HOUSTON, June 3, 2016 /PRNewswire/ -- The founding
shareholder, former chairman and Chief Executive Officer of
InterOil Corporation ("InterOil" or the "Company") (NYSE: IOC),
Phil Mulacek, and Petroleum
Independent & Exploration, LLC (together, the "Concerned
InterOil Shareholders"), announced today that the Supreme Court of
Yukon has agreed to hear argument
on an expedited basis on whether to postpone the annual and special
meeting of InterOil shareholders, currently scheduled for
June 14, 2016 (the "Meeting"), until
InterOil shareholders have had an opportunity to consider and vote
on the proposed bid by Oil Search Limited (ASX:OSH), supported
by a back-in from TOTAL, S.A. ("TOTAL"), for all of the outstanding
shares of InterOil (the "Oil Search Transaction").
According to Mr. Mulacek, on May 31,
2016, the Concerned InterOil Shareholders wrote to InterOil
to request the Company to postpone the Meeting, but InterOil has
not responded to the request or publicly announced that it had been
made. "We commenced this action because we are very concerned
that shareholders are being asked to vote on Board nominees at the
Meeting without having the benefit of full disclosure regarding the
details about the Oil Search Transaction," Mr. Mulacek said.
"Because the Meeting will be held in just 11 days, we asked the
court to make a special ruling to hear the matter sooner than
normal. Although InterOil opposed our request, the court
agreed to hear argument next Thursday, June
9, 2016, before the Meeting," Mr. Mulacek continued.
If the court rules in Mr. Mulacek's favor, the Meeting may be
postponed to a date after June 14,
2016.
Cautionary Statement Regarding Forward‐Looking
Statements:
This press release contains forward‐looking statements. All
statements contained in this filing that are not clearly historical
in nature or that necessarily depend on future events are
forward‐looking, and the words "anticipate," "believe," "expect,"
"estimate," "plan," and similar expressions are generally intended
to identify forward‐looking statements. These statements are based
on current expectations of the Concerned InterOil Shareholders and
currently available information. They are not guarantees of
future performance, involve certain risks and uncertainties that
are difficult to predict, and are based upon assumptions as to
future events that may not prove to be accurate. The Concerned
InterOil Shareholders do not assume any obligation to update any
forward‐looking statements contained in this press release.
Information Contact:
For additional information on this press release please contact
the Concerned InterOil Shareholders at +1 (832) 510-7028, or by
email at info@concernedinteroilshareholders.com
Shareholder Contact:
For assistance in voting your proxy, please contact Evolution
Proxy Inc., at 1-844-226-3222 toll-free in North America, or at 416-855-0238 outside of
North America (collect calls
accepted), or by e-mail at info@evolutionproxy.com
Media Contact:
Bayfield Strategy, Inc.
Riyaz Lalani
+1 (416) 907-9365
rlalani@bayfieldstrategy.com
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SOURCE Petroleum Independent & Exploration, LLC