Equal Energy Ltd. confirms that it is aware of a public announcement by Montclair Energy, LLC (Montclair) with respect to its prior unsolicited and conditional proposal dated February 27, 2013 to acquire all of the common shares of Equal (the "Proposal").

In response to Equal's receipt of the afore-mentioned Proposal and a number of verbal non-binding and conditional expressions of interest for a potential transaction, the board of directors of Equal formed a special committee (the "Special Committee") of independent directors in early March to investigate and evaluate all proposals presented to Equal.

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