OKLAHOMA CITY, May 16, 2013 /CNW/ - Equal Energy Ltd. (NYSE: EQU)
(TSX:EQU.TO) is pleased to announce the appointment of Michael Doyle as
Chairman. Equal thanks Dan Botterill, the previous Chairman who did not
stand for re-election and two other outgoing directors also not
standing for re-election, Roger Giovanetto and Peter Carpenter, for
their dedicated service.
At the Annual and Special Meeting of Shareholders, held on May 13, 2013,
all seven director nominees were elected by a majority of votes cast,
including four incumbents and three new directors. Shareholders voted
against three proposals put forward by the company, including a bylaw
amendment requiring advance notice of nominations to the Board. That
bylaw, which took effect on January 24, 2013 after approval by the
Board, has been repealed as a result of the vote and the minimum quorum
for future shareholder meetings will revert back to two shareholders
holding not less than 5% of the votes.
"The overall voting results reinforce comments we have heard that
shareholders are frustrated," said Michael Doyle, Chairman. "The
message has been received and we will endeavor to respond by enhancing
communications between shareholders and the Board of Directors, and by
reaching out more actively to the financial community."
New Shareholder Communications Policy
As part of the Board's intention to provide open communication with its
shareholders, Equal is developing a formal shareholder communications
policy. Among other things, Equal intends to establish a new website
contact form for shareholder communications with the Board on
governance issues and other matters within the Board's purview.
Equal is also considering communications initiatives such as a webcast
quarterly conference call with investors to respond to questions, and
an open house for investors and analysts at our Hunton property to
raise Equal's profile.
Below is the composition of Equal's four regular Board committees. All
members on all committees are independent as defined under both US and
Canadian securities legislation.
Audit Committee - Victor Dusik (Chair), Lee Canaan, Michael Coffman
Compensation Committee - Victor Dusik (Chair), Michael Coffman, Michael
Governance and Nominating Committee - Michael Doyle (Chair), Kyle
Travis, Robert Wilkinson
Reserves & HSE Committee - Kyle Travis (Chair), Lee Canaan, Robert
Vote Results for Directors
The detailed results of the vote for the election of directors are set
Vote Results on Other Matters
Other matters before the meeting are described more fully in the
Management Information Circular dated April 9, 2013. Shareholders voted
for the appointment of KPMG LLP as auditors and voted against a
proposed amendment to the articles of Equal to permit a stock dividend
if the Company so chooses, and against a proposal to approve the
issuance of unallocated entitlements under each of Equal's Stock Option
Plan and Restricted Share and Performance Plan.
A majority of shareholders voted against a non-binding advisory on
executive compensation and for annual voting regarding the frequency of
advisory votes on executive compensation.
Additional details of voting results for the meeting are available on
the US filing system EDGAR and on the Canadian filing system SEDAR.
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 symbol EQU.DB.B.
Certain information in this press release constitutes forward-looking
statements under applicable securities law including the reduction of
costs, future hedging activities, the payment of dividends and the
development of a new shareholder communications policy and program.
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
Forward-looking statements necessarily involve known and unknown risks,
such as risks associated with oil and gas production; marketing and
transportation; loss of markets; volatility of commodity prices;
currency and interest rate fluctuations; imprecision of reserve and
future production estimates; environmental risks; competition;
incorrect assessment of the value of acquisitions; failure to realize
the anticipated benefits of dispositions; inability to access
sufficient capital from internal and external sources; changes in
legislation, including but not limited to income tax, environmental
laws and regulatory matters. Readers are cautioned that the foregoing
list of factors is not exhaustive.
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
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
(403) 536-8373 or (877) 263-0262
VP and CFO