OKLAHOMA CITY, Dec. 17, 2013 /CNW/ - Equal Energy Ltd. ("Equal" or the
"Company") (NYSE: EQU) (TSX: EQU) advises shareholders to take no
action regarding a news release issued yesterday by Montclair Energy
Equal will soon file a proxy statement which will provide additional
detail on the definitive agreement to be acquired by Petroflow Energy
Corporation and Petroflow Canada Acquisition Corp. (collectively
defined as "Petroflow") as announced on December 9, 2013. Included in
this proxy is information about the process and the rationale behind
the board's ultimate decision. In addition, the proxy statement will
include information that will directly address items raised by
Montclair and others.
As previously disclosed, Equal agreed to be acquired by Petroflow at a
price of US$5.43 per share. Equal advises shareholders that it believes
the process leading up to the agreement with Petroflow was extensive,
competitive and fair.
Under the process, a special committee comprised of independent
directors of Equal carefully reviewed all proposals, including
proposals submitted by Montclair. The board of directors, with input
from its expert financial and legal advisors, unanimously determined
that the Petroflow proposal provided the highest and best value to our
Global Hunter Securities acted as the primary financial advisor to Equal
in connection with the strategic alternatives process. Scotiabank also
provided certain advisory services to Equal. Stikeman Elliott LLP and
Dorsey & Whitney LLP acted as Canadian and US legal counsel,
respectively, to Equal.
Additional information and where to find it:
A copy of the Arrangement Agreement has been filed on the Securities and
Exchange Commission's website (www.sec.gov) and on the SEDAR website (www.sedar.com). Equal plans to file with the Securities and Exchange Commission
("SEC") and furnish to its shareholders a proxy statement in connection
with the proposed transaction, pursuant to which Petroflow will
purchase for cash all of the issued and outstanding common shares of
Equal. The proxy statement will contain important information about the
proposed merger and related matters. INVESTORS AND SHAREHOLDERS ARE
URGED TO READ THE PROXY STATEMENT CAREFULLY WHEN IT BECOMES AVAILABLE.
Equal and its directors and executive officers may be deemed to be
participants in the solicitation of proxies from the shareholders of
Equal in connection with the proposed transaction. Information
regarding the interests of these directors and executive officers in
the transaction described herein will be included in the proxy
statement described above. Additional information regarding these
directors and executive officers is also included in Equal's proxy
statement for its 2013 Annual and Special Meeting of Shareholders,
which was filed with the SEC on April 4, 2013. Investors and
shareholders will be able to obtain free copies of the forthcoming
proxy statement, past proxy statements and other documents filed with
the SEC by Equal through the website maintained by the SEC at www.sec.gov. In addition, investors and shareholders will be able to obtain free
copies of the proxy statement from Equal by telephone at (405)
242-6000, by mail at: Equal Energy Ltd., 4801 Gaillardia Pkwy, Suite
325, Oklahoma City, OK, Attn: Investor Relations or by going to Equal's
Investor Relations page on its corporate website at http://www.equalenergy.ca.
About Equal Energy:
Equal Energy is an oil and gas exploration and production company based
in Oklahoma City, Oklahoma. Our oil and gas assets are centered on the
Hunton liquids-rich natural gas property in Oklahoma. Our shares are
listed on the New York Stock Exchange and the Toronto Stock Exchange
under the symbol (EQU). Our convertible debentures are listed on the
Toronto Stock Exchange under the symbols EQU.DB.B.
Certain information in this press release constitutes forward-looking
statements under applicable securities law including statements
relating to the filing of Equal's proxy statement and the details
provided therein. 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 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 statement. Additional information on these
and other factors that could affect Equal's operations or financial
results are included in Equal's reports on file with Canadian and U.S.
securities regulatory authorities and may be accessed through the SEDAR
website (www.sedar.com), the SEC's website (www.sec.gov), Equal's website (www.equalenergy.ca) or by contacting Equal. Furthermore, the forward looking statements
contained in this press release are made as of the date of this press
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 law.
SOURCE: Equal Energy Ltd.
For further information:
President and CEO
Senior Vice President Finance and CFO
Alan Bayless or Trevor Zeck
Longview Communications Inc.