Equal Energy to buy up to C$3.93 million convertibles in issuer bid

By Angela McDaniels

Tacoma, Wash., Aug. 11 - Equal Energy Ltd. received the necessary approvals to make a normal-course issuer bid for its C$39,272,000 outstanding principal amount of 8.25% convertible subordinated debentures due 2012, according to a company news release.

The issuer bid will be made through the facilities of the Toronto Stock Exchange and will run from Aug. 15 to June 30, 2012.

The company may acquire up to C$3,927,000 principal amount of the convertibles under the bid, which represents 10% of the public float.

No more than C$8,000 of convertibles can be purchased per day, subject to block purchase exemptions.

The company will acquire convertibles at the market price at the time of purchase, and acquired convertibles will be canceled.

This is a renewal of the company's issuer bid that ended Aug. 5. Under that issuer bid, the company acquired C$376,000 of the convertibles at a weighted average price of 102.

Under the company's issuer bid that ended May 31, 2010, it acquired C$32,000 of the convertibles at a weighted average price of 80.1.

The conversion price is C$20.40. The company's stock closed at C$4.44 (Toronto: EQU) on Aug. 10.

Equal Energy is an oil and gas exploration and production company based in Calgary, Alta.

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