Jul 29 2010
Petrominerales Ltd. ("Petrominerales") (TSX:PMG), a 66% owned subsidiary of Petrobank Energy and Resources Ltd. (TSX:PBG), would like to announce that we have acquired 1,141,125 shares ("IOX Shares") of InterOil Exploration & Production ASA ("InterOil"), representing approximately 5.2% of the outstanding shares of InterOil.
The purchases of the IOX Shares were made on our behalf by ABG Sundal Collier Norge, through the facilities of the Oslo Bors Stock Exchange ("Oslo Bors"), during the period from July 14, 2010 to July 28, 2010. InterOil is an international petroleum company headquartered in Oslo, Norway, listed on the Oslo Bors under the symbol "IOX".
Petrominerales may continue to acquire additional IOX Shares through the facilities of the Oslo Bors. It is our intention that none of the IOX Shares acquired by Petrominerales will be tendered to the recent offer for IOX Shares made by West Face (Norway) AS (the "West Face Offer"). Our decision not to tender is based on our belief that the West Face Offer is highly conditional and has not been conducted through an open process, or in a manner that is advantageous to all of InterOil's stakeholders. The West Face Offer effectively results in the transfer of control of InterOil to its insiders and West Face and we believe that an open and independent enforcement process would be more favourable to all of InterOil's stakeholders.
Petrominerales may consider the examination and negotiation of various strategic alternatives to acquire the remaining shares of InterOil, or its Peruvian and Colombian assets, in a manner beneficial to all of InterOil's stakeholders. Further, as Petrominerales holds greater than 5% of the outstanding shares of InterOil, we plan to request an extraordinary general meeting ("Meeting") of InterOil shareholders to be held to consider the approval of a shareholder resolution to commence a public inquiry regarding the business, affairs and accounts of InterOil. Such a shareholder resolution would require the approval of 10% of the shares of InterOil voted at the Meeting to proceed.