InterOil Says Supreme Court Of Yukon Approves Pending Acquisition By Exxon Mobil

(RTTNews) - InterOil Corp. (IOC), an oil and gas business with a sole focus on Papua New Guinea, on Monday announced that, after the close of business on October 7, the Supreme Court of Yukon approved the pending transaction with Exxon Mobil Corp. (XOM), including finding that the transaction is fair and reasonable.

The decision of the Supreme Court of Yukon followed a contested hearing held on September 27.

Phil Mulacek, who contested the transaction at the previous court hearing, has filed a notice of appeal and requested a stay of the Supreme Court's decision pending such appeal.

InterOil said it intends to seek to have any appeal heard on an expedited basis, and InterOil and Exxon Mobil intend to close the transaction promptly following receipt of a favorable resolution.

It was in July that Exxon Mobil agreed to buy InterOil in a transaction worth more than $2.5 billion.