December 9, 2013 (Shareholders Foundation) - An investigation on behalf of investors, who currently hold shares of Equal Energy Ltd. (USA) (NYSE:EQU) shares, was announced concerning whether the takeover of Equal Energy Ltd. by Petroflow Energy Corporation and Petroflow Canada Acquisition Corp. for $5.43 per share is unfair to NYSE:EQU stockholders.

The investigation by a law firm concerns whether certain officers and directors of Equal Energy Ltd. breached their fiduciary duties owed to NYSE:EQU investors in connection with the proposed acquisition.

On December 9, 2013, Equal Energy Ltd. announced that the Company has entered into a agreement with Petroflow Energy Corporation and Petroflow Canada Acquisition Corp. (collectively defined as 'Petroflow') for the cash purchase of all of the issued and outstanding common shares of Equal at a price of US$5.43 per share, on a fully-diluted basis.

However, given that NYSE:EQU shares traded prior to the takeover announcement as high as $5.63 per share on December 6, and that NYSE:EQU shares traded as high as $8.44 per shares in 2011, the investigation concerns whether the $5.43-offer is unfair to NYSE:EQU stockholders.

In addition, given that all members of management of Equal Energy Ltd and its board of directors have already indicated their intention to vote their shares in favor of the Arrangement, the investigation concerns whether the Equal Energy Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.

Equal Energy Ltd. reported that its Net Income increased from $5.37 million in 2011 to $61.83 million in 2012.

Shares of Equal Energy Ltd. (USA) grew from $2.99 per share in January 2013 to $5.50 per share on December 5, 2013.

On December 9, 2013, NYSE:EQU shares closed at $5.37 per share.