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Equal Energy Confirms Renewed Interest From Montclair Energy

OKLAHOMA CITY, Aug. 15, 2013 /PRNewswire/ - Equal Energy Ltd. (NYSE:EQU) (TSX:EQU.TO) would like to confirm that following the close of markets on August 14, 2013 it received a non-binding expression of interest (the "New Proposal") from Montclair Energy, LLC ("Montclair"). The New Proposal became publicly available as a result of the amended Schedule 13D filing made this morning by certain affiliates of Montclair. The New Proposal revises Montclair's previous unsolicited and conditional expression of interest dated February 27, 2013, which is discussed in our press release of March 25, 2013 (the "March Release"). Consistent with our process disclosed in the March Release, the Special Committee of Equal, along with its financial and legal advisors, is considering the New Proposal in a deliberate and thoughtful manner with a view to the best interests of Equal.  There is no assurance that the New Proposal will result in a definitive agreement or will be implemented.

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 announcements surrounding the strategic alternatives reviews and the New Proposal. 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.

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