OKLAHOMA CITY, 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 $4.85 per share in cash. The Revised Proposal was in response to a letter from Michael Doyle, 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 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 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.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- 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 + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV