HOUSTON, May 31, 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 Mr. Mulacek has
commenced a proceeding in the Supreme Court of Yukon 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,
supported by a back-in from TOTAL, S.A. ("TOTAL"), for all
of the outstanding shares of InterOil (the "Oil Search
Transaction").
"The Oil Search Transaction was announced on May 20, 2016, just weeks before the Meeting, at
which the current board of directors (the "Board") is up for
re-election. We are very concerned that shareholders are being
asked to vote on Board nominees without having the benefit of full
disclosure regarding the details about the Oil Search Transaction.
The InterOil Board has repeatedly cited the purported benefits of
the Oil Search Transaction to InterOil shareholders as a reason to
support re-election of the current Board members. However,
according to the arrangement agreement for the Oil Search
Transaction, the proxy circular in connection with the special
meeting of shareholders to approve the plan of arrangement is
required to be mailed only by June 30,
2016, two weeks after the Meeting is to be held.
Shareholders are entitled to review the full details contained
within the arrangement proxy circular to make informed decisions
about both the Oil Search Transaction and election of InterOil's
Board," said Mr. Mulacek.
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