HOUSTON, June 15, 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 they were very
pleased by the significant support for the resolutions and nominees
put forward by the Concerned InterOil Shareholders at the annual
and special meeting of shareholders of InterOil held on
June 14, 2016 (the "Meeting"). In addition, the Concerned
InterOil Shareholders noted the positive response to their
presentation to InterOil shareholders in connection with a proposed
bid by Oil Search Limited and TOTAL, S.A. (the "Oil Search/TOTAL
Proposal"). The Concerned InterOil Shareholders believe the strong
demonstration of support of shareholders at the Meeting was a clear
message to the InterOil board of directors (the "Board") that
opposition to the Oil Search/TOTAL Proposal is building and that
shareholders deserve a transaction that offers full value for their
shares.
Approximately 39% of InterOil shares voted at the Meeting
supported the "Compensation Committee Charter Resolution", and over
31% of InterOil shares voted at the Meeting supported each of the
other resolutions put forward by the Concerned InterOil
Shareholders. In addition, over 35% of InterOil shares voted at the
Meeting opposed management's "New Plan Resolution," which gives the
Board the ability to grant new stock-based compensation.
"We thank our fellow shareholders for their extraordinary level
of support. It is clear to us that a substantial number of
institutional and individual shareholders share our frustration and
dissatisfaction with the Board. We are also gratified by the
response of our fellow InterOil shareholders to our recently
released presentation, and by the wave of opposition that continues
to build against the potential multi-billion shortfall in value
represented by the Oil Search/TOTAL Proposal. The results of the
Meeting demonstrate to us that the Board must heed the many voices
of shareholders demanding a better deal," said Mr. Mulacek.
Please review the Concerned InterOil Shareholders'
presentation, available at
www.ConcernedInterOilShareholders.com.
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 +1 (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