CALGARY, Alberta, Nov. 30, 2012 /PRNewswire/ - Equal Energy Ltd. (TSX: EQU) (NYSE: EQU) is further strengthening its presence in Oklahoma as part of the implementation of its recently-concluded strategic review.
The latest measures include relocating the technical leadership team from Calgary to Equal's existing office in Oklahoma City, and adding financial and other specialists focused on the US operations.
Under an agreement announced on November 27, 2012, Equal has sold the last of its western Canadian assets to Keystone Royalty Corp. Equal's principal remaining asset is the liquids-rich Hunton natural gas field in central Oklahoma. The Hunton field currently produces approximately 7,800 boe/d, and Equal has a strong history of drilling success in the play.
With the cessation of operations in Canada, Terry Fullerton, Senior VP, Exploration, is leaving the Company, effective November 30 th."Terry has made a valuable contribution to Equal over the past three years", Don Klapko, Equal's President and Chief Executive Officer, said. "During her time with us, she was largely focused on our Canadian operations, and was instrumental in identifying and developing the Lochend Cardium and Alliance Viking plays." Equal has begun a search to fill various senior positions in Oklahoma, notably in the exploration, engineering and finance functions. Both internal and external candidates will be considered. The Company's 2013 budget plans for a $36 million capital program providing production growth combined with a $0.20 per share annual dividend. "The strategic review and our plans for the future are based on a balanced and prudent approach", Mr. Klapko added. "We foresee an increase in commodity prices as the global economy improves, but we also need to be mindful of the risks involved in the volatile sector in which we operate".