CALGARY, Alberta, March 25, 2013 /CNW/ - Equal Energy Ltd. (TSX: EQU)
(NYSE: EQU) ("Equal") confirms that it is aware of a public
announcement by Montclair Energy, LLC ("Montclair") today with respect
to its prior unsolicited and conditional proposal dated February 27,
2013 to acquire all of the common shares of Equal (the "Proposal").
In response to Equal's receipt of the afore-mentioned Proposal and a
number of verbal non-binding and conditional expressions of interest
for a potential transaction, the board of directors of Equal formed a
special committee (the "Special Committee") of independent directors in
early March to investigate and evaluate all proposals presented to
Equal. Global Hunter Securities, LLC and Scotia Waterous Inc. were
engaged as financial advisors to assist the Special Committee. The
Special Committee, with the assistance of its financial and legal
advisors, intends to consider such expressions of interest in a
deliberate and thoughtful manner with a view to the best interests of
Equal before undertaking any specific course of conduct. Equal did not
intend to disclose, nor will it disclose further, developments with
respect to the process being undertaken by the Special Committee unless
and until the board of directors has approved a definitive transaction.
Equal has engaged in discussions with a number of potential suitors,
including Montclair, to understand the terms and conditions of their
expressions of interest and the value proposition they represent.
Montclair's unsolicited and conditional proposal was rejected, as
Montclair requested a response prior to the completion of the Special
Committee's process. Equal would be pleased to consider further
proposals from Montclair as part of the Special Committee's process.
There is no assurance that the Special Committee's process will result
in the receipt of a definitive proposal and, if received, that such
proposal will be recommended by the Special Committee or the board of
directors or that such proposal will be implemented.
About Equal Energy:
Equal Energy is an oil and gas exploration and production company based
in Calgary, Alberta, with its United States operations office located
in Oklahoma City, Oklahoma. Our common shares and
convertible debentures are listed on the Toronto Stock Exchange under
the symbols (EQU, EQU.DB.B), and our common shares are listed on the
New York Stock Exchange under the symbol (EQU). Our oil and gas assets
are centered on the Hunton liquids‐rich natural gas property in
Certain information in this press release constitutes forward-looking
statements under applicable securities law including with respect to the Proposal, the Special Committee process
and the potential approval of a definitive transaction. Any statements
that are contained in this press release that are not statements of
historical fact may be deemed to be forward-looking statements.
Forward-looking statements are often identified by terms such as "may,"
"should," "anticipate," "expects," "seeks" and similar expressions.
Forward-looking statements necessarily involve known and unknown risks.
Readers are cautioned that the foregoing list of factors is not
Readers are cautioned not to place undue reliance on forward-looking
statements as there can be no assurance that the plans, intentions or
expectations upon which they are placed will occur. Such information,
although considered reasonable by management at the time of
preparation, may prove to be incorrect and actual results may differ
materially from those anticipated forward-looking statements contained
in this press release are expressly qualified by this cautionary
The forward looking statements contained in this news release are made
as of the date of this news release, and Equal does not undertake any
obligation to update publicly or to revise any of the included
forward-looking statements, whether as a result of new information,
future events or otherwise, except as expressly required by securities
SOURCE: Equal Energy Ltd.
For further information:
President & CEO - Equal Energy Ltd.
(403) 536‐8373 or (877) 263‐0262