This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Equal Announces Bankruptcy Court's Issuance Of Order Regarding December 2010 Hearing

EQU: TSX, NYSE



CALGARY, AB, March 9, 2011 /PRNewswire/ - As an update to its press release of January 25, 2011, relating to preliminary findings of fact and conclusions of law, Equal Energy Ltd. ("Equal" or "the Company") hereby announces that Judge Christopher S. Sontchi of the United States Bankruptcy Court for the District of Delaware (the "Court") has issued an Order (the "Order") in furtherance of the Court's findings regarding the trial held before the Court from December 15 to 17, 2010 involving certain agreements between the Company or certain of its subsidiaries and Petroflow Energy Ltd. or certain of its subsidiaries ("Petroflow"). The Order quantifies certain material financial obligations owed by Equal to Petroflow, which were provided for in the Court's earlier findings and conclusions. The extent and amount of Equal's claims against Petroflow must still be finalized in order to quantify its set-off rights and the net amount of the potential liability. The Company does not know when a full and final determination of its financial exposure to Petroflow will be made or whether such final determination will, in fact, have a material financial affect on the Company. Thus the Company has been advised that, at this time no payments are required to be made to Petroflow under the Order. The Company is working diligently with its legal counsel to determine what its legal rights are in terms of challenging the Order, including an appeal and with its auditors to determine the effect on the Company's financial statements.

Don Klapko, President and Chief Executive Officer of Equal said, "While the Court's rulings, if upheld, may point to exposure for the Company that is somewhat above our original expectation, we remain optimistic that once the matter is finally resolved the financial impact to Equal will not be material. Furthermore, the Order does not affect our drilling plans in the Hunton play and we still anticipate drilling 4 to 6 Hunton wells over the remainder of 2011."



1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,171.69 -108.05 -0.63%
S&P 500 1,991.54 -18.86 -0.94%
NASDAQ 4,514.5670 -65.2220 -1.42%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs