International Petroleum Fails to Receive Range Resource Loan Finance

International Petroleum Limited, advises its shareholders that , since its announcement on 17 June 2013 , it has not received any additional funds from Range Resources Limited pursuant to the loan facility ( Loan ) provided by Range Resources to the Company. To date, the Company has received US$ 8million of the total US$15million loan funds from Range Resources pursuant to the Loan. The Company is also considering other plans to raise cash in order to pay its liabilities.

The Company remains in regular communication with Range Resources about the payment of the remaining balance of the Loan and its plans to merge with the Company by way of an off market takeover bid for the issued shares in the Company (refer ASX Announcement by Range Resources dated 17 June 20 13) and the exchange of due diligence information is continuing .

The Company will continue to keep its shareholders updated in relation to the receipt of funds pursuant to the Loan and the merger with Range Resources.