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UPDATE: Equal Energy Concludes Strategic Review Process; Sets Dividend, Sells Royalty Assets - Shares Drop 4%

Equal Energy Ltd. ( EQU ) is down 4.2% to $3.37 after it yesterday announced several initiatives stemming from its recently concluded strategic review process.

Highlights include an agreement to sell the company's remaining royalties and fee title lands in Western Canada to Keystone Royalty Corp. for $11.4 million in cash. The company has also initiated a USD$0.20 per share annual dividend, starting on January 1, 2013.

EQU is trading in a 52-week range $2.39 - $5.39. Shares have fallen 33% in the last 12 months.

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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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