Equal Energy Board Unanimously Rejects Non-Binding Expression of Interest from Montclair Energy

After careful consideration, the board of directors (the "Board") of Equal Energy Ltd. (the "Company" or "Equal")

today unanimously rejected the non-binding expression of interest (the "New Proposal") received on August 14, 2013 from Montclair Energy, LLC ("Montclair").  As discussed in Equal's press release of August 15, 2013, the New Proposal revised Montclair's previous unsolicited and conditional expression of interest dated February 27, 2013. In deciding to reject the New Proposal, the Board considered the recommendation of the Company's Special Committee and advice from its financial and legal advisors.