Report for the year ended <span class="xn-chron">December 31, 2009</span> on Form 40-F and its Annual Information Form for the year ended <span class="xn-chron">December 31, 2009</span>.</p> <p/> <p>Investors are urged to consider closely the disclosure in the Company's Form 40-F, available from us at <a href="http://www.interoil.com">www.interoil.com</a> or from the SEC at <a href="http://www.sec.gov">www.sec.gov</a> and its Annual Information Form available on SEDAR at <a href="http://www.sedar.com">www.sedar.com</a>.</p> <pre>
For further information: For further information: Wayne Andrews, V. P. Capital Markets, [email protected], or Meg Hunt, Investor Relations Coordinator, [email protected], both of InterOil Corporation, +1-281-292-1800 Web Site: http://www.interoil.com
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