Operational Updates | Deals - Acquisition, Mergers, Divestitures
Equal Energy to Shed Cardium Assets; Details Strategic Review
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Equal Energy Ltd. has reported several important initiatives today stemming from its recently-concluded strategic review process.
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…
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