Sept. 10, 2013
/PRNewswire/ - Equal Energy Ltd. (NYSE:EQU) (TSX:EQU.TO) confirms that following the close of markets on
September 6, 2013
, Equal received a revised non-binding conditional expression of interest (the "Revised Proposal") from Montclair Energy, LLC ("Montclair") to acquire all of the outstanding shares of Equal for an increased price of
per share in cash. The Revised Proposal was in response to a letter from
, Chairman of Equal Energy Ltd. ("Equal") dated
August 28, 2013
, in which multiple interested parties, including Montclair, were requested to submit expressions of interest on the terms outlined in such letter. The Revised Proposal from Montclair became publicly available as a result of the amended Schedule 13D filing made on
September 9, 2013
by certain affiliates of Montclair.
The Revised Proposal updates Montclair's two previous unsolicited and conditional expressions of interest dated
February 27, 2013
, which is discussed in our press release of
March 25, 2013
(the "March Release") and
August 14, 2013
, which is discussed in our press release dated
August 15, 2013
. Consistent with our process disclosed in the March Release, the Special Committee of Equal, along with its financial and legal advisors, will consider the expressions of interest in a deliberate and thoughtful manner with a view to the best interests of Equal. There is no assurance that any expression of interest will result in a definitive agreement or will be implemented, as the company continues to successfully execute on its Hunton drilling and acreage acquisition program.
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
. 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.
Certain information in this press release constitutes forward-looking statements under applicable securities law including announcements surrounding the strategic alternatives reviews and the Revised 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.