HOUSTON, May 31, 2016 - 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.
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