This Day On The Street
Continue to site right-arrow
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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Equal Energy Says Oklahoma Tornado Will Not Have Material Impact On Company; Announces Investor And Analyst Field Trip

Stocks in this article: EQU

OKLAHOMA CITY, OKLAHOMA, June 3, 2013 /PRNewswire/ - Equal Energy Ltd. (NYSE: EQU) (TSX: EQU.TO) today reported the effect on its operations of a tornado that occurred on Sunday, May 19, 2013. Specifically, Equal announced that its two field office buildings in Carney, Oklahoma were largely destroyed and that production was temporarily reduced. However, none of the company's employees or their families were injured. The company does not expect a material impact on its financial results.

Separately, Equal said it has posted to its website ( the  presentation from its recent Annual and Special Meeting of shareholders. Equal also announced that despite the tornado damage it intends to host a site visit at its Oklahoma facilities on June 25, 2013, for investors and analysts. Interested parties should notify Equal at or 405-242-6000 by June 10, 2013.

With regard to the May 19th tornado, Equal said five of its Carney-based employees who live in the community survived by sheltering in a safe room at one of Equal's two Carney buildings. Those employees also invited 19 family members and neighbors into the safe room, all of whom were uninjured. Equal extends its sympathy and support to those who suffered more severely from this tornado and others that touched down in Oklahoma and nearby states in mid-May.

"I'm very proud of the response by all of our Oklahoma employees, whose top priority was safety," said Don Klapko, President and Chief Executive Officer. "After the tornado passed they moved quickly to determine each others' whereabouts and well-being. They then assessed the extent of the damage to the producing assets and took steps to minimize any disruption to production. Within 48 hours of the storm they re-established a temporary field office using portable offices, they salvaged files and other materials from the damaged buildings, and they recovered and repaired field vehicles and other key assets. Thanks to their efforts, we are well positioned to carry on."

Equal expects that damage from the tornado will largely be covered by insurance. The determination of rebuilding costs remains subject to a number of factors, including an inspection by a structural engineer to determine if one of the two buildings may be partly salvageable and consultation with an architect. Based on preliminary information, Equal expects that it may be able to move back into permanent structures at Carney by the end of 2013 or early in 2014.

Equal estimates that tornado-related disruptions reduced May production by less than 100 barrels of oil equivalent per day (boe/d). Production was back to normal three days after the tornado and Equal remains on track to achieve its 2013 guidance of an average of 6,400 boe/d.

1 of 3

Select the service that is right for you!

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 18,075.85 +45.64 0.25%
S&P 500 2,090.58 +8.70 0.42%
NASDAQ 4,799.6290 +26.1570 0.55%

Brokerage Partners

Rates from

  • 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