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Exhibit 2




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TABLE OF CONTENTS
 PageARTICLE I. DEFINITIONS
    
    
    1Section 1.1 Definitions
    
    
    1Section 1.2 Accounting Procedures and Interpretation
    
    
    4ARTICLE II. SALE AND PURCHASE
    
    
    4Section 2.1 Sale and Purchase
    
    
    4Section 2.2 Closing
    
    
    5Section 2.3 Respective Obligations
    
    
    5ARTICLE III. REPRESENTATIONS AND WARRANTIES OF THE COMPANY
    
    
    5Section 3.1 Existence
    
    
    5Section 3.2 Capitalization and Valid Issuance of Purchased Common Shares
    
    
    6Section 3.3 Company SEC Documents
    
    
    7Section 3.4 No Material Adverse Change
    
    
    7Section 3.5 Litigation
    
    
    8Section 3.6 No Breach
    
    
    8Section 3.7 Authority
    
    
    8Section 3.8 Approvals
    
    
    9Section 3.9 Investment Company Status
    
    
    9Section 3.10 Offering
    
    
    9Section 3.11 Certain Fees
    
    
    9Section 3.12 No Side Agreements
    
    
    9Section 3.13 Internal Accounting Controls
    
    
    9Section 3.14 Preemptive Rights or Registration Rights
    
    
    10Section 3.15 Insurance
    
    
    10Section 3.16 Acknowledgment Regarding Purchase of Purchased Common Shares
    
    
    10Section 3.17 Anti-Takeover Laws
    
    
    10Section 3.18 Compliance with Laws
    
    
    10Section 3.19 Tax Matters
    
    
    11Section 3.20 Title to Assets
    
    
    11ARTICLE IV. REPRESENTATIONS AND WARRANTIES OF EACH PURCHASER
    
    
    11Section 4.1 Valid Existence
    
    
    11Section 4.2 No Breach
    
    
    12Section 4.3 Investment
    
    
    12Section 4.4 Nature of Purchaser
    
    
    12Section 4.5 Receipt of Information; Authorization
    
    
    13Section 4.6 Restricted Securities
    
    
    13Section 4.7 Certain Fees
    
    
    13Section 4.8 Legend
    
    
    13Section 4.9 No Side Agreements
    
    
    14ARTICLE V. COVENANTS
    
    
    14Section 5.1 Subsequent Offerings
    
    
    14Section 5.2 Purchaser Lock-Up
    
    
    14Section 5.3 Taking of Necessary Action
    
    
    15
 1




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PageSection 5.4 Non-Disclosure; Interim Public Filings
    
    
    15Section 5.5 Use of Proceeds
    
    
    15Section 5.6 Facilities and Due Diligence Fee
    
    
    15ARTICLE VI. CLOSING DELIVERIES
    
    
    16Section 6.1 Company Deliveries
    
    
    16Section 6.2 Purchaser Deliveries
    
    
    16ARTICLE VII. INDEMNIFICATION, COSTS AND EXPENSES
    
    
    16Section 7.1 Indemnification by the Company
    
    
    16Section 7.2 Indemnification by the Purchasers
    
    
    17Section 7.3 Indemnification Procedure
    
    
    17ARTICLE VIII. MISCELLANEOUS
    
    
    18Section 8.1 Interpretation
    
    
    18Section 8.2 Survival of Provisions
    
    
    18Section 8.3 No Waiver; Modifications in Writing
    
    
    18Section 8.4 Binding Effect; Assignment
    
    
    19Section 8.5 Aggregation of Purchased Common Shares
    
    
    19Section 8.6 Confidentiality and Non-Disclosure
    
    
    19Section 8.7 Communications
    
    
    19Section 8.8 Removal of Legend
    
    
    21Section 8.9 Entire Agreement
    
    
    21Section 8.10 Governing Law
    
    
    21Section 8.11 Jurisdiction
    
    
    21Section 8.12 Jury Trial
    
    
    22Section 8.13 Execution in Counterparts
    
    
    22Section 8.14 Expenses
    
    
    22Section 8.15 Recapitalization, Exchanges, Etc. Affecting the Purchased Common Shares
    
    
    22Section 8.16 Obligations Limited to Parties to Agreement
    
    
    22
 2




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COMMON SHARE PURCHASE AGREEMENT
 Agreement Company Schedule 2.1 Purchaser Purchasers
    ARTICLE I.
DEFINITIONS
 Section 1.1 Definitions.
 6-K Filing Section 5.4.
 Action
 Affiliate
 Agreement
 Basic Documents
 1




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Business Day
 Closing Section 2.2
 Closing Date Section 2.2
 Code
 Commission
 Commitment Amount Section 2.1
 Common Share Price Section 2.1(b)
 Common Shares
 Company
 Company Financial Statements Section 3.3
 Company Material Adverse Effect
 Company Organizational Document
 Company Organizational Law
 Company SEC Documents Section 3.3
 Equity Interests
 Exchange Act
 2




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GAAP
 Governmental Authority
 Indemnified Party Section 7.1
 Indemnifying Party Section 7.3
 Law
 Lien
 Lock-Up Date
 Party Parties
 Person
 Property
 Purchase Price
 Purchased Common Shares
 Purchaser
 Purchaser Material Adverse Effect
 3




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Purchasers
 Registration Rights Agreement Exhibit A
 Representatives
 Securities Act
 Shareholders
 Stock Exchange
 Subsidiary
 Section 1.2 Accounting Procedures and Interpretation.
 ARTICLE II.
SALE AND PURCHASE
 Section 2.1 Sale and Purchase. Schedule 2.1 Section 2.1(b)
 4




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Common Shares. Schedule 2.1
 Consideration. Common Share Price
 Section 2.2 Closing. Closing Closing Date
 Section 2.3 Respective Obligations.
 ARTICLE III.
REPRESENTATIONS AND WARRANTIES OF THE COMPANY
  Section 3.1 Existence.
 5




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Section 3.2 Capitalization and Valid Issuance of Purchased Common Shares.
   Schedule 3.2(c)
  6




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Section 3.3 Company SEC Documents. Company SEC Documents Schedule 3.3 Company Financial Statements
 Section 3.4 No Material Adverse Change.
 7




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Section 3.5 Litigation.
 Section 3.6 No Breach. Section 3.6
 Section 3.7 Authority.
 8




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Section 3.8 Approvals. Schedule 3.8
 Section 3.9 Investment Company Status.
 Section 3.10 Offering.
 Section 3.11 Certain Fees. Schedule 3.11
 Section 3.12 No Side Agreements.
 Section 3.13 Internal Accounting Controls.
 9




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Section 3.14 Preemptive Rights or Registration Rights. Schedule 3.14
 Section 3.15 Insurance.
 Section 3.16 Acknowledgment Regarding Purchase of Purchased Common Shares.
 Section 3.17 Anti-Takeover Laws.
 Section 3.18 Compliance with Laws.
 10




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Section 3.19 Tax Matters.
 Section 3.20 Title to Assets.
 ARTICLE IV.
REPRESENTATIONS AND WARRANTIES OF EACH PURCHASER
  Section 4.1 Valid Existence.
 11




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Section 4.2 No Breach. Section 4.2
 Section 4.3 Investment.
 Section 4.4 Nature of Purchaser.
 12




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Section 4.5 Receipt of Information; Authorization.
 Section 4.6 Restricted Securities.
 Section 4.7 Certain Fees.
 Section 4.8 Legend.
 13




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Section 4.9 No Side Agreements.
 ARTICLE V.
COVENANTS
 Section 5.1 Subsequent Offerings. EPNG
 Section 5.2 Purchaser Lock-Up. provided, however Section 5.2
 14




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Section 5.3 Taking of Necessary Action.
 Section 5.4 Non-Disclosure; Interim Public Filings. 6-K Filing Section 5.4 6-K
 Section 5.5 Use of Proceeds.
 Section 5.6 Facilities and Due Diligence Fee.
 15




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ARTICLE VI.
CLOSING DELIVERIES
 Section 6.1 Company Deliveries.
 Section 4.8
      Section 6.2 Purchaser Deliveries.
  Exhibit A
 ARTICLE VII.
INDEMNIFICATION, COSTS AND EXPENSES
 Section 7.1 Indemnification by the Company.
 16




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Section 7.2 Indemnification by the Purchasers.
 Section 7.3 Indemnification Procedure. Indemnified Party Indemnifying Party provided however
 17




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ARTICLE VIII.
MISCELLANEOUS
 Section 8.1 Interpretation.
 Section 8.2 Survival of Provisions.
 Section 8.3 No Waiver; Modifications in Writing.
 Delay.
 Specific Waiver.
 18




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Section 8.4 Binding Effect; Assignment.
 Binding Effect. Article VII
 Assignment of Purchased Common Shares. Section 5.2
 Assignment of Rights. Section 8.4(c)
 Section 8.5 Aggregation of Purchased Common Shares.
 Section 8.6 Confidentiality and Non-Disclosure.
 Section 8.7 Communications.
 19




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phil.mulacek@interoil.com mark.laurie@interoil.com
  guy.young@haynesboone.com
  
  
  20




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Section 8.8 Removal of Legend. Section 4.8 Section 4.8 Section 8.7
 Section 8.9 Entire Agreement.
 Section 8.10 Governing Law.
 Section 8.11 Jurisdiction.
 21




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Section 8.12 Jury Trial.
 Section 8.13 Execution in Counterparts.
 Section 8.14 Expenses.
 Section 8.15 Recapitalization, Exchanges, Etc. Affecting the Purchased Common Shares.
 Section 8.16 Obligations Limited to Parties to Agreement.
 22




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INTEROIL CORPORATIONBy:
    
    Phil E. MulacekName:
    
    Phil E. MulacekTitle:
    
    Chief Executive Officer




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ASSET PROTECTION FUND LTD.By:
    
    David DawesName:
    
    David DawesTitle:
    
    Director




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BANK SAL. OPPENHEIM JR. & CIE.(SWITZERLAND)By:
    
    C. Nestel
    
    B. AchermannName:
    
    C. Nestel
    
    B. AchermannTitle:
    
    Director
    
    Comm. Mandatory




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Purchaser
    
    Number of Common Shares
    
    Commitment AmountASSET PROTECTION FUND LTD.
    
    
    215,703
    
    
    $
    4,999,995.54BANK SAL. OPPENHEIM JR. & CIE.
(SWITZERLAND)
    
    
    215,703
    
    
    $
    4,999,995.54TOTAL
    
    
    431,406
    
    
    $
    9,999,991.08




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Exhibit A




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FIRST AMENDMENT TO COMMON SHARE PURCHASE AGREEMENT
 First Amendment Company Initial Purchasers Clarion Purchasers Purchaser
 RECITALS
 Agreement
 Section 8.3(b)
    AGREEMENT
    Section 1.1
 Clarion




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Initial Purchasers
 Subsequent Closing Date Section 2.4.
 Subsequent Placement Section 2.4.
 Subsequent Purchasers
 Subsequent Shares Section 2.4.
 Section 1.1
 Purchased Common Shares
 Lock-Up Date
 Section 2.4:
 Section 2.4 Subsequent Placement. Subsequent Closing Date Subsequent Shares Subsequent Placement Schedule 2.4 Schedule 2.4. Schedule 2.4.
 Schedule 2.4
 ARTICLE III
 2




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ARTICLE IV
  Section 6.3:
 Section 6.3 Deliveries for Subsequent Placement.
 Section 4.8) Schedule 2.4
   Exhibit B
  Section 8.7:
  
 3




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FO@atu.li
  
     [Signature page follows]
 4




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INTEROIL CORPORATIONBy:
    
    Phil E. MulacekName:
    
    Phil E. MulacekTitle:
    
    Chief Executive Officer




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ASSET PROTECTION FUND LTD.By:
    
    David DawesName:
    
    David DawesTitle:
    
    Director




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BANK SAL. OPPENHEIM JR. & CIE.(SWITZERLAND)By:
    
    C. Nestel
    
    B. AchermannName:
    
    C. Nestel
    
    B. AchermannTitle:
    
    Director
    
    Comm. Mandatory




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CLARION FINANZ A.G.By:
    
    Carlo CivelliName:
    
    Carlo CivelliTitle:
    
    Director




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Schedule 2.4
 
 Subsequent Purchaser
    
    Number of Common Shares
    
    Commitment AmountASSET PROTECTION FUND LTD.
    
    
    323,554
    
    
    $
    7,499,981.72CLARION FINANZ A.G.
    
    
    323,554
    
    
    $
    7,499,981.72TOTAL
    
    
    647,108
    
    
    $
    14,999,963.44




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Exhibit B




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AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT
 Agreement Company Purchaser Purchasers
 W
I T N E S S E
T H:
 Purchase Agreement Common Shares Purchased
Common Shares
     Certain Definitions
 Business Days
 Closing Closing Date
 Commission SEC
 Holder Holders




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1934 Act
 Person
 register, registered registration
 Registrable Securities
 Registration Expenses
 Registration Statement
 Registration Statement/Prospectus
 Regulation D
 Rule 144(k) 
 Securities Act Act
 Selling Expenses
 2




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Selling Holder
 Registration Requirements
  Registration Statement Canadian Prospectus Registration
Statement/Prospectus Effectiveness Deadline
 3




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4




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Interfering Events
     Delay in Effectiveness of Registration Statement/Prospectus
 Registration Default Liquidated Damages
 5




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Delay Rights provided however
 6




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Grace
Suspension Period
 No Listing; Suspension of Class of Shares
 Approved Markets Listing Period Effectiveness Commencement Date
  Cumulative Remedies
 Maximum Liquidated Damages
 7




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8




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9




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Advice
  Expenses of Registration.
 10




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Registration
 Registration Period. Registration
Period
 Indemnification
 Company Indemnity
 11




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Holder Indemnity
 Procedure Indemnified
Party Indemnifying
Party
 12




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Contribution
   Survival
 Information by Holders.
 13




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Replacement Certificates
 Transfer or Assignment
 Reports Under The 1934 Act
 14




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Rule 144
    Miscellaneous
 Remedies
 Jurisdiction
 Notices
 15




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phil.mulacek@interoil.com mark.laurie@interoil.com
  guy.young@haynesboone.com bill.nelson@haynesboone.com
  
  christof.nestel@oppenheim.ch
  16




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Clarion Finanz A.G.Gerberasse 5P.O. Box 7427, CH-8023Zurich, SwitzerlandAttention:Telephone:Facsimile:Email:
   Execution in Counterpart.
 Signatures
 Entire Agreement; Amendment
 Governing Law.
 Jury Trial.
 17




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Titles
 No Strict Construction
 Restatement of Prior Agreement
 [Signature Page Follows]
 18




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IN WITNESS WHEREOF
 INTEROIL CORPORATIONBy:
Name:
Title:
    
    Phil E. Mulacek
Phil E. Mulacek
Chief Executive Officer




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ASSET PROTECTION FUND LTD.By:
Name:
Title:
    
    David Dawes
David Dawes
Director




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BANK SAL. OPPENHEIM JR. & CIE.
(SWITZERLAND)By:
    
    C. Nestel
    
    B. AchermannName:
    
    C. Nestel
    
    B. AchermannTitle:
    
    Director
    
    Comm. Mandatory




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CLARION FINANZ A.G.By:
Name:
Title:
    
    Carlo Civelli
Carlo Civelli
Director




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Schedule I
 Name of Purchaser
    
    Contact InformationASSET PROTECTION FUND LTD.
    
    Asset Protection Fund Ltd.3076 Sir Francis Drakes HighwayP.O. Box 3463Road Town, Tortola, B.V.IAttention: David DawesTelephone: +423 237 34 34Facsimile: +423 237 34 60Email: FO@atu.liBANK SAL. OPPENHEIM JR. & CIE.

(SWITZERLAND)
    
    Bank Sal. Oppenheim jr. & Cie. (Switzerland)
Uraniastrasse 288022 ZürichSwitzerlandAttention: Mr. Christoph NestelTelephone: +41 44 214 22 86Facsimile: +44 214 22 71Email: christof.nestel@oppenheim.chCLARION FINANZ A.G.
    
    Clarion Finanz A.G.Gerberasse 5P.O. Box 7427, CH-8023Zurich, SwitzerlandAttention:Telephone:Facsimile:Email: