InterOil Announces 2013 Results

 Focus Now on LNG Partnership and Drilling Program  SINGAPORE and PORT MORESBY, Papua New Guinea, March 31, 2014 /CNW/ - InterOil  Corporation (NYSE:IOC; POMSoX:IOC) (the "Company") announced today record  revenues and products sold in its financial results for the full year ending  December 31, 2013.  The year also resulted in new leadership at InterOil and agreement with Total  S.A. of France to develop the multi-billion-dollar Elk-Antelope gas field in  Papua New Guinea.  In March this year, InterOil also launched the start of a new US$300 million  drilling program across four new petroleum prospecting licenses ("PPLs").  Front Rank of Asian Energy Companies InterOil's Chief Executive, Dr. Michael  Hession, said: "This past year was a milestone for InterOil. With new  leadership and management, we moved quickly to bring greater stability to our  operations in a way that would translate into improved performance and greater  market confidence.  "Crucial to this was securing agreement with an oil major to develop on the  Elk-Antelope gas field in Petroleum Retention License 15.  "In October 2013, the board approved InterOil's largest exploration and  appraisal program and one of the biggest in Papua New Guinea's history. We  then accelerated preparation for exploration wells on our PPLs so we could  drill as soon as we received the government approval.  "In March this year, approval was given and we successfully acquired the  rights to the same acreage as we previously held, for the next six years.  "In March this year, we closed the sales and purchase agreement with Total  S.A. of France to develop Elk-Antelope as a multi-billion-dollar LNG project  for Papua New Guinea.  "These developments, together with our oil refinery and distribution  businesses, position InterOil among the front rank of Asian energy companies.  The Right Team at the Right Time "To deliver on this potential and realize the  value of these assets, we have assembled an experienced, talented management  team. In the final months of the year, new senior executives stepped into  roles that they would formally assume early in 2014.  "InterOil's growth and success depend heavily on the quality of this senior  team to guide our exceptional staff and oversee our energy assets and I am  confident that we now have the right team to realize InterOil's full potential.  "We also took significant steps to streamline our operations, bearing down on  costs and rationalizing our offices and staffing. We announced the closure by  the end of 2014 of our Cairns office, with the transfer of most functions to  our office in Port Moresby. Though painful, it was important to align InterOil  and ensure we focus our human and financial resources where they can have the  greatest impact.  Operating Growth, Developing Growth, Future Growth "These steps are integral  to the strategy that I laid out on my appointment in July.  "This strategy has three horizons, detailing our vision to be a world-class  company developing world-class resources with world-class people who have a  passion for working together, doing good work and making a difference.  "Horizon One is operating growth: running an efficient and financially stable  business, with capital to support investment, low costs, strong skills and  capacity, and streamlined processes.  "Horizon Two is developing growth: monetizing our gas resources through  partnerships with world-class operators.  "Horizon Three is future growth: investing in new exploration across frontier  regions in Papua New Guinea and the region and being a partner or operator of  choice for new ventures.  Cash in Hand to Pursue an Aggressive Drilling Program "In short, we want to  make the most of what we already have; turn probable opportunities into  realities; and work our possibilities hard so they can become realities.  "This year, we took important steps towards each horizon. The business, at  year's end, was stable, assets were being monetized, and we had scaled-up our  exploration work.  "The receipt of $401 million as part of the completion of the Total agreement  will leave us with a well-capitalized balance sheet to aggressively pursue our  exploration program.  "We ended 2013 in excellent shape, and begin 2014 in a position to make  InterOil the company its staff, management, shareholders, and other  stakeholders, want it to be and know it can be."  Financial Highlights            --  Financial and operating results for the fourth quarter and full             year ended December 31, 2013, showed record revenues of $1,400             million (2012: $1,321 million) on the back of record total             products sold of 9.4 MMbbls (2012: 8.5 MMbbls), an 11% increase             from the year before and the largest volume ever sold by the             Company. This included a record throughput of 27,999 barrels             per day (bbls/d) from the refinery (2012: 24,483 bbls/d) and             738 million liters of downstream sales (2012:753 million             liters). At December 31, 2013, the Company continued to operate             the only refinery in Papua New Guinea and was the largest             downstream and retail distributor with 52 service stations, 18             depots and 12 aviation sites.         --  During 2013, investments in development of Upstream and             Midstream Liquefaction resulted in a net loss of $75.1 million             (2012: net loss of $59.6 million). This was balanced by             Corporate, Refining and Downstream collectively recording a net             profit for the year of $34.7 million (2012: $61.2 million). The             consolidated $40.4 million net loss compared to a $1.6 million             profit in 2012 was mainly driven by the Papua New Guinea kina             depreciating 13% against the US Dollar leading to a             consolidated $41.2 million in exchange rate losses.         --  At December 31, 2013, the Company had cash, cash equivalents             and cash restricted totaling $115.2 million (December 31, 2012:             $98.7 million), of which $53.2 million is restricted (December             31, 2012: $49.0 million). In addition, the Company had             aggregate undrawn facilities of $308.0 million, including             $150.0 million in relation to a Credit Suisse facility to fund             the Company's current exploration program, and $158.0 million             of working capital facilities to fund the operating business.             The Company's gearing levels measured by the debt-to-capital             ratio was 26% in December 2013 from 19% in December 2012.  Conference Call Information The full text of the news release and accompanying  financials are available on the company's website at www.interoil.com.  A conference call will be held on March 31, 2014, at 8:30 a.m. US Eastern time  (8:30 p.m. Singapore) to discuss the financial and operating results, the  development of PRL15, the new drilling program and as well as the company's  outlook.  The conference call can be heard through a live audio web cast on the  company's website at www.interoil.com or accessed by dialing (800) 230-1096 in  the US, or +1-(612) 332-0107 from outside the US.  A replay of the broadcast will be available soon afterwards on the website.     Summary of Consolidated Quarterly Financial Results for Past Eight Quarters     Quarters      2013                                    2012     ended     ($ thousands     except per    Dec-31    Sep-30    Jun-30    Mar-31    Dec-31    Sep-30    Jun-30    Mar-31     share data)     Upstream      1,731     1,918     2,533     1,862     4,136     2,216     1,727     2,284     Midstream     –       353,749   251,725   289,300   305,172   301,925   274,671   236,006   302,310     Refining     Midstream     –       181       -         20,089    -         -         -         -         -     Liquefaction     Downstream    213,835   215,651   199,470   208,046   220,512   201,749   223,620   218,974     Corporate     31,832    31,714    36,201    34,923    37,552    26,880    24,742    24,757     Consolidation (202,426) (195,773) (201,932) (199,672) (207,686) (178,652) (186,991) (210,174)     entries     Total         398,902   305,235   345,661   350,331   356,439   326,864   299,104   338,151     revenues     Upstream      (19,974)  (2,842)   (19,478)  (1,311)   (873)     956       (5,730)   (6,374)     Midstream     –       10,246    (3,562)   840       12,701    12,370    13,417    (42,647)  18,933     Refining     Midstream     –       87        2,550     19,850    (123)     192       11        672       (1,410)     Liquefaction     Downstream    14,366    14,962    7,542     10,062    12,258    9,275     11,102    21,414     Corporate     6,055     13,446    1,745     10,044    14,133    9,841     9,975     9,188     Consolidation (16,082)  (14,647)  (11,146)  (13,418)  (12,199)  (14,503)  (9,871)   (14,216)     entries     EBITDA (1)    (5,302)   9,907     (647)     17,955    25,881    18,997    (36,499)  27,535     Upstream      (33,535)  (16,206)  (32,046)  (13,774)  (13,081)  (10,936)  (15,532)  (17,244)     Midstream     –       74        (11,074)  (4,675)   5,855     13,401    5,358     (32,969)  11,320     Refining     Midstream     –       (430)     2,373     19,284    (681)     (394)     (573)     93        (1,969)     Liquefaction     Downstream    9,237     9,435     4,346     6,005     7,716     5,626     6,045     13,195     Corporate     2,787     10,780    (1,701)   7,342     10,519    7,849     8,445     6,270     Consolidation (2,946)   (1,626)   1,562     (744)     384       (1,988)   2,205     (2,136)     entries     Net           (24,813)  (6,318)   (13,230)  4,003     18,545    5,336     (31,713)  9,436     (loss)/profit     Net     (loss)/profit     per share     (dollars)     Per Share     (0.51)    (0.13)    (0.27)    0.08      0.38      0.11      (0.66)    0.20     – Basic     Per Share     –       (0.51)    (0.13)    (0.27)    0.08      0.38      0.11      (0.66)    0.19     Diluted         EBITDA is a non-GAAP measure and is reconciled to IFRS under the heading "Non-GAAP Measures and     (1) Reconciliation" in our MD&A filed on         www.sedar.ca         and with the SEC".     InterOil Corporation     Consolidated Balance Sheets     (Expressed in United States dollars)                                      As at                        December 31,  December 31,  December 31,  January 1,                        2013          2012          2011          2011                        $             $ (revised) * $ (revised) * $ (revised) *     Assets     Current assets:     Cash and cash     equivalents (note  61,966,539    49,720,680    68,575,269    232,424,858     5)     Cash restricted    36,149,544    37,340,631    32,982,001    40,664,995     (note 7)     Short term     treasury bills -   -             -             11,832,110    -     held-to-maturity     (note 7)     Trade and other     receivables (note  98,638,110    161,578,481   137,796,513   49,004,667     8)     Derivative     financial          -             233,922       595,440       -     instruments (note     7)     Other current      1,054,847     832,869       862,049       498,302     assets     Inventories (note  158,119,181   194,871,339   171,071,799   127,137,360     9)     Prepaid expenses   8,125,270     8,517,340     5,477,596     3,593,574     Total current      364,053,491   453,095,262   429,192,777   453,323,756     assets     Non-current     assets:     Cash restricted    17,065,000    11,670,463    6,268,762     6,613,074     (note 7)     Plant and     equipment (note    244,383,962   255,031,257   246,031,378   225,166,865     10)     Oil and gas     properties (note   584,807,023   510,669,431   362,852,766   255,294,738     11)     Deferred tax       48,230,688    63,526,458    35,965,273    28,477,690     assets (note 12)     Other non-current     receivables (note  29,700,534    5,000,000     -             -     18)     Investments     accounted for      17,557,838    -             -             -     using the equity     method (note 24)     Available-for-sale     investments (note  -             4,304,176     3,650,786     -     13)     Total non-current  941,745,045   850,201,785   654,768,965   515,552,367     assets     Total assets       1,305,798,536 1,303,297,047 1,083,961,742 968,876,123     Liabilities and     shareholders'     equity     Current     liabilities:     Trade and other    134,027,347   178,313,483   156,598,973   72,521,373     payables (note 14)     Income tax payable 17,087,974    11,977,681    4,085,137     955,074     Derivative     financial          1,869,253     -             11,457        178,578     instruments (note     7)     Working capital     facilities (note   36,379,031    94,290,479    16,480,503    51,254,326     15)     Unsecured loan and     current portion of 134,775,077   31,383,115    19,393,023    14,456,757     secured loans     (note 16)     Current portion of     Indirect           12,097,363    15,246,397    540,002       540,002     participation     interest (note 17)     Total current      336,236,045   331,211,155   197,109,095   139,906,110     liabilities     Non-current     liabilities:     Secured loans      65,681,425    89,446,137    26,037,166    34,813,222     (note 16)     2.75% convertible     notes liability    62,662,628    59,046,581    55,637,630    52,425,489     (note 21)     Deferred gain on     contributions to   -             5,191,101     4,700,915     4,694,936     LNG project (note     24)     Indirect     participation      7,449,409     16,405,393    34,134,840    34,134,387     interest (note 17)     Other non-current     liabilities (note  96,000,000    20,961,380    -             -     18)     Asset retirement     obligations (note  4,948,017     4,978,334     4,562,269     -     19)     Deferred tax     liabilities (note  -             -             1,889,391     -     12)     Total non-current  236,741,479   196,028,926   126,962,211   126,068,034     liabilities     Total liabilities  572,977,524   527,240,081   324,071,306   265,974,144     Equity:     Equity     attributable to     owners of InterOil     Corporation:     Share capital      953,882,273   928,659,756   905,981,614   895,651,052     (note 20)     Authorized -     unlimited     Issued and     outstanding -     49,217,242     (Dec 31, 2012 -     48,607,398)     (Dec 31, 2011 -     48,121,071)     2.75% convertible  14,297,627    14,298,036    14,298,036    14,298,036     notes (note 21)     Contributed        26,418,658    21,876,853    25,644,245    16,738,417     surplus (note 20)     Accumulated Other     Comprehensive      4,541,913     25,032,953    29,380,882    9,261,177     Income     Conversion options -             12,150,880    12,150,880    12,150,880     (note 17)     Accumulated        (266,319,459) (225,961,512) (227,565,221) (245,217,682)     deficit     Total equity     attributable to    732,821,012   776,056,966   759,890,436   702,881,880     owners of InterOil     Corporation     Non-controlling    -             -             -             20,099     interest     Total equity       732,821,012   776,056,966   759,890,436   702,901,979     Total liabilities  1,305,798,536 1,303,297,047 1,083,961,742 968,876,123     and equity     See accompanying notes to the consolidated financial statements     * Revised to effect transition to IFRS 11 - Joint arrangements,     refer note 2(c)(ii) for further information     InterOil Corporation     Consolidated Income Statements     (Expressed in United States dollars)                             Year ended                             December 31,    December 31,    December 31,                             2013            2012            2011                             $               $ (revised)*    $ (revised)*     Revenue     Sales and operating     1,395,698,906   1,308,051,816   1,106,533,853     revenues     Interest                81,699          247,882         1,356,122     Other                   4,347,963       12,257,833      11,058,090                             1,400,128,568   1,320,557,531   1,118,948,065     Changes in inventories     of finished goods and   (36,752,158)    23,799,540      43,934,439     work in progress     Raw materials and       (1,222,760,734) (1,242,987,054) (1,064,866,361)     consumables used     Administrative and      (37,664,297)    (40,576,580)    (40,188,605)     general expenses     Derivative              (6,157,231)     (4,229,190)     2,006,321     (losses)/gains     Legal and professional  (11,169,769)    (5,187,704)     (5,150,107)     fees     Exploration costs,     excluding exploration   (18,793,902)    (13,901,558)    (18,435,150)     impairment (note 11)     Finance costs           (28,603,278)    (28,614,981)    (18,163,769)     Depreciation and        (23,411,336)    (21,855,228)    (20,111,016)     amortization     Gain on conveyance of     oil and gas properties  500,071         4,418,170       -     (note 11)     Gain/(loss) on     available-for-sale      3,719,907       -               (3,420,406)     investment (note 13)     Foreign exchange        (41,209,608)    (40,260)        25,031,788     (losses)/gains     Share of net profit/     (loss) of joint venture     partnership accounted   2,275,090       (490,186)       (2,662,204)     for using the equity     method (note 24)                             (1,420,027,245) (1,329,665,031) (1,102,025,070)     (Loss)/profit before    (19,898,677)    (9,107,500)     16,922,995     income taxes     Income taxes     Current tax expense     (13,453,725)    (15,883,469)    (5,512,842)     (note 12)     Deferred tax     (expense)/benefit (note (7,005,545)     26,594,678      6,248,509     12)                             (20,459,270)    10,711,209      735,667     (Loss)/profit for the   (40,357,947)    1,603,709       17,658,662     period     (Loss)/profit is     attributable to:     Owners of InterOil      (40,357,947)    1,603,709       17,652,461     Corporation     Non-controlling         -               -               6,201     interest                             (40,357,947)    1,603,709       17,658,662     Basic (loss)/profit per (0.83)          0.03            0.37     share     Diluted (loss)/profit   (0.83)          0.03            0.36     per share     Weighted average number     of common shares     outstanding     Basic (Expressed in     number of common        48,793,986      48,352,822      47,977,478     shares)     Diluted (Expressed in     number of common        48,793,986      49,357,256      49,214,190     shares)     See accompanying notes to the consolidated financial statements     * Revised to effect transition to IFRS 11 - Joint arrangements,     refer note 2(c)(ii) for further information     InterOil Corporation     Consolidated Statements of Comprehensive Income     (Expressed in United States dollars)                                     Year ended                                     December 31, December 31, December 31,                                     2013         2012         2011                                     $            $            $     (Loss)/profit for the period    (40,357,947) 1,603,709    17,658,662     Other comprehensive     (loss)/income:     Items that may be reclassified     to profit or loss:     Exchange (loss)/gain on     translation of foreign          (20,245,215) (5,001,319)  20,527,270     operations, net of tax     (Loss)/gain on     available-for-sale financial    (245,825)    653,390      (407,565)     assets, net of tax     Other comprehensive     (loss)/income for the period,   (20,491,040) (4,347,929)  20,119,705     net of tax     Total comprehensive             (60,848,987) (2,744,220)  37,778,367     (loss)/income for the period     Total comprehensive     (loss)/income for the period is     attributable to:     Owners of InterOil Corporation  (60,848,987) (2,744,220)  37,772,166     Non-controlling interests       -            -            6,201                                     (60,848,987) (2,744,220)  37,778,367     See accompanying notes to the consolidated financial statements     InterOil Corporation     Consolidated Statements of Changes in Equity     (Expressed in United States dollars)                                   Year ended                                   December 31,  December 31,  December 31,                                   2013          2012          2011     Transactions with owners as   $             $             $     owners:     Share capital      At beginning of year         928,659,756   905,981,614   895,651,052      Issue of capital stock (note 25,222,517    22,678,142    10,330,562      20)      At end of year               953,882,273   928,659,756   905,981,614     2.75% convertible notes      At beginning of year         14,298,036    14,298,036    14,298,036      Conversion of convertible      notes during the year (note  (409)         -             -      21)      At end of year               14,297,627    14,298,036    14,298,036     Contributed surplus      At beginning of year         21,876,853    25,644,245    16,738,417      Fair value of options and      restricted stock transferred (12,380,121)  (11,649,459)  (5,598,009)      to share capital      Stock compensation expense   4,770,971     7,882,067     14,721,387      Gain on conversion of 2.75%  75            -             -      convertible notes      Loss on buyback of           -             -             (217,550)      non-controlling interest      Waiver of all remaining IPI  12,150,880    -             -      conversion options (note 17)      At end of year               26,418,658    21,876,853    25,644,245     Accumulated Other     Comprehensive Income      Foreign currency translation      reserve      At beginning of year         24,787,128    29,788,447    9,261,177      Foreign currency translation      movement for the year, net   (20,245,215)  (5,001,319)   20,527,270      of tax      Foreign currency translation 4,541,913     24,787,128    29,788,447      reserve at end of year      Gain/(loss) on      available-for-sale financial      assets      At beginning of year         245,825       (407,565)     -      (Loss)/gain on      available-for-sale financial      assets as a result of        (277,553)     449,413       (407,565)      foreign currency      translation, net of tax      (Loss)/gain on revaluation      of available-for-sale        (203,977)     203,977       -      financial assets, net of tax      Gain on disposal of      available-for-sale financial 235,705       -             -      assets, net of tax      Gain on available-for-sale      financial assets at end of   -             245,825       (407,565)      year      Accumulated other      comprehensive income at end  4,541,913     25,032,953    29,380,882      of year     Conversion options      At beginning of year         12,150,880    12,150,880    12,150,880      Transfer of balance to      contributed surplus (note    (12,150,880)  -             -      17)      At end of year               -             12,150,880    12,150,880     Accumulated deficit      At beginning of year         (225,961,512) (227,565,221) (245,217,682)      Net (loss)/profit for the    (40,357,947)  1,603,709     17,652,461      year      At end of year               (266,319,459) (225,961,512) (227,565,221)     Total InterOil Corporation     shareholders' equity at end   732,821,012   776,056,966   759,890,436     of year     Transactions with     non-controlling interest      At beginning of year         -             -             20,099      Net profit for the year      -             -             6,201      Buyback of non-controlling   -             -             (26,300)      interest      At end of year               -             -             -     Total equity at end of period 732,821,012   776,056,966   759,890,436     See accompanying notes to the consolidated financial statements     InterOil Corporation     Consolidated Statements of Cash Flows     (Unaudited, Expressed in United States dollars)                                   Year ended                                   December 31,  December 31,  December 31,                                   2013          2012          2011                                   $             $ (revised) * $ (revised) *     Cash flows generated from     (used in):     Operating activities     Net (loss)/profit for the     (40,357,947)  1,603,709     17,658,662     year     Adjustments for non-cash and     non-operating transactions     Depreciation and amortization 23,411,336    21,855,228    20,111,016     Deferred tax                  15,295,770    (29,450,576)  (5,598,192)     Gain on conveyance of         (500,071)     (4,418,170)   -     exploration assets     Accretion of convertible      3,617,760     3,408,951     3,212,141     notes liability     Amortization of deferred      4,589,536     598,698       223,944     financing costs     Timing difference between     derivatives recognized and    2,103,175     350,061       (762,561)     settled     Stock compensation expense,   4,770,970     7,882,067     14,721,387     including restricted stock     Inventory write down          -             322,535       259,406     Accretion of asset retirement 356,830       331,096       159,356     obligation liability     Non-cash settlement on PNGEI  6,837,000     -             -     buyback     Gain on conversion of         (500)         -             -     convertible notes     (Gain)/loss on Flex LNG       (3,719,907)   -             3,420,406     investment     Share of net (profit)/loss of     joint venture partnership     (2,275,090)   490,186       2,662,204     accounted for using the     equity method     Unrealized foreign exchange   (352,348)     (1,070,269)   (2,618,814)     gain     Change in operating working     capital     Increase in trade and other   (21,273,999)  (43,579,657)  (54,630,047)     receivables     Decrease/(increase) in other     current assets and prepaid    170,092       (3,010,564)   (2,247,769)     expenses     Decrease/(increase) in        30,610,288    (28,886,641)  (28,003,484)     inventories     Increase in trade and other   47,360,333    25,912,734    73,291,275     payables     Net cash generated from/(used 70,643,228    (47,660,612)  41,858,930     in) operating activities     Investing activities     Expenditure on oil and gas    (128,285,583) (179,779,865) (116,492,551)     properties     Proceeds from IPI cash calls  29,942,167    3,497,542     749,794     Expenditure on plant and      (25,951,297)  (30,855,107)  (36,874,794)     equipment     Proceeds from Pacific     Rubiales Energy (conveyance   -             20,000,000    -     accounted portion)     Maturity of/(investment in)   -             11,832,110    (11,832,110)     short term treasury bills     Proceeds from disposal of/     (acquisition of) Flex LNG Ltd 7,778,258     -             (7,478,756)     shares, net of transaction     costs     (Increase)/decrease in     restricted cash held as       (4,203,450)   (9,760,331)   8,027,306     security on borrowings     Change in non-operating     working capital     Decrease/(increase) in trade  5,000,000     5,000,000     (10,000,000)     and other receivables     (Decrease)/increase in trade  (17,744,539)  22,115,815    (6,399,657)     and other payables     Net cash used in investing    (133,464,444) (157,949,836) (180,300,768)     activities     Financing activities     Repayments of OPIC secured    -             (35,500,000)  (9,000,000)     loan     (Repayments to)/proceeds from     Mitsui for Condensate         (34,375,748)  3,578,489     9,872,532     Stripping Plant     Proceeds from drawdown of     -             15,000,000    -     Westpac secured loan     Repayments of Westpac secured (12,857,000)  (2,143,000)   -     loan     Proceeds from drawdown of BSP     and Westpac secured facility  33,835,101    -             -     (net of transaction costs)     Repayments of BSP and Westpac (11,070,578)  -             -     secured facility     Proceeds from drawdown of     Credit Suisse secured         93,042,488    -             -     facility (net of transaction     costs)     Proceeds from Pacific     Rubiales Energy for interest  73,600,000    20,000,000    -     in PPL237 (net of transaction     costs)     (Repayments of)/proceeds from (57,911,448)  77,809,976    (34,773,823)     working capital facility     (Repayments of)/proceeds from     ANZ, BSP & BNP syndicated     (16,000,000)  95,924,091    -     loan     Proceeds from issue of common     shares, net of transaction    6,839,930     11,028,683    4,488,703     costs     Payment on conversion of      (1,546)       -             -     convertible notes     Net cash generated from/(used 75,101,199    185,698,239   (29,412,588)     in) financing activities     Increase/(decrease) in cash   12,279,983    (19,912,209)  (167,854,426)     and cash equivalents     Cash and cash equivalents,    49,720,680    68,575,269    232,424,858     beginning of year     Exchange (losses)/gains on    (34,124)      1,057,620     4,004,837     cash and cash equivalents     Cash and cash equivalents,    61,966,539    49,720,680    68,575,269     end of year     Comprising of:     Cash on Deposit               31,738,440    49,086,353    18,487,116     Short Term Deposits           30,228,099    634,327       50,088,153     Total cash and cash           61,966,539    49,720,680    68,575,269     equivalents, end of year     See accompanying notes to the consolidated financial statements     * Revised to effect transition to IFRS 11 - Joint arrangements,     refer note 2(c)(ii) for further information  About InterOil InterOil Corporation is an independent oil and gas business  with a primary focus on Papua New Guinea. InterOil's assets include one of  Asia's largest undeveloped gas fields, Elk-Antelope, in the Gulf Province,  exploration licenses covering about 16,000sqkm, Papua New Guinea's only oil  refinery, and retail and commercial petroleum distribution facilities  throughout the country. The company employs more than 1100 people and has its  main offices in Singapore and Port Moresby. InterOil is listed on the New York  and Port Moresby stock exchanges.     Investor contacts for InterOil     Houston                                                                                                                     Singapore     Wayne Andrews, Vice President Capital Markets                                                                               Don Spector, Chief Financial Officer     Wayne.Andrews@InterOil.com Don.Spector@InterOil.com     Phone: +1-281-292-1800                                                                                                      Phone: +65-6507-0222     Meg LaSalle, Investor Relations Coordinator     Meg.LaSalle@InterOil.com     Phone: +1-281-292-1800     Media contacts for InterOil     John Hurst, Cannings     jhurst@cannings.net.au     Phone: +61 418 708 663  Forward Looking Statements This press release includes "forward-looking  statements" as defined in United States 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 InterOil  expects, believes or anticipates will or may occur in the future are  forward-looking statements. These statements are based on our current beliefs  as well as assumptions made by, and information currently available to us. No  assurances can be given however, that these events will occur. Actual results  could 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 on SEDAR, including but not limited to those in the  Company's Annual Report for the year ended 31 December 2013 on Form 40-F and  its Annual Information Form for the year ended 31 December 2013. In  particular, there is no established market for natural gas or gas condensate  in Papua New Guinea and no guarantee that gas or gas condensate from the Elk  and Antelope fields will ultimately be able to be extracted and sold  commercially. Investors are urged to consider closely the disclosure in the  Company's Form 40-F, available from us at www.interoil.com or from the SEC at  www.sec.gov and its Annual Information Form available on SEDAR at  www.sedar.com.    SOURCE  InterOil Corporation  http://www.interoil.com  To view this news release in HTML formatting, please use the following URL:  http://www.newswire.ca/en/releases/archive/March2014/31/c7853.html  CO: InterOil Corporation NI: OIL UTI CONF ERN EST ERN  
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