Montclair Energy notes deficiencies of Equal Energy Ltd. Sale agreement with PetroFlow

On December 9, 2013, Equal Energy Ltd. (NYSE-EQU) (“Equal”) announced that it entered into a definitive agreement to be acquired for $5.43/share by former operating partner, Petroflow Energy Corporation. On December 16, 2013, the initial bidder for Equal, Montclair Energy, issued the following press release criticizing the now disclosed acquisition agreement, in particular, calling the $5.43/share acquisition price, the uncertainty of financing, and the process as “wholly inadequate.”

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

Previously, on December 10, 2013, prior to disclosure of the acquisition agreement’s details, Lawndale Capital Management issued the press release, below, relating to its concerns regarding Equal’s announcement of a summary of the acquisition agreement’s terms.

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

Equal Energy’s December 9, 2013 press release:
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

Equal Energy 8-K filing December 10, 2013
Acquisition Agreement between Equal Energy and Petroflow Energy
http://www.sec.gov/Archives/edgar/data/1492832/000119312513467930/d640337dex21.htm