International Petroleum Limited 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 ('Range') announced 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.

Tags: International Petroleum Limited