CALGARY, Alberta, Nov. 30, 2012 /PRNewswire/ - Equal Energy Ltd. (TSX: EQU)
(NYSE: EQU) is further strengthening its presence in Oklahoma as part
of the implementation of its recently-concluded strategic review.
The latest measures include relocating the technical leadership team
from Calgary to Equal's existing office in Oklahoma City, and adding
financial and other specialists focused on the US operations.
Under an agreement announced on November 27, 2012, Equal has sold the
last of its western Canadian assets to Keystone Royalty Corp. Equal's
principal remaining asset is the liquids-rich Hunton natural gas field
in central Oklahoma. The Hunton field currently produces approximately
7,800 boe/d, and Equal has a strong history of drilling success in the
With the cessation of operations in Canada, Terry Fullerton, Senior VP,
Exploration, is leaving the Company, effective November 30th.
"Terry has made a valuable contribution to Equal over the past three
years", Don Klapko, Equal's President and Chief Executive Officer,
said. "During her time with us, she was largely focused on our Canadian
operations, and was instrumental in identifying and developing the
Lochend Cardium and Alliance Viking plays."
Equal has begun a search to fill various senior positions in Oklahoma,
notably in the exploration, engineering and finance functions. Both
internal and external candidates will be considered.
The Company's 2013 budget plans for a $36 million capital program
providing production growth combined with a $0.20 per share annual
"The strategic review and our plans for the future are based on a
balanced and prudent approach", Mr. Klapko added. "We foresee an
increase in commodity prices as the global economy improves, but we
also need to be mindful of the risks involved in the volatile sector in
which we operate".
Further details of the strategic review and its benefits can be found at
About Equal Energy:
Equal Energy is an oil and gas exploration and production company based
in Calgary, Alberta, with its United States operations office located
in Oklahoma City, Oklahoma. Our shares and convertible debentures are
listed on the Toronto Stock Exchange under the symbols (EQU, EQU.DB.B),
and our shares are listed on the New York Stock Exchange under the
symbol (EQU). Our oil and gas assets are centered on the Hunton
liquids-rich natural gas property in Oklahoma.
Certain information in this press release constitutes forward-looking
statements under applicable securities law including the timing or
uncertainty of the sale of Equal's royalty interests and income tax
pools, the repayment of the bank facility, the 2013 budget projections,
the timing of the commencement of drilling and the payment of future
dividends.. 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.
Forward-looking statements necessarily involve known and unknown risks,
such as risks associated with closing the Royalties sale, assignment of
tax pools and subsequent payment, oil and gas production; marketing and
transportation; loss of markets; volatility of commodity prices;
currency and interest rate fluctuations; imprecision of reserve and
future production estimates; environmental risks; competition;
incorrect assessment of the value of acquisitions; failure to realize
the anticipated benefits of dispositions; inability to access
sufficient capital from internal and external sources; changes in
legislation, including but not limited to income tax, environmental
laws and regulatory matters. Readers are cautioned that the foregoing
list of factors is not exhaustive.
Readers are cautioned not to place undue reliance on forward-looking
statements as there can be no assurance that the plans, intentions or
expectations upon which they are placed will occur. Such information,
although considered reasonable by management at the time of
preparation, may prove to be incorrect and actual results may differ
materially from those anticipated forward-looking statements contained
in this press release are expressly qualified by this cautionary
Additional information on these and other factors that could affect
Equal's operations or financial results are included in Equal's reports
on file with Canadian and U.S. securities regulatory authorities and
may be accessed through the SEDAR website (www.sedar.com), the SEC's website (www.sec.gov), Equal's website (www.equalenergy.ca) or by contacting Equal. Furthermore, the forward looking statements
contained in this news release are made as of the date of this news
release, and Equal does not undertake any obligation to update publicly
or to revise any of the included forward-looking statements, whether as
a result of new information, future events or otherwise, except as
expressly required by securities law.
Conversion: Natural gas volumes recorded in thousand cubic feet ("mcf")
are converted to barrels of oil equivalent ("boe") using the ratio of
six (6) mcf to one (1) barrel of oil ("bbl"). Boe's may be misleading,
particularly if used in isolation. A boe conversion ratio of 6 mcf:
1bbl is based on an energy equivalent conversion method primarily
applicable at the burner tip and does not represent a value equivalent
at the wellhead. All dollar values are in Canadian dollars unless
SOURCE Equal Energy Ltd.