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 LLC ("Montclair").
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 shareholders.
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.
Forward-looking Statements:
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.