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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.

Highlights include:

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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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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