Market Overview

Equal Energy Closes Sale of Canadian Assets


Equal Energy (NYSE: EQU) is pleased to confirm that the sale
of Halkirk/Alliance/Wainwright/Clair Assets ("HAWC") and substantially
all remaining Canadian non-producing assets has closed on October 15,
2012.  Cash proceeds were $15.4 million compared to $17.4 million
pursuant to the Company's press release on October 1, 2012 due to
adjustments agreed to by the Company based on final due diligence
conducted by the purchaser.  Equal will apply the proceeds to reduce
the amount drawn on its bank credit facility to approximately $55
million.  Equal's bank lenders are currently reviewing the limit on the
bank credit facility subsequent to the sale of the Company's Northern
Oklahoma assets in September and the Canadian asset sale that closed

The HAWC disposition is the second step in Equal's ongoing strategic
review process.  Management and the special committee of the board of
directors continue to review opportunities for the Company's remaining
assets.  The Company's portfolio of assets now consists of the liquids
rich natural gas asset in Central Oklahoma, the Cardium light oil play
in the Lochend area of Alberta and certain royalty interests in
Canada.  Adjusting for this sale and

See full press release

Posted-In: News Guidance Asset Sales Global


Related Articles (EQU)

View Comments and Join the Discussion!