InterOil to pay $12 million to settle a dispute of an oil refinery sale

InterOil settles dispute over refinery sale

HOUSTON — Oil and gas producer InterOil Corp. said Tuesday that it has agreed to a $12 million settlement in a dispute over the sale of an oil refinery.

InterOil said it will issue 199,667 shares of stock, valued at roughly $12 million, to members of a partnership that bought a modular oil refinery that was eventually sold to a subsidiary of InterOil. The group had sought $125 million in the case in a Texas court.

InterOil did not admit any wrongdoing in the settlement, which is subject to final court approval. The shares would be expected to be issued during October, and expensed by InterOil in the third quarter.

InterOil shares rose $1.89, or 3.3 percent, to close at $58.75.