Interoil's South American Production Rides High in October

The average production in October 2008, compared to the average production in September 2008, was:

Production for October 2008 Compared to September 2008:

  • Peru: 4,732 compared to 3,853
  • Colombia: 2,400 compared to 2,057
  • Total: 7,132 compared to 5,910

The production is average daily production (bopd) and is working interest before royalty.

The increased production in Peru and Colombia is a result of the promising new wells set in production in both countries during the last couple of months. InterOil is in the middle of an active drilling campaign in Peru and Colombia and will complete another 6 wells in Peru and 6 wells in Colombia during 2008. We expect therefore the production to increase to 10,000 bopd by the end of this year.

Oil has been sold at average sales price of USD 68.51 in Peru and USD 68 .86 in Colombia per barrel during October.