By midafternoon, shares had spiked 16.5% to $5.16.
In a statement, the company said it had signed an amended gas purchase and processing agreement with Scissortail Energy, a subsidiary of Kinder Morgan. The amendments include an revised pricing formula to go into effect August 1.
Separately, Equal Energy and Petroflow Energy Corporation agreed to amend certain terms of their arrangement agreement, namely an extension to the deadline for Petroflow to all outstanding common shares of Equal for $5.43 a share. The deadline has been extended to July 31.
"The extension was granted as Petroflow has obtained financing commitments in the amounts necessary for it to complete the Arrangement," the company said in a statement. "The extension granted by Equal pursuant to the Amending Agreement is intended to provide sufficient time for the parties to meet the closing conditions to the Arrangement Agreement before the Arrangement is presented to a vote of all shareholders of Equal."