Equal Energy Concludes Strategic Review Process: Announces New Dividend and Sale of Royalty Assets
Equal Energy Ltd. (EQU.TO, EQU) announced several initiatives today stemming from its recently-concluded strategic review process, including the announcement of a new dividend and the sale of royalty assets.
An agreement to sell Equal's remaining royalties and fee title lands in Western Canada to Keystone Royalty Corp. for $11.4 million in cash.
Initiation of a USD$0.20 per share annual dividend, starting on January 1, 2013.
A review of the composition of the board of directors and senior management team.
A review of compensation policies.
A major reduction in debt as a result of recent asset sales.
A focus on the liquids rich, natural gas Hunton property in Central Oklahoma.
Consideration of significant future acquisitions.
Equal also released details of its 2013 operating and capital budget, including a modest, year-over-year increase in liquids rich, natural gas production from the Central Oklahoma assets, an estimated cash flow of $33 million, and a $36 million capital budget.
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