Exhibit 5

CERTIFICATIONS



I, Phil E. Mulacek, certify that:



| | 1. | I have reviewed this annual report on
                                                          Form 40-F of InterOil Corporation (the “issuer”);
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------



| | 2. | Based on my knowledge, this report does
                                                          not contain any untrue statement of a material fact or omit to state
                                                          a material fact necessary to make the statements made, in light of the
                                                          circumstances under which such statements were made, not misleading
                                                          with respect to the period covered by this report;
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 3. | Based on my knowledge, the financial
                                                          statements, and other financial information included in this report,
                                                          fairly present in all material respects the financial condition, results
                                                          of operations and cash flows of the issuer as of, and for, the periods
                                                          presented in this report;
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 4. | The issuer’s other certifying
                                                          officer and I are responsible for establishing and maintaining disclosure
                                                          controls and procedures (as defined in Exchange Act Rules 13a-15(e)
                                                          and 15d-15(e)) and internal control over financial reporting (as defined
                                                          in Exchange Act Rules 13a-15(f) and 15d-15(f) for the issuer and have:
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | a. | Designed such disclosure controls
                                                               and procedures, or caused such disclosure controls and procedures
                                                               to be designed under our supervision, to ensure that material information
                                                               relating to the issuer, including its consolidated subsidiaries,
                                                               is made known to us by others within those entities, particularly
                                                               during the period in which this report is being prepared;
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | b. | Designed such internal control
                                                               over financial reporting, or caused such internal control over
                                                               financial reporting to be designed under our supervision, to provide
                                                               reasonable assurance regarding the reliability of financial reporting
                                                               and the preparation of financial statements for external purposes
                                                               in accordance with generally accepted accounting principles;
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | c. | Evaluated the effectiveness of
                                                               the issuer’s disclosure controls and procedures and presented
                                                               in this report our conclusions about the effectiveness of the disclosure
                                                               controls and procedures, as of the end of the period covered by
                                                               this report based on such evaluation; and
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | d. | Disclosed in this report any change
                                                               in the issuer’s internal control over financial reporting
                                                               that occurred during the period covered by this annual report that
                                                               has materially affected, or is reasonably likely to materially
                                                               affect, the issuer’s internal control over financial reporting;
                                                               and
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 5. | The issuer’s other certifying
                                                          officer and I have disclosed, based on our most recent evaluation of
                                                          internal control over financial reporting, to the issuer’s auditors
                                                          and the audit committee of the issuer’s board of directors (or
                                                          persons performing the equivalent functions):
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | a. | All significant deficiencies and
                                                               material weaknesses in the design or operation of internal control
                                                               over financial reporting which are reasonably likely to adversely
                                                               affect the issuer’s ability to record, process, summarize
                                                               and report financial information; and
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | b. | Any fraud, whether or not material,
                                                               that involves management or other employees who have a significant
                                                               role in the issuer’s internal control over financial reporting.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Date: February 27, 2013 | /s/ Phil E. Mulacek    
|----------------------- | -----------------------
|                        | Phil E. Mulacek        
|                        | Chief Executive Officer