[January 30, 2014]

Robbins Geller Rudman & Dowd LLP Files Class Action Suit Against Equal Energy Ltd.

Robbins Geller Rudman & Dowd LLP ("Robbins Geller") today announced that a class action has been commenced in the United States District Court for the Western District of Oklahoma on behalf of holders of Equal Energy Ltd. ("Equal") (NYSE:EQU) common shares on December 9, 2013, against Equal, its Board of Directors (the "Board") and Petroflow Energy Corporation and Petroflow Canada Acquisition Corp. (collectively, "Petroflow"), in connection with the proposed sale of Equal to Petroflow (the "Proposed Acquisition").

If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from today. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel, Darren Robbins of Robbins Geller at 800/449-4900 or 619/231-1058, or via e-mail at [email protected]. Any member of the putative class ma move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.

The complaint alleges violations of §§14(a) and 20(a) of the Securities Exchange Act of 1934 in connection with the Schedule 14A preliminary information circular and proxy statement filed by Equal with the SEC (News - Alert) on December 31, 2013 (the "Preliminary Proxy") and disseminated to shareholders in connection with the Proposed Acquisition. In addition, the complaint charges Equal, its Board and/or Petroflow with breaches of fiduciary duty and/or aiding and abetting breaches of fiduciary duty in connection with the Proposed Acquisition. Equal is an oil and gas exploration and production company incorporated in Alberta Canada and based in Oklahoma City, Oklahoma.

On December 9, 2013, Equal announced it had entered into a definitive arrangement agreement with Petroflow (the "Arrangement Agreement") under which Petroflow will acquire the Company for $5.43 per share in cash. On December 31, 2013, defendants caused the Company to file the Preliminary Proxy with the SEC advising shareholders to approve the Arrangement Agreement and vote in favor of the Proposed Acquisition. The complaint alleges that the Preliminary Proxy contains false and misleading statements about: (i) the Company's current and future value; (ii) benefits that will flow to Company insiders only as a result of the Proposed Acquisition; (iii) details about the sales process and the conflicts of interests faced by the persons involved; and (iv) the financial analysis conducted by the Company's financial advisor. Unless defendants provide full and fair disclosure of information regarding the Proposed Acquisition in the Preliminary Proxy, the Company's public shareholders will not be able to make an informed decision on the Proposed Acquisition.

Plaintiff seeks injunctive and equitable relief on behalf of holders of Equal common shares on December 9, 2013. The plaintiff is represented by Robbins Geller, which has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud.

Robbins Geller represents U.S. and international institutional investors in contingency-based securities and corporate litigation. With nearly 200 lawyers in ten offices, the firm represents hundreds of public and multi-employer pension funds with combined assets under management in excess of $2 trillion. The firm has obtained many of the largest recoveries in history and has been ranked number one in the number of shareholder class action recoveries in MSCI's Top SCAS 50 every year since 2003. Please visit http://www.rgrdlaw.com for more information.

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