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 play.
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 dividend.
"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 www.sedar.com
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.
Forward-looking Statements:
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 statement.
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
otherwise stated.
SOURCE Equal Energy Ltd.