Concerned InterOil Shareholders Commence Legal Proceedings to Postpone InterOil Annual and Special Meeting Until After Vote on Oil Search/TOTAL Proposal

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 [email protected]

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 [email protected]

Media Contact:

Bayfield Strategy, Inc.
Riyaz Lalani
+1 (416) 907-9365
[email protected] 

SOURCE Petroleum Independent & Exploration, LLC