Pangea Secures InterOil’s Two Colombia Blocks

To farm in to 50% WI in Block COR-6 and 40% WI in Block Altair in Colombia.

InterOil Corp.’s affiliate, InterOil Colombia entered an agreement with Pangea Energy Corp. in respect of a 50% farmout of Block COR-6 and a 40% farmout of Block Altair, Colombia.

Pangea agreed to cover $17.2 million of the total work commitment of the $22 million expense of the first phase of the COR-6 contract. In addition, Pangea will pay a signing fee of $3 million and cover $7.2 million of the remaining work commitment, a total of $12 million on the Altair block.

InterOil is currently the operator of both blocks and owns 100% working interest of COR-6 and 90% working interest of Altair.