Equal Energy Ltd. is a gas and oil company having production facilities in Oklahoma and Alberta. EQU’s present production consists of roughly 49 % natural gas, 38% NGLs and 13% crude oil.
Equal Energy reported Q1’12 earnings per share of $0.05 or net income of $1.8 million, as compared to a loss per share of $0.12 or net loss of $3.4 million during Q1’11. G&A and Operating expenses per barrel of oil equivalent decreased 52% and 16% year-over-year to $2.60 and $10.05 per BOE, respectively.
Production was higher by 20% year over year and was on average more than 10,000 BOEPD during Q1’12.
The company thinks that considering underlying assets, its common shares are not trading at a fair value. During May 2012, company’s Board of Directors reviewed acquisitions, recapitalization, a merger or other business combination, the outright sale of the company, the sale of all or a part of EQU’s assets, as well as any combination thereof. Equal Energy has already begun to dissociate from non-core assets in Canada. EQU finished the sale of non-core assets in Saskatchewan that generated roughly 300 BOEPD of oil for $8.3 million.