InterOil Cites Production Increase for South America in August

InterOil reported that the average production in both Peru and Colombia for August 2008, compared to the average production in July 2008, was 3,717 bopd from 3,576 bopd (Peru) and 1,743 bopd from 1,662 bopd (Colombia), respectively. Total production for the two combined assets was 5,460 bopd in August 2008 compared to 5,238 bopd in July 2008.

The increased production in Peru is a result of the two new wells in the promising Mirador area. InterOil is now in the final stage to complete another 3 wells in the Mirador area and expects to see the results during September or in the beginning of October. In Colombia the fracturing and drilling campaign is ongoing. As production wells are shut in during the fracturing procedure, the full effect on the result will not be seen before the fracturing campaign is completed in September.

Oil has been sold at average sales price of US $111.70 in Peru and US $109.78 in Colombia per barrel during August, to be compared with the average sales price in second quarter of 2008 of US $117.92 in Peru and US $115.86 in Colombia.
 

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