InterOil Corp. founder and former CEO Phil Mulacek and another shareholder nominated him, and four other people, to the oil and gas company's board.

InterOil, which reported a bigger-than-expected quarterly loss on May 13, said it was reviewing the nominations. Reuters reported that the company's statement referred to Mulacek and the four other nominees as "handpicked."

Mulacek, CEO of InterOil from its inception in 1997, retired from the post in 2013.

Mulacek and some other shareholders, who collectively own about 7.6% of InterOil, said in a statement that "the incumbent board has presided over a massive destruction of shareholder value."

Up to May 12's close, the Papua New Guinea-focused company's shares had fallen more than 38% in the last 12 months.

However, InterOil said it was confident about enhancing shareholder value by implementing its strategic plans, including completing the appraisal of the Elk and Antelope fields to draw LNG from Papua New Guinea's biggest undeveloped gas deposit.

InterOil reported a net loss of $17 million, or 34 cents per share, for the first quarter ended March 31. Analysts on average had expected a loss of 31 cents per share.