After careful consideration, the board of directors of Equal Energy Ltd. (NYSE:EQU) (TSX:EQU.TO) unanimously rejected the nonbinding expression of interest (the "new proposal") received on August 14 from Montclair Energy LLC.
The new proposal revised Montclair's previous unsolicited and conditional expression of interest dated February 27. In deciding to reject the new proposal, the board considered the recommendation of the company's Special Committee and advice from its financial and legal advisors. The Special Committee anticipates that it will complete its evaluation of alternatives during the third quarter of 2013, but adds that more time may be required, depending on prevailing circumstances.
Equal Energy is an oil and gas exploration and production company based in Oklahoma City, Oklahoma.