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Equal Advises Shareholders To Take No Action Regarding News Release By Montclair Energy

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On December 17, 2013, Equal Energy Ltd. (NYSE-EQU) (“Equal”) issued the following press release in response to a December 16, 2013 release from initial bidder, Montclair Energy, a 5% EQU shareholder, criticizing Equal’s acquisition agreement with a competitive bidder, Petroflow Energy.

Equal Advises Shareholders To Take No Action Regarding News Release By Montclair Energy
http://www.prnewswire.com/news-releases/equal-advises-shareholders-to-take-no-action-regarding-news-release-by-montclair-energy-236175081.html

Chronology of recent events

December 9, 2013 Equal Energy’s release announcing definitive agreement to be acquired for $5.43/share by former operating partner, Petroflow Energy Corporation and brief summary of terms
Equal Energy Enters Definitive Agreement to be Acquired by Petroflow Energy
http://www.prnewswire.com/news-releases/equal-energy-enters-definitive-agreement-to-be-acquired-by-petroflow-energy-235026761.html

December 10, 2013 release by Lawndale Capital Management, a 4.8% EQU shareholder
Lawndale Capital Management Expresses Concerns Over Equal Energy Sale Agreement
Requests More Thorough Disclosure And Scrutiny Of Equal’s Strategic Alternatives Process
http://www.prnewswire.com/news-releases/lawndale-capital-management-expresses-concerns-over-equal-energy-sale-agreement-235225931.html

December 10, 2013 Equal Energy 8-K exhibit 2.1 – the “Arrangement Agreement”
Acquisition Agreement between Equal Energy and Petroflow Energy
http://www.sec.gov/Archives/edgar/data/1492832/000119312513467930/d640337dex21.htm

December 16, 2013 Montclair Energy release criticizing the Arrangement Agreement
Montclair Energy notes deficiencies of Equal Energy Ltd. Sale agreement with PetroFlow
http://www.newswire.ca/en/story/1280503/montclair-energy-notes-deficiencies-of-equal-energy-ltd-sale-agreement-with-petroflow

December 17, 2013 Equal press release
Equal Advises Shareholders To Take No Action Regarding News Release By Montclair Energy
http://www.prnewswire.com/news-releases/equal-advises-shareholders-to-take-no-action-regarding-news-release-by-montclair-energy-236175081.html



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