SAN DIEGO and OKLAHOMA CITY, Jan. 6, 2014 /PRNewswire/ -- Shareholder rights attorneys at Robbins Arroyo LLP are investigating the acquisition of Equal Energy Ltd. (NYSE: EQU) by Petroflow Energy Corporation and Petroflow Canada Acquisition Corp. On December 9, 2013, Equal Energy announced the signing of a definitive agreement pursuant to which Petroflow will acquire Equal Energy for $5.43 per share in cash for each share of Equal Energy common stock. (Logo: http://photos.prnewswire.com/prnh/20130103/MM36754LOGO) Is the Proposed Merger Best for Petroflow and Its Shareholders? Robbins Arroyo LLP's investigation focuses on whether the board of directors at Equal Energy is undertaking a fair process to obtain maximum value and adequately compensate Equal Energy shareholders in the merger. In addition, the Firm is examining whether the proxy statement filed by Equal Energy in connection with the transaction discloses all material information. As an initial matter, the $5.43 consideration is substantially below the target price of $6.68 set by an analyst at PI Financial Corp. on November 19, 2013. Notably, Equal Energy stock traded above the $5.43 offer price on the December 6, 2013, reaching a high of $5.72. Further, Equal Energy reported better than expected production for the third quarter 2013 third quarter leading Don Klapko, Equal's President and CEO, to comment, "Our drilling continues to deliver higher than budgeted reserves and production at an attractive cost… [h]aving averaged over 6,700 barrels for the third quarter, we are confident we will exceed our target production of 6,400 boe/d on average for the full year 2013." Finally, the directors and officers of Equal Energy agreed to vote a total of 693,065 common shares in favor of the transaction, which represent approximately 1.9% of the Company's outstanding common shares.