INTL PETR ADR : Potential Sale of Russian Assets

NSX Announcement
24 July 2013

Potential sale of Russian assets for cash consideration

ABN: 76 118 108 615

Corporate Office

32 Harrogate Street

West Leederville, WA 6007

P.O. Box 1385

West Leederville, WA 6901

T [phone]

F [phone]

E [e-mail]
W www.internationalpetroleum.com.au

International Petroleum Limited (NSX: IOP) ("International Petroleum" or the "Company") announces that it is in discussions with a third party concerning a potential sale of its Russian assets for cash consideration
("Asset Sale") to accelerate the resolution of its indebtedness position and finance its exploration for oil and gas and working capital.
On 24 April 2013, Range Resources Limited (ASX: RRS, AIM: RRL) ("Range") announced ("RRS Announcement") its intention to undertake a strategic merger to acquire all of the issued shares in International Petroleum ("Merger") by offering three Range shares for every two International Petroleum shares ("Offer").
On 17 June 2013, Range announced that the Offer is likely to be conducted as an off-market takeover offer by Range to International Petroleum shareholders.
The Company has informed Range of the status of the Asset Sale discussions and Range has indicated that it remains interested to pursue the Merger transaction once the terms of the Asset Sale have been confirmed.
The Company requests that trading in its shares remains suspended until the Asset Sale is agreed.
The Company will continue to update shareholders in relation to the Asset Sale and Merger transactions. Yours faithfully
Tony Sage

Non-Executive Chairman

24 July 2013 - 2 -

For further information, please contact:

Tony Sage Non-Executive Chairman International Petroleum Limited Ph: [phone]	Chris Hopkinson Chief Executive Officer International Petroleum Limited Ph: [phone]	Claire Tolcon Company Secretary International Petroleum Limited Ph: [phone]
David Tasker Professional Public Relations Ph: [phone]/ [phone] Em: [e-mail]	Eloise von Puttkammer Investor Relations International Petroleum Limited Ph: [phone]

About International Petroleum

International Petroleum is an oil and gas exploration and production company. The Company is listed on the National Stock Exchange of Australia (NSX: IOP).
The Company owns:
1. a 100% equity interest in a licence over the Zapadno-Novomolodezhny field for geological study of subsoil, prospecting and extraction of oil and gas in the Khanty-Mansiysk Autonomous Region in Western Siberia, the largest oil-producing region of Russia (the "Zapadno-Novomolodezhny Project").
2. a 100% equity interest in a licence over the Yuzhno-Sardakovsky field for geological study of subsoil, prospecting and extraction of oil and gas in the Khanty-Mansiysk Autonomous Region in Western Siberia (the "Yuzhno-Sardakovsky Project").
3. a 100% equity interest in a licence over the Yanchinsky block for geological study of subsoil and prospecting for oil and gas in the Khanty-Mansiysk Autonomous Region in Western Siberia (the "Yanchinsky Project").
4. a 75% equity interest in two production licences for the Vostochno-Kamskoye oilfield and the Yanlotskoye oilfield, covering a total area of 161 km², and in the exploration rights to four blocks, covering a total area of 1,467 km², located in the Khanty-Mansiysk Autonomous Region in Western Siberia (the "Krasnoleninsky Project").
5. a 75% equity interest in an exploration licence in the Tomsk region of Western Siberia (the "Tomsk

Exploration Licence" or the "Druzhny Project").

6. a 50% interest in an early stage project covering 24,649 km2 in eastern Kazakhstan (the "Alakol

Project"), which borders the western boundary of the People's Republic of China.

7. a 100% interest in four production sharing contracts and four Exclusive Exploration Authorisations relating to four blocks in the Republic of Niger known as Manga 1, Manga 2, Aborak and Ténéré Ouest (the "Niger Project").
Whilst the Company is focused on exploration at its existing projects in Russia, Kazakhstan and Niger, it continues to review other companies and areas, such as Russia and Africa, for opportunities to acquire additional exploration and/or production projects.