InterOil Corp. (IOC) Updates on Court of Appeal Process Related to ExxonMobil (XOM) Litigation; Says Hearing Will be Expedited

October 20, 2016 6:08 AM EDT

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InterOil Corporation (NYSE: IOC) provided an update on the court approval process regarding the pending transaction with ExxonMobil Corporation (NYSE: XOM). Today, the Court of Appeal of the Yukon has accommodated an expedited hearing with respect to the appeal lodged by Phil Mulacek, which is scheduled to be heard on October 31, 2016.

In addition, the Court of Appeal of Yukon granted a stay of the Supreme Court of Yukon's order approving the transaction, pending the hearing.

InterOil continues to believe that the transaction represents compelling value for all InterOil shareholders and will vigorously oppose Mr Mulacek's appeal. InterOil and ExxonMobil intend to close the transaction promptly following receipt of a favorable resolution.

As previously announced, the Supreme Court of Yukon approved the transaction on October 7, 2016, finding that it is fair and reasonable.

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