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‘HTC VIVE’ is The New HTC’s Virtual Reality Headset
February 28, 2015
htc vive Virtual Reality Headset

HTC and Valve have partnered to create a new Virtual Reality Headset synchronized launch the HTC Vive. The headset is expected to reach the consumer before the end of the year.
HTC is the cooperation with one of the gaming industry’s largest (and most popular) company, valve to start a new virtual reality headset. What’s even more exciting is that the consumer version of the VR headset is expected to launch before the end of the year.

The HTC Vive is a high-end VR headset is directly related to the Oculus Rift, to compete so far as the best VR headset on the planet. But because HTC is with valve, a company that provides service steam work for its direct digital download games, HTC Vive is a lot of software support have right out of the gate. Valve has also massively popular games including Half-Life, Portal and Left 4 Dead, so there’s a chance we could see fully immersive VR versions of each, even though it may not yet known.

Instead of building a VR headset to a smartphone competitor that has Samsung done with the gearbox VR HTC has built a lightweight, sealed headphones from scratch. The Vive includes loads of sensors that someone as to make it capable of tracking around the room. This means that the level of immersion will be significantly better than most other VR headsets on the market.
The HTC Vive will be used with two wireless controllers to control the device during the game to send. While HTC largely relying on the hardware of the system is the valve. On the content The steam accumulator is an important role in the way that the content (such as games and movies) play spread across the system. HTC also mentioned in the announcement that Film and television companies like HBO and Lionsgate is the introduction of content to the new platform.

The headset has two 1200 x 1800 pixel screens that update at 90 frames per second. This means that images are crystal clear and able to compete with the images displayed on the Oculus Rift. Although it is still too early to say, it seems that the two main competitors (largely driven by gaming) in the high-end VR-market are the Oculus Rift and HTC Vive. No word on the pricing of either yet, but packed with so much amazing technology in a single device, we would expect the price to be closer to a high-end laptop. The Developer Edition of HTC Vive will start in spring 2015.
Popular Science is at the Mobile World Congress (MWC) in Barcelona looking for the most exciting developments in the on-the-go technology. Further, our complete MWC 2015 coverage.

Moneris Payd Pro accepts debit payments with SmartPhones
November 3, 2013

Merchants that want to accept debit card payments now have the option of using their smartphone or tablet to do so with a new hardware accessory from Moneris.

Launched today, Payd Pro is the first mobile payment accessory that will take debit card payments using chip and PIN technology. Other solutions on the market like Square and Payfirma will only accept credit card payments. Moneris also has been selling its Payd device for accepting credit cards on a mobile device for more than a year.

Rather than working as a dongle that connects directly to a headphone jack on a mobile device as other mobile payment solutions do, Payd Pro works via Bluetooth. The device is about the size and weight of a smartphone and also comes loaded with a suite of mobile commerce management tools that enable transaction tracking and sending receipts to customers via e-mail. Merchants use an app available for iOS and Android platforms to operate the wireless accessory. Moneris says the Payd Pro device will be compatible with iOS and Android devices.

Moneris announced the device on its Facebook page and was fielding some questions about its availability and operation.

Security concerns are addressed by encrypting card data at the time of the transaction, Moneris says. The portable device also uses Bluetooth encryption and prohibit unauthorized devices from accessing the tool or information passed through it.

Canadians are being invited to register now for the Payd Pro device. A monthly fee of $19.95 plus tax will be waived for the first three months for those that register before Feb. 28, 2014. The service includes 200 free debit transactions each month and a 2.75 per cent rate on credit card transactions.

The service will go live in February2014, Moneris says.


Government of Canada Invests to Help Youth in Edmonton Get Jobs

The Government of Canada announced new funding to support youth in Edmonton to help them gain the knowledge they need to enter and succeed in the job market. The announcement was made by the Honourable Laurie Hawn, Member of Parliament for Edmonton Centre, on behalf of the Honourable Diane Finley, Minister of Human Resources and Skills Development, at the opening ceremony of the Alberta Employment and Career Fair.

“Our government’s top priorities are creating jobs, economic growth and long-term prosperity,” said Mr. Hawn. “The Government of Canada’s Youth Employment Strategy is helping youth develop the skills and gain the experience they need to get jobs now and prepare for the workforce of tomorrow.”

Currie Communications is receiving $50,000 from the Youth Awareness program to help youth learn about educational and career options. Youth Awareness complements the Government of Canada’s Youth Employment Strategy (YES). It provides financial assistance for projects designed to promote youth as the workforce of the future.

With annual funding of more than $300 million, YES helps youth, particularly those facing barriers to employment, obtain career information, develop employment skills, find jobs and stay employed. YES includes the Skills Link and Career Focus programs and the Canada Summer Jobs initiative, which creates thousands of job opportunities for students every summer.

Economic Action Plan 2012 is providing an additional $50 million over two years to enhance YES through a new initiative that will connect young Canadians with jobs that are in high demand and help them develop tangible skills and gain work experience.

The additional funding will be delivered through two Calls for Proposals-one for Career Focus and one for Skills Link. The Calls opened on September 5 and will close on October 19. Organizations across Canada are invited to apply. Information is available at

The Alberta Employment and Career Fair raises awareness of employment opportunities available to youth within a variety of sectors, and connects employers anticipating skills shortages with workers. Now in its 16th year, the event is the most comprehensive and best-attended career and job fair in Alberta. It will feature approximately 200 exhibitors and is expected to draw over 10 000 visitors.

“With the number of exhibitors, this year’s event is the largest Alberta Employment and Career Fair to date,” said Patricia Eckley, Client Manager at Currie Communications. “This is due in no small part to our funding partners, the Government of Canada and the Government of Alberta. Thanks to their efforts, thousands of Edmonton-area youth and community members will have the opportunity to explore career and education options.”

Youth employment programs are part of the Government of Canada’s broader strategy to create an educated, skilled and flexible workforce. The Government underscored its commitment to this strategy in Canada’s Economic Action Plan. A key component of the Plan is to create more and better opportunities for Canadian workers through skills development. To learn more about Canada’s Economic Action Plan,

The Government of Canada is helping youth plan their careers, learn new skills and find jobs through enhanced online services available

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This news release is available online at:


Youth Awareness complements the Youth Employment Strategy. It provides financial assistance for projects designed to promote youth as the workforce of the future and aims to expand their awareness of career and educational opportunities.

The Youth Employment Strategy is the Government of Canada’s commitment to help youth make a successful transition to the workplace.

Skills Link helps youth facing barriers to employment, including youth who are single parents, youth with disabilities and youth in rural and remote areas, to develop the skills and gain the experience needed to find a job or the confidence to return to school.

Career Focus provides funding to employers to hire young post-secondary graduates to give them career-related work experience and help them acquire skills to transition into the job market.

Canada Summer Jobs provides funding to not-for-profit organizations, public-sector employers and small businesses with 50 or fewer employees to create summer job opportunities for young people aged 15 to 30 years who are full-time students intending to return to their studies in the next school year.

To learn more about Canada’s Youth Employment Strategy and other youth employment initiatives, please visit

Learn How to Invest with
April 13, 2011
0, based on Vancouver Island, British Columbia, is celebrating the launch of Canada’s first comprehensive website that focuses on teaching Canadians how to invest. This extremely thorough website will assist both the novice and experienced investor to broaden their knowledge base and learn how to design and manage their financial plans and investment portfolios.
It’s the investment resource, Canadians have been waiting for.
“People are saying it [investing] is something they need to understand as opposed to leaving it up to a financial advisor to look after their money, hoping things will work out in the end,” said Patricia Lovett-Reid, senior vice president, TD Waterhouse. – July 13, 2011,
Michael MacDonald, vice-president, strategy, RBC Direct Investing, agrees: “The last few years the markets have been so volatile that a lot of people committed themselves to saying ‘I need to know more to feel comfortable.'” – July 13, 2011,
It’s true. While many novice investors wish to gain greater control over their finances, they do not have the information, knowledge, or tools to do so. And given the current investing and economic environment, many investors are frustrated with their lack of investment success and now want to try planning and investing on their own, but don’t know where to begin. provides investors with a partnership that focuses on an investor’s own personal financial and investment goals. As a partner, InvestingForMe provides its members with many valuable resources in a game changing, timesaving, one-stop-shopping site.
The site offers clearly defined investment resources and tools. Both novice and experienced investors will find the Classroom, Sample Investment Portfolios, financial spreadsheets and calculators extremely practical. The Data Room provides up-to-date economic, business and investment news from leading publications; quotes, charts and information for Exchange Traded Funds, sector shares, Preferred shares and Canadian bonds, all superbly organized and easily accessed.

InvestingForMe will also appeal to the experienced investors (whether they manage their investments through a discount broker, a full-service broker, investment council firm, or a combination of all three) as a reliable source for “unbiased” information so greatly desired but difficult to find.
If Canadian investors are serious about making changes and taking charge of their portfolio, InvestingForMe wants to be their partner and resource.
InvestingForMe is currently offering free access to the classroom and financial planning and budgeting sections, along with a 30-day free subscription trial to access the entire site. Check it out You won’t want to miss this opportunity to change your financial life!
To view the video associated with this release please go to:

Canadian Real Estate Investment Trust Acquires a 50% Interest in Retail Properties
October 5, 2009

Canadian Real Estate Investment Trust (CREIT) (TSX:REF.UN) today announced it has acquired a 50% undivided interest in certain retail properties forming part of South Edmonton Common Shopping Centre (SEC), in Edmonton, Alberta.
SEC is one of the largest and most successful unenclosed regional power centres in Canada and currently comprises approximately 2.1 million square feet of retail space.
Retailer-owned anchors of SEC include IKEA, Walmart, The Home Depot and Loblaw Real Canadian Superstore.
CREIT has acquired a 50% interest in several key components of SEC, including certain income producing property, property under re-development and retail development land. The specific property details are outlined below.
The income producing property acquired by CREIT is comprised of 60,000 square feet of leasable area which is fully developed and 100% leased. Tenants include Tim Hortons/Wendy’s, Petro-Canada, The Keg Steakhouse & Bar, Moxie’s Classic Grill and Starbucks. The weighted average remaining lease term is approximately eight years. Net operating income in-place on this component of the acquisition is $1.84 million (at 100%). Substantially all of the space is subject to contractual rental rate escalations during the respective lease terms.
The property under re-development acquired by CREIT is comprised of a 130,000 square foot building on 12 acres of land. The building was formerly occupied by Walmart, who relocated to an alternate site within SEC in order to accommodate a larger store format. A substantial retrofit of the original building is nearing completion. Approximately 90,000 square feet of the building has now been leased to tenants including Bed Bath & Beyond and Wholesale Sports. Furthermore, this portion of CREIT’s acquisition can accommodate approximately 60,000 square feet of additional density which will be developed over time.
The retail development land acquired by CREIT comprises an additional 33 acres of land, including two key corner sites of SEC. The remaining two corner sites are retailer-owned by Walmart and Loblaw.
Stephen Johnson, President and Chief Executive Officer of CREIT, said “South Edmonton Common is an exceptional property that has evolved into one of Canada’s most successful unenclosed shopping centres. This acquisition is a natural addition to CREIT’s existing portfolio of high-quality real estate assets.”
SEC was originally developed by Cameron Development Corporation (a privately-owned real estate development company based in Edmonton) and Grosvenor Canada Limited.
Mr. Johnson added, “We are pleased that we have been able to participate in another transaction with Cameron. Cameron will own a 50% undivided interest and will continue to be the development manager for the undeveloped retail lands we are acquiring as part of this transaction.”
The purchase price of approximately $39.2 million (for CREIT’s 50% interest) was settled by the assumption of a $5.7 million first mortgage, carrying an interest rate of 5.87% and a term to maturity of 8.2 years, with the balance funded from cash on hand.
Upon full development, the total leasable area of all the real estate acquired by CREIT will approximate 550,000 square feet (at 100%), and will represent a total investment of approximately $65 million (CREIT’s share).
CREIT is a real estate investment trust that is dedicated to accumulating a portfolio of high-quality real estate assets, and delivering the benefits of real estate ownership to unitholders. The primary benefit is a reliable and, over time, increasing monthly cash distribution. CREIT owns a diversified portfolio of retail, industrial and office properties.

InterOil Announces Financial Results for the Quarter Ended March 31, 2008
May 14, 2008

InterOil Corporation (TSX:IOL) (AMEX:IOC) (POMSoX:IOC), a Canadian company with operations in Papua New Guinea, today reported its first quarter 2008 financial results.


– Increased earnings before interest, tax, depreciation and amortization (‘EBITDA’).

– Increased sales and operating revenue.

– Gas discovery at Elk-4 well (announced May 1, 2008).

– $130 million loan facility successfully repaid (occurred May 12, 2008).

– On May 9, InterOil finalized a conversion of $60 million of debt in exchange for an issue of 2.7 million common shares at a price of $22.65.

– On May 12, 2008 closed on gross proceeds of US$95 million from the sale to institutional investors of 8% Subordinated Convertible Debentures due 2013.

– These combined transactions have resulted in a significant reduction in InterOil’s debt, strengthening its balance sheet whilst also providing additional funding for exploration and corporate activities.

The following table shows the consolidated EBITDA and net loss for the quarters ended March 31, 2006, 2007 and 2008.

There has been significant improvement in the quarterly financial results of the Company as compared to the same quarter in the prior year. Earnings before interest, tax, depreciation and amortization (‘EBITDA’) improved by 130% or $4.0 million to $7.1 million as compared to $3.1 million in the same quarter of prior year. EBITDA is described in the attached table under “Non-GAAP Measures and Reconciliation”. The consolidated net income (loss) also showed a significant improvement of $3.0 million to a net loss of $2.4 million for the quarter from $5.4 million for the same quarter of 2007.

Summary results for the first quarters of 2008 and 2007

Consolidated - Operating results                     Quarter ended March 31,
($ thousands, unless otherwise indicated)               2008           2007
Sales and operating revenues                         191,372        125,918
Interest revenue                                         317            688
Other non-allocated revenue                              725            290
Total revenue                                        192,414        126,896
Cost of sales and operating expenses                (176,984)      (113,474)
Office and administration and other expenses          (8,506)        (6,984)
Exploration costs                                        237         (3,322)
Exploration impairment                                   (25)           (14)
EBITDA                                                 7,136          3,102
Depreciation and amortization                         (3,485)        (3,460)
Interest expense                                      (5,190)        (4,482)
Loss from ordinary activities before income taxes     (1,539)        (4,840)
Income tax expense                                      (858)          (497)
Non-controlling interest                                   -            (17)
Total net loss                                        (2,397)        (5,354)

Key financial metrics for the first quarters of 2008 and 2007

Consolidated - Operating results                     Quarter ended March 31,
($ thousands, unless otherwise indicated)               2008           2007
Net loss per share (dollars) (basic)                   (0.08)         (0.18)
Net loss per share (dollars) (diluted)                 (0.08)         (0.18)
Total assets                                         586,107        506,427
Total liabilities                                    490,487        423,647
Current ratio (ratio)                                   1.40           1.42
Quick ratio (ratio) (1)                                 0.68           0.64
Cash flows (used in)/provided by operating
 activities                                            6,998         (4,973)
Cash dividends declared per share                          -              -

(1) Quick ratio is current assets less inventory, divided by current

“The first quarter of 2008 showed an overall improvement compared with the corresponding period in 2007 and was also an improvement on the previous quarter to December 31, 2007. The reduced net loss was primarily due to an improvement in margins, increased domestic demand and decreased exploration costs in Papua New Guinea,” stated Mr Collin Visaggio, the Chief Financial Officer of InterOil Corporation. “We believe that the refining and distribution segments will continue to show improvements in cash flows in the coming quarters.”

InterOil’s Management Discussion and Analysis and the Consolidated Financial Statements are available on our web site and on SEDAR at An update of InterOil’s recent business activities by segment follows.

Summary results by segment for the first quarters of 2008 and 2007

Consolidated - Operating results                     Quarter ended March 31,
($ thousands, unless otherwise indicated)               2008           2007
 Upstream                                             (1,135)        (4,009)
 Midstream - Refining                                  5,724          6,336
 Midstream - Liquefaction                             (1,636)          (322)
 Downstream                                            4,529          3,028
 Corporate and Consolidated                             (347)        (1,931)
EBITDA                                                 7,135          3,102
 Net income/(loss)
 Upstream                                             (1,289)        (4,318)
 Midstream - Refining                                   (924)         1,511
 Midstream - Liquefaction                             (1,675)          (322)
 Downstream                                            1,921          2,050
 Corporate and Consolidated                             (430)        (4,275)
Total net loss                                        (2,397)        (5,354)

– The operational segments which include the Midstream refining and Downstream distribution businesses, combined with the Corporate segment, had a net income of $0.6 million. This is an improvement of $1.2 million compared to same quarter of 2007.

– Cash flows generated by operating activities totalled $7.0 million for the quarter ended March 31, 2008, an improvement of $12.0 million over the same quarter in 2007.

– The developmental segments comprised of Upstream exploration and development, and the Midstream liquefaction project reported a net loss of $3.0 million.

– The Midstream liquefaction loss of $1.7 million is consolidated into Company results, however, no further cash injections are required to be made by the Company until a total of $200.0 million has been contributed by the other joint venture partners to equalize their shareholding in the joint venture company.

Upstream Business Segment

The Upstream segment recorded net loss of $1.29 million for the first quarter of 2008, compared to a loss of $4.3 million for the same period in 2007. The reduction in net loss is mainly due to lower seismic activities expenses during the quarter related to drilling Elk-4/4A, the costs of which are capitalised, were completed in the fourth quarter of 2007.

Elk-4/4A Drilling

The Elk-4 well is located within our Petroleum Prospecting License (“PPL”) 238 area and is the second appraisal well to be drilled into the Elk structure.

– We spudded the Elk-4 well appraisal well on November 15, 2007. At March 31, 2008 the Elk-4 had been drilled to a depth of 6,578 feet (2,000) meters. The well did not encounter the Elk limestone formation and the depth beneath 2,000 meters has been designated as an exploratory well (Elk-4A) into the Antelope structure which is separated geologically by a fault.

– Elk-4A is the fourth exploratory well out of the eight wells to be drilled within our current exploration program. At March 31, 2008 the Elk-4A had been drilled from 6,578 feet (2,000 meters) to a depth of 7,278 feet (2,213 meters) and had intersected the top of the targeted Antelope limestone at 7,140 feet (2,171 meters).

– On May 1, 2008, we announced that we had successfully penetrated the Antelope structure while drilling the Elk-4A well. Elk-4A has been pronounced a discovery well with additional testing and logging activities to be performed.

– The Antelope-1 well is the next appraisal well targeted to be drilled and is located 2.5 miles (4 kilometres) south of Elk-1 on PPL 238. The drill site and camp has been prepared in readiness for drilling following completion of drilling and testing activities at the Elk-4A well.

– The Antelope-1 well will target a reef limestone encountered by Elk-4A at approximately 5,578 feet (1,700 meters) with a projected total depth of 8,200 feet (2,500 meters).

Midstream Business Segment

Midstream Refinery

– Refinery throughput was 21,959 barrels per operating day compared with 18,448 bbls per operating day in the same quarter of the prior year.

– The Midstream refinery segment for the quarter reported a net loss of $0.9 million compared with net income of $1.5 million in the same quarter of 2007. Much of the difference was due to the timing of export sales and increased interest recharges on intercompany balances.

Midstream Liquefaction

– The Midstream liquefaction segment reported a net loss of $1.7 million for the quarter.

– We continued our negotiations with the government of Papua New Guinea for a definitive LNG project agreement.

Downstream Business Segment

The Downstream segment’s net profits for the quarter were $1.9 million, a slight decrease compared to $2.0 million achieved in the same quarter of 2007. The key variances between these periods were:

– Gross margin increased by $1.8 million during the quarter and compared to the same quarter of 2007, in part due to increased domestic demand coupled with an improved pricing formula in place on an interim basis under our agreement with the PNG State.

– Negative offsets included interest expenses recharged from Corporate ($1.2 million), increased office and administration expenses ($0.3 million) and an increase in taxes ($0.3 million).


InterOil will host a conference call on Thursday, May 15, 2008 at 8:30 a.m. Eastern, to discuss first quarter results and the company’s outlook for the remainder of the year. The conference call can be heard through a live audio web cast on the company’s website at or accessed by dialing (612) 332-0228. A replay of the broadcast will be available soon afterwards on the website.


InterOil filed its unaudited financial statements and accompanying notes for the quarter ended March 30, 2008 and the related management’s discussion and analysis with the relevant Canadian and United States securities regulatory authorities. Copies of the documents may be accessed electronically at, or on our website at

Summary financial and operational data have been included with this release. You should read this summary together with our financial statements and Management’s Discussion and Analysis.

Non-GAAP Measures and Reconciliation

Earnings before interest, taxes, depreciation and amortization, commonly referred to as EBITDA, represents our net income/(loss) plus total interest expense (excluding amortization of debt issuance costs), income tax expense, depreciation and amortization expense. EBITDA is used by InterOil to analyze operating performance. EBITDA does not have a standardized meaning prescribed by United States or Canadian generally accepted accounting principles and, therefore, may not be comparable with the calculation of similar measures for other companies. The items excluded from EBITDA are significant in assessing our operating results. Therefore, EBITDA should not be considered in isolation or as an alternative to net earnings, operating profit, net cash provided from operating activities and other measures of financial performance prepared in accordance with Canadian generally accepted accounting principles. Further, EBITDA is not a measure of cash flow under Canadian generally accepted accounting principles and should not be considered as such. For reconciliation of EBITDA to the net income (loss) under GAAP, refer to the Non GAAP Measures Reconciliation of our MD&A.

                2008               2007                       2006
($ thousands) Mar-31  Dec-31  Sep-30  Jun-30  Mar-31 Dec-31  Sep-30  Jun-30
Upstream      (1,135) (3,128) (5,015) (5,492) (4,009)  (719) (1,107) (1,922)
Midstream -
 Refining      5,724   9,589  (1,332)  3,775   6,336  9,144   1,674  (8,188)
Midstream -
 Liquefaction (1,636)   (797) (4,104)   (444)   (322)  (396)   (298)      -
Downstream     4,529   3,627   3,301   2,760   3,028  1,143   1,954   3,559
Corporate and
 Consolidated   (347) (2,394) (3,105)  4,959  (1,931)(2,299)   (853) (3,770)
 amortization  7,135   6,897 (10,255)  5,558   3,102  6,873   1,370 (10,321)
 Upstream          -       -       -       -       -     (2)     (1)     (1)
 Midstream -
  Refining    (3,887) (4,397) (8,155) (2,156) (2,091)(2,478) (3,330) (2,731)
 Midstream -
  Liquefaction     -       -       -       -       -      -       -       -
 Downstream   (1,282) (1,145) (3,320)     66     (39)   (36)    (38)    (39)
 Corporate and
  Consolidated   (21)     99   6,253  (2,768) (2,352)(3,131) (1,981)   (838)
  expense     (5,190) (5,443) (5,222) (4,858) (4,482)(5,647) (5,350) (3,609)
 Upstream          -       -       -       -       -      -       -       -
 Midstream -
  Refining         -     (44)     69      12     (17)   (42)     46     137
 Midstream -
  Liquefaction   (24)    (13)      -       -       -      -       -       -
 Downstream     (753) (1,112)    261     (32)   (483)  (997)   (416) (1,004)
 Corporate and
  Consolidated   (81)    (12)    214     (15)    (13)   (12)    126    (163)
 Income taxes
  and non       (858) (1,181)    544     (35)   (513)(1,051)   (244) (1,030)
 Upstream       (154)   (134)    299    (338)   (309)  (233)   (202)   (173)
 Midstream -
  Refining    (2,761) (2,158) (2,781) (2,748) (2,717)(2,806) (2,699) (2,626)
 Midstream -
  Liquefaction   (15)    (15)      -       -       -      -       -       -
 Downstream     (573)   (700)   (497)   (552)   (456)  (537)   (222)    (90)
 Corporate and
  Consolidated    18      21      20      20      21     22      24      26
  and         (3,485) (2,986) (2,959) (3,618) (3,461)(3,554) (3,099) (2,863)
 Upstream     (1,289) (3,262) (4,716) (5,831) (4,318)  (953) (1,309) (2,098)
 Midstream -
  Refining      (924)  2,990 (12,199) (1,117)  1,511  3,818  (4,309)(13,408)
 Midstream -
  Liquefaction(1,675)  (825)  (4,104)   (444)   (322)  (396)   (298)      -
 Downstream    1,919    670     (255)  2,242   2,050   (427)  1,278   2,426
 Corporate and
  Consolidated  (429)(2,286)   3,382   2,196  (4,275)(5,420) (2,684) (4,745)
 Net income
  (loss) per
  segment     (2,398)(2,713) (17,892) (2,954) (5,354)(3,378) (7,322)(17,825)

Cautionary Statements

This press release contains “forward-looking statements” as defined in U.S. federal and Canadian securities laws. Such statements are generally identifiable by the terminology used, such as “may,” “plans,” “believes,” “expects,” anticipates,” “intends,” “estimates,” “forecasts,” “budgets,” “targets” or other similar wording suggesting future outcomes or statements regarding an outlook. All statements, other than statements of historical fact, included in or incorporated by reference in this press release are forward-looking statements. Forward-looking statements in this press release include, without limitation, statements regarding our plans for drilling of the well, the planned depth of such drilling, the prospect description and the likelihood of establishing reserves. Many risks and uncertainties may impact the matters addressed in these forward-looking statements, including but not limited to: the inherent uncertainty of oil and gas exploration activities; uncertainty in our ability to attract capital; and the availability and cost of drilling rigs, oilfield equipment, and other oilfield exploration services. Forward-looking statements and information are based on our current beliefs as well as assumptions made by, and information currently available to, us concerning anticipated financial performance, business prospects, strategies, our ability to obtain capital to finance our operations, our ability to obtain equipment in a timely manner to carry out development activities, and the ability to develop production and reserves through development and exploration activities. Although we consider these assumptions to be reasonable based on information currently available to us, they may prove to be incorrect. We therefore cannot assure you that the forward-looking statements included in this press release will prove to be accurate. In light of the significant uncertainties inherent in our forward-looking statements, the inclusion of such information should not be regarded as a representation by us or any other person that our objectives and plans will be achieved. Some of these and other risks and uncertainties that could cause actual results to differ materially from such forward-looking statements are more fully described under the heading “Risk Factors” in the Annual Information Form of InterOil for the year ended December 31, 2007. Furthermore, the forward-looking information contained in this press release is made as of the date hereof and, except as required by applicable law, we have no obligation to update publicly or to revise any of this forward-looking information. The forward-looking information contained in this report is expressly qualified by this cautionary statement.

We currently have no reserves or resources as defined in Canadian National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities.

All dollar amounts are in United States dollars unless otherwise stated.