InterOil (NYSE: IOC) to Meet PNG Government Over LNG Project Notice

Palm Beach, FL 5/14/12 (StreetBeat) -- InterOil Corporation (NYSE: IOC) today announced receipt through an unofficial channel, from the Department of Petroleum and Energy (DPE), of a copy of a notice of intention to cancel the 2009 LNG Project Agreement between Liquid Niugini Gas Limited and the Independent State of Papua New Guinea. Having considered the issue carefully with our external advisers, we are strongly of the view that the State has no right at present to terminate the Project Agreement. The notice does activate a six month consultation period during which the parties are to explore steps to deal with or remedy the DPE's concerns.

Our sell down and partnering process has now reached a stage where we expect to be able to demonstrate to the DPE, in the coming weeks, our ability to abide by all of the terms of the 2009 LNG Project Agreement. This accords with our stated intention since the previously announced engagement of advisors for this process at the end of last year. InterOil, and the partner we select, intends to bring an LNG processing facility to Papua New Guinea of a nature and in a manner which will be satisfactory to the State.

About InterOil

InterOil Corporation is developing a vertically integrated energy business whose primary focus is Papua New Guinea 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 Papua New Guinea. In addition, InterOil is a shareholder in a joint venture established to construct an LNG plant in Papua New Guinea.

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InterOil (NYSE: IOC) and Valero Energy (NYSE: VLO) Face Tough Times in Refining Business

Tallahasee, FL 3/30/12 (StreetBeat) -- Refineries dip despite high gasoline prices. The national average price of a gallon of regular unleaded gas climbed to $3.898 on Tuesday. But the high prices still aren't enough to save some U.S. oil refiners, who are finding it a terrible time to be in the gasoline business. The Paragon Report examines the outlook for companies in the Oil & Gas Refining Industry and provides equity research on InterOil Corporation (NYSE: IOC) and Valero Energy Corporation (NYSE: VLO).

"Yet high crude costs are proving difficult to pass on to the consumers. That has made refining -- which once was considered a must-have business for many large energy companies -- unprofitable and unfashionable," Tom Fowler wrote in a recent article for the Wall Street Journal.

Gasoline demand in the U.S. has dropped drastically in past years. The major factors have been the 2008 recession, greater use of biofuels, and the growing fuel efficiency in U.S. vehicles. In December, Americans drove 264.4 billion miles, up 1.3% from the year before, but did so using 2.5% less gasoline and diesel, according to data from the U.S. Department of Transportation and the Energy Information Administration.

InterOil recorded a net profit for the year ended December 31, 2011 of $17.7 million, compared with a net loss of $44.5 million for the same period in 2010, an improvement of $62.2 million. The operating segments of Corporate, Midstream Refining and Downstream collectively returned a net profit for the year of $82.3 million.

Valero Energy announced that due to unfavorable refinery economics and the outlook for continued unfavorable refinery economics, refining operations will be suspended by the end of the month at its subsidiary's 235,000-barrel-per-day refinery in Aruba. The refinery has been operating at reduced rates because of inadequate margins resulting in financial losses.

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