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Equal Energy Responds To Unsolicited Proposal

Stocks in this article: EQU

CALGARY, Alberta, March 25, 2013 /PRNewswire/ - Equal Energy Ltd. (TSX: EQU) (NYSE: EQU) ("Equal") confirms that it is aware of a public announcement by Montclair Energy, LLC ("Montclair") today with respect to its prior unsolicited and conditional proposal dated February 27, 2013 to acquire all of the common shares of Equal (the "Proposal").

In response to Equal's receipt of the afore-mentioned Proposal and a number of verbal non-binding and conditional expressions of interest for a potential transaction, the board of directors of Equal formed a special committee (the "Special Committee") of independent directors in early March to investigate and evaluate all proposals presented to Equal.  Global Hunter Securities, LLC and Scotia Waterous Inc. were engaged as financial advisors to assist the Special Committee.  The Special Committee, with the assistance of its financial and legal advisors, intends to consider such expressions of interest in a deliberate and thoughtful manner with a view to the best interests of Equal before undertaking any specific course of conduct. Equal did not intend to disclose, nor will it disclose further, developments with respect to the process being undertaken by the Special Committee unless and until the board of directors has approved a definitive transaction.

Equal has engaged in discussions with a number of potential suitors, including Montclair, to understand the terms and conditions of their expressions of interest and the value proposition they represent.  Montclair's unsolicited and conditional proposal was rejected, as Montclair requested a response prior to the completion of the Special Committee's process.  Equal would be pleased to consider further proposals from Montclair as part of the Special Committee's process.

There is no assurance that the Special Committee's process will result in the receipt of a definitive proposal and, if received, that such proposal will be recommended by the Special Committee or the board of directors or that such proposal will be implemented.

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