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					Investor Presentation
 Investment Community Meetings
       October 25-26, 2011
Forward Looking Statements
Note Regarding Forward-Looking Statements
Certain statements contained in this document constitute forward looking statements. The use of any of the words “anticipate”, “continue”, “estimate” and similar
expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause
actual results or events to differ materially from those anticipated in such forward-looking statements. In particular, this document contains forward-looking statements
pertaining to the following:
 □   oil and natural gas production levels; capital expenditure programs; the quantity of the oil and natural gas reserves; projections of commodity prices and costs;
     supply and demand for oil and natural gas; expectations regarding the ability to raise capital and to continually add to reserves through acquisitions and
     development; and treatment under governmental regulatory regimes.
These statements are based on certain factors and assumptions regarding expected growth, results of operations, access to debt and equity capital, Equal’s ability to
satisfy the covenants and other terms and conditions in its existing credit facilities, performance and business prospects and opportunities. the absence of changes in the
legislative and operating framework for the business of Equal, the absence of adverse changes in economic conditions that influence the demand of petroleum and
natural gas, the absence of significant adverse changes in commodity prices, a stable competitive environment and the absence of significant events occurring outside the
ordinary course of business such as a natural disaster or other calamity. The actual results could differ materially from those anticipated in these forward-looking
statements as a result of the risk factors set forth below and elsewhere in this document:
 □   liquidity risks associated with existing credit facilities and obligations to creditors; risks associated with the ability to obtain debt or equity financing on terms
     satisfactory to Equal or at all, in current market conditions; volatility in market prices for oil and natural gas; potential liabilities inherent in oil and natural gas
     operations; uncertainties associated with estimating oil and natural gas reserves; competition for, among other things, capital, acquisitions of reserves, undeveloped
     lands and skilled personnel; incorrect assessments of the value of acquisitions; geological, technical, drilling and processing problems; fluctuations in foreign
     exchange or interest rates and stock market volatility; failure to realize the anticipated benefits of acquisitions; and the other factors discussed under the heading in
     Equal’s Annual Information Form dated March 23, 2011 under the heading “Risk Factors” and available on Equal’s website at www.equalenergy.ca, on SEDAR at
     www.sedar.com.
 These risk factors should not be construed as exhaustive.
Management believes the expectations reflected in the forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be
correct and such forward-looking statements included herein should not be unduly relied upon. These statements speak only as of the date hereof. We do not undertake
any obligation to publicly update or revise any forward-looking statements beyond what is required by applicable securities legislation.
Note Regarding Disclosure of Reserves and Other Oil and Gas Information
The estimates regarding reserves and future net revenue disclosed in this document are effective as of December 31, 2010 and have been prepared by a qualified
reserves evaluator in accordance with the COGE handbook. Such estimates have been made assuming that the development of each property in respect of which the
estimate made will occur, without regard to the likely availability to Equal of funding required for that development. Estimates of future net revenue in this document,
whether calculated without discount or using a discount rate, do not represent fair market value.
The estimates of reserves and future net revenue for individual properties may not reflect the same confidence level as estimates of reserves and future net revenue for
all properties, due to the effects of aggregation.
Note Regarding Disclosure of Barrels of Oil Equivalent (“boe”)
This document uses the term “boe,” which may be misleading, particularly if used in isolation. A boe conversion ratio of six thousand cubic feet of natural gas to one
barrel of oil is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.
All references to dollars in this document are to Canadian dollars except where noted.




Investor Presentation –October 25-26, 2011                                             2
Why Equal Energy?


    Upside                             Assets          Performance        Strategy
   Potential


                                   Excellent oil
                                  & liquids-rich
                                                                         Well positioned
Value oriented                      asset base            Financial
                                                                         for growth with
  exploration                     with extensive        flexibility &
                                                                          diversified oil
 & production                     inventory and           operating
                                                                         and liquids-rich
   company                          94,000 net          performance
                                                                        drilling programs
                                   undeveloped
                                       acres




Investor Presentation –October 25-26, 2011         3
Equal’s Strategy
● Consistent volume and cash flow growth on a per share basis

● Exploit our three proven resource plays
       □ Hunton Liquids-rich
       □ Cardium Oil
       □ Viking Oil

● Maintain operational and financial discipline

● Build on position in Mississippian light-oil potential in Oklahoma

● Further improve our balance sheet




Investor Presentation –October 25-26, 2011   4
Board & Management Team
Board                                                      Management
Peter Carpenter, CFA, P.Eng,
                                                           Don Klapko, CET
Chairman                                                   President & CEO
Senior Partner & Director of Claridge House Partners

Michael Doyle, P.Geophysics                                Dell Chapman, CA, CFA
Principal of CanPetro International Ltd.                   Senior VP Finance & CFO

Victor Dusik, CA, CBV                                      John Reader, MBA, P.Eng
Chief Financial Officer of Run of River Power Inc.         Senior VP Corporate Development & COO

Roger Giovanetto, P.Eng                                    John Chimahusky, P.Geol
President of R&H Engineering Ltd.                          Senior VP & COO, US Operations

Robert Wilkinson                                           Terry Fullerton, P.Geol
Independent Businessman                                    Senior VP, Exploration

Daniel Botterill, P.Eng
Independent Businessman

Don Klapko, CET
President & CEO

Biographies available on Equal’s website: www.equalenergy.ca
 Investor Presentation –October 25-26, 2011            5
Capitalization & Trading Metrics
Capitalization (C$ millions)                                           Trading Metrics
Share price                                             $4.65          Price / 2011E cash flow                                                         2.6x
Basic shares outstanding                                 34.6          EV 2012E DACF                                                                   4.9x
Market capitalization                                  $161.0          EV / 2H 2011 Production                                                    $31,910
Bank line $200 available                               $130.0          EV / Reserves
Working Capital (surplus)                               ($8.0)              Proved (C$/boe)                                                        $10.56
                           (1)
Convertible debentures                                   $84.0              Proved plus probable (C$/boe)                                            $8.74
                                                                                                 (3)
Total debt & working capital                           $206.0          Total Debt / EV                                                                57.0%
                                                                                                           (3)
Enterprise value                                       $367.0          Total Debt / CF 2012E                                                           2.8x

Cash flow (C$ millions)
                  (5)
2011E cash flow                                      $60 - $65
                                 (2) (5)
2011E debt adjusted cash flow                        $70 - $75
                  (5)
2012E cash flow                                      $70 - $80
                                 (2) (5)
2012E debt adjusted cash flow                        $80 - $90

Production & Reserves
2HE 2011 production (boe/d)                      11,300-11,800
2011E production (boe/d)                          9,800-10,300
                                                                     1) Remaining debentures include $39.5 million 8.25% June 30, 2012 convertible at $20.40,
                         (4)
Proved reserves (mboe)                                 34,750           $45.0 million 6.75% March 31, 2016 convertible at $9.00
                                                                     2) Debt Adjusted Cash Flow defined as cash flow plus interest
                (PV10)                                 $531.6        3) Total debt calculated convertible debentures + net working capital
                                           (4)                       4) 2010 Reserves under Canadian securities rules NI 51-101
Proved plus probable reserves (mboe)                   41,990
                                                                     5) Pricing assumptions: WTI US$90/bbl, Nymex natural gas US$4.25/mcf, AECO natural gas
                              (PV10)                   $627.8           $3.50/mcf, US exchange rate 1.00




Investor Presentation –October 25-26, 2011                       6
Asset & Production Summary
3 high impact growth areas located in oil and liquids-rich resource plays
                                              Undeveloped Land                       Prospect
                                                  Q3 2011                           Inventory

       Canada                                          71,000                     100+ locations

       United States                                   23,000                     100+ locations
                                                      94,000
       Total                                                                      200+ locations
                                                     net acres




                                                                                       Oil              61% of Oil Hedged
               Canada                                                       Gas       21%          for the remainder of 2011
                                                                                                           at C$93.52
           3,300 boed/d                                                     49%                      20% of Oil Hedged for
                                                                                                        2012 at C$101.35
                                  USA
                            8,300 boed/d                                            NGL
                                                                                    30%
                                               37% of Gas Hedged for the
                                             remainder of 2011 at US$4.76
                                              20% of Gas Hedged for 2012
                                                      at US$4.95


Investor Presentation –October 25-26, 2011                    7
Asset & Production Summary
3 high impact growth areas located in oil and liquids-rich resource plays

                                             AB
                                                             Alliance Viking
                                                                 Light oil
                         Cardium                              90+ locations

                         Trend
                                                  Viking
    Lochend Cardium                               Trend
        Light oil
      30+ locations




                       Oil prospects
                       Liquids rich natural gas prospects

                                                            Hunton
                            Hunton
                                                            Trend
                        Liquids-rich gas
                        100+ locations
                                                            OK




Investor Presentation –October 25-26, 2011                   8
Equal’s Oklahoma Assets
Approximate average production: 8,300 boe/d

                                              Emerging
   Hunton Subcrop Edge                       Mississippian
                                                 Play


                                                                       K9/ Big Bird/Puppy

● 23,000 net
  undeveloped acres                                                                         Tulsa

  in the Hunton
  trend
                                                       Oklahoma City

                                                                                   Twin Cities/
       Equal Lands                                                               Central Dolomite




Investor Presentation –October 25-26, 2011         9
Hunton, Oklahoma
First Target Area – Twin Cities Central Dolomite Horizontals
                                                                                Hunton Economics                                                                                                      Type Well Economics
                                                                                             WTI (USD$/bbl)


                                                                                                                                                                                                     Per Well                                                 Internal
                                     $‐    $10      $20      $30       $40           $50             $60    $70          $80      $90     $100           $110     $120
                        $7,000                                                                                                                                         $7,000


                        $6,000                                                                                                                                           $6,000                      (US$ million)                                           Estimates
                        $5,000                                                                                                                                           $5,000
                                                                                                                                                                                                     Capital Costs                                               $2.6
                        $4,000                                                                                                                                           $4,000
                                                                                                                                                                                                     Reserves/well (Mboe)                                     375 – 560
                        $3,000                                                                                                                                           $3,000
       NPV10 (USD$M)




                        $2,000                                                                                                                                           $2,000                      Recycle Ratio                                            2.7 – 4.2
                        $1,000                                                                                                                                           $1,000
                                                                                                                                                                                                     F&D (per boe)                                             $7 - $5
                                                                                                                                                                                                     NPV 10                                                  $1.7 - $4.2
                               $‐                                                                                                                                        $‐
                                                                                                                    High Case ‐ Fixed WTI USD$90/bbl
                        $(1,000)                                                                                                                                         $(1,000)
                                                                                                                    Low Case ‐ Fixed WTI USD$90/bbl
                                                                                                                    High Case ‐ Fixed HH USD$4.50/mmbtu
                                                                                                                                                                                                     IRR                                                      28% - 55%
                        $(2,000)                                                                                                                                         $(2,000)
                                                                                                                    Low Case ‐ Fixed HH USD$4.50/mmbtu


                                                                                                                                                                                                     ● 40 - 60 horizontal and vertical locations
                        $(3,000)                                                                                                                                        $(3,000)
                                $1.00      $1.50    $2.00    $2.50     $3.00         $3.50       $4.00      $4.50       $5.00    $5.50    $6.00          $6.50    $7.00

                                                                                     Henry Hub (USD$/mmbtu)

                                                                                                                                                                                                       have been identified
                                                                                                                                                                                                     ● Active land acquisition on identified
                                                                               Hunton Type Curve
                        250                                                                                                                                       500


                        225
                                                                                             Expected Range
                                                                                             Low Production                                                       450
                                                                                                                                                                                                       locations continues
                        200
                                                                                             High Production
                                                                                             Low Reserves                                                         400                                ● 10,149 net undeveloped acres (62 gross/
                                                                                                                                                                                                       16 net sections)
                                                                                             High Reserves
                        175                                                                                                                                       350
                                                                                                                                                                        Cum Production (mboe)
Production (boepd)




                        150                                                                                                                                       300
                                                                                                                                                                                                     ● Ownership of water handling facilities
                        125                                                                                                                                       250


                        100                                                                                                                                       200
                                                                                                                                                                                                        ≈ 52% Gas
                         75                                                                                                                                       150                                   ≈ 44% NGL
                         50                                                                                                                                       100
                                                                                                                                                                                                        ≈ 4% Oil
                         25                                                                                                                                       50


                         ‐                                                                                                                                        ‐
                                0         12         24          36            48              60          72            84         96            108                                                    Pricing assumptions: WTI US$90/bbl, Nymex natural gas
                                                                               Months on Production                                                                                                      US$4.50/mmbtu, AECO natural gas $3.75/GJ, US exchange rate 1.0


                     Investor Presentation –October 25-26, 2011                                                                                                                                 10
Mississippian Acreage
Alfalfa, Grant & Garfield Counties, Oklahoma




● Equal will continue to validate Mississippian acreage in the K9-Puppy area
  through our vertical Hunton drilling program
● Sooner Trend is a mature vertical Mississippian oil play
Investor Presentation –October 25-26, 2011   11
Lochend Cardium – Light oil growth opportunity
                                                                  Cardium Economics                                                                                         Type Well Economics
                       $5,000


                                                                                                                                                                           Per Well                                                 Internal
                       $4,000                     High Case        Low Case                                                                                                (C$ million)                                            Estimates
                       $3,000                                                                                                                                              Capital Costs                                              $4.3
                                                                                                                                                                           Reserves/well (Mboe)                                    132 - 181
    NPV10 (CAD$M)




                       $2,000

                                                                                                                                                                           Recycle Ratio                                            2.1 – 2.9
                       $1,000
                                                                                                                                                                           F&D (per boe)                                            $33 - $24
                              $‐                                                                                                                                           NPV 10                                                  $1.0 - $2.8
                       $(1,000)
                                                                                                                                                                           IRR                                                     17% - 35%

                       $(2,000)
                              $50.00         $60.00      $70.00         $80.00            $90.00         $100.00             $110.00          $120.00
                                                                                                                                                                           ● 3,197 net hectares/7,993 net acres
                                                                          WTI (USD$/bbl)
                                                                                                                                                                             (12.5 sections)
                                                                   Cardium Type Curve                                                                                      ● >90% Average WI
                       250                                                                                                              125
                                                                                                                                                                           ● 30-42 net wells (3-4 gross wells/
                                                                                                                                                                             section)
                       200                                                                                                              100

                                                                                                                                                                           ● 38o API sweet oil
                                                                                                                                              Cum Production (mboe)




                                                                                                                                                                           ● 6-8m gross sand with 3-10% porosity
Production (bbls/d)




                       150                                                                                                              75




                                                                                                                   Expected Range                                          ● 2300m TVD - 1000 to 1400m horizontal
                       100                                                                                         Low Production       50

                                                                                                                   High Production

                                                                                                                   Low Reserves
                                                                                                                                                                           ● Multi-stage frac style completions
                        50
                                                                                                                   High Reserves
                                                                                                                                        25
                                                                                                                                                                           ● 8 wells drilled, 2 licensed
                                                                                                                                                                           ● 36 months at 5% Royalty
                         ‐                                                                                                              ‐
                               0       12        24     36        48        60       72            84        96            108

                                                                  Months on Production
                                                                                                                                                                             Pricing assumptions: WTI US$90/bbl, Nymex natural gas
                                                                                                                                                                             US$4.50/mmbtu, AECO natural gas $3.75/GJ, US exchange rate 1.0

                      Investor Presentation –October 25-26, 2011                                                                                                      12
Lochend Cardium
                    Lochend Area Map




                                                                                                          T28


                               Equal 15-6 Drilled


                                  Equal 13-32 Drilled



                                    Equal 14-29 Drilled
                                                                         Equal 4-16 Drilling
                                                                       Equal 2-16 Lic.
                                                                              Equal 16-4 Drilled          T27
                                                                              Equal 1-10 Drilled




                                                                                                          T26
                                                                                                                Cardium
                                                      Equal
                                                    16-20 Lic.                                                  Industry
                                                                                  Equal
                                                                Equal                                           Activity
                                                                               1-22 Drilled
                                                             2-22 Drilled


                                                                                                                Equal’s
                                                                                                                Activity

                                                                                                                Equal
                                                                                                                Land

                                  R4                                R3                             R2W5



Investor Presentation –October 25-26, 2011                                        13
Alliance Viking – Light oil resource play
                                                                Viking Economics                                                                            Type Well Economics
                      $3,000


                                                                                                                                                            Per Well                                                 Internal
                      $2,500
                                               High Case        Low Case                                                                                    (C$ million)                                            Estimates
                      $2,000                                                                                                                                Capital Costs                                              $1.9
                      $1,500
                                                                                                                                                            Reserves/well (Mboe)                                     86 – 113
NPV10 (CAD$M)




                      $1,000
                                                                                                                                                            Recycle Ratio                                            2.2 - 2.9
                        $500
                                                                                                                                                            F&D (per boe)                                            $22 - $17
                                                                                                                                                            NPV 10                                                  $0.5 - $1.4
                            $‐

                                                                                                                                                            IRR                                                     18% - 37%
                       $(500)

                                                                                                                                                            ● Total acreages – 7,417 hectares/18,543.8 acres
                                                                                                                                                              (29 Sections)
                  $(1,000)
                         $50.00            $60.00      $70.00         $80.00      $90.00          $100.00     $110.00          $120.00


                                                                                                                                                            ● Oil acreages - 6,233 Net hectares/15,584 Net
                                                                        WTI (USD$/bbl)


                                                                                                                                                              acres (24.4 Sections)
                                                                 Viking Type Curve
                      120                                                                                                120
                                                                                                                                                            ● Average WI ~ 84%
                                                                                      Expected Range                                                        ● 83-131 Net locations (assuming 4-6 gross
                      100
                                                                                      Low Production
                                                                                      High Production                    100                                  wells/section)
                                                                                      Low Reserves
                                                                                      High Reserves
                                                                                                                                                            ● 34o API sweet oil
                       80                                                                                                80
                                                                                                                                                            ● 800m TVD – Future wells will consist of 1000 –
                                                                                                                               Cum Production (mboe)
Production (boepd)




                                                                                                                                                              1400m Horizontals with intermediate casing or
                                                                                                                                                              600m Monobores, both types will be completed
                       60                                                                                                60




                       40                                                                                                40
                                                                                                                                                              using coil annulus fracing employing the
                                                                                                                                                              mongoose tool
                       20                                                                                                20                                 ● 14 wells on production
                                                                                                                                                            ● 1 well completed and awaiting wellsite setup
                                                                                                                                                            ● 18 months at 5% Royalty
                       ‐                                                                                                 ‐
                                 0   12        24    36         48        60     72         84          96   108
                                                                Months on Production
                                                                                                                                                              Pricing assumptions: WTI US$90/bbl, Nymex natural gas
                                                                                                                                                              US$4.50/mmbtu, AECO natural gas $3.75/GJ, US exchange rate 1.0
                     Investor Presentation –October 25-26, 2011                                                                                        14
Viking
                                                                     Industry Activity
                                                                     (Drilling, Drilled,
                                                                     Producing or Tested)
                                                                     Industry Licensed
                                                                     Locations
                                                                     Equal Activities (Drilling

                 Oil
                                                                     or Producing)
                                                                     Equal Licensed

               Corridor
                                                                     Locations

                                               Gas Prone
                                                                     Equal Land


                                                 Area




                                             Oil    Oil
                               Gas Prone                       Oil
                                 Area
                                                   Gas Prone
                                                     Area




Investor Presentation –October 25-26, 2011           15
 Summary of Equal Operated Areas
                                                                Hunton
                                                                                    Lochend Cardium                     Alliance Viking
                                                               Twin City
                                                                                        (Alberta)                          (Alberta )
                                                              (Oklahoma)
                                                              Liquids-rich                   Light
 Target                                                                                                                       Light oil
                                                              natural gas                  sweet oil

 Potential locations                                              50+                           30+                              90+


 P+P Reserves per well (boe)                            375,000 - 560,000           132,000 - 181,000                  86,000 - 113,000

                                                                 $2.6                         $4.3                              $1.9
 Cost per well
                                                                million                      million                           million
 F&D costs
                                                              $7.0 – $5.0                  $33 - $24                         $22 - $17
 $/boe (1)

 Recycle ratio (2)                                           2.7 – 4.2 times           2.1 – 2.9 times                  2.2 – 2.9 times

                                                              $1.7 - $4.2                 $1.0 - $2.8                      $0.5 - $1.4
 NPV10 per well
                                                                million                     million                          million
   (1)   Un-risked finding & development costs                                   Pricing assumptions: WTI US$90/bbl, Nymex natural gas US$4.25/mcf,
   (2)   Recycle ratio is based on undiscounted cash flows                       AECO natural gas $3.50/mcf, US exchange rate 1.00




Investor Presentation –October 25-26, 2011                                  16
2011/2012 Expectations
Production Average                           2011 9,800 to 10,300 boe/d
                                             2H 2011 11,300 – 11,800 boe/d
                                             2012E 11,800 – 12,300 boe/d

Cash flow                                    2011 $60 – 65 million
                                             2012E $70 – 80 million

Capital expenditures                         2011 ≈$75 million
                                             2012E $80 – 90 million

Commodity price                              WTI US$90/bbl,
assumptions                                  Nymex natural gas US$4.25 mmbtu,
                                             AECO natural gas $3.50/GJ,
                                             US exchange rate $1.00
                                             2012 Cash flow Sensitivity
                                             • $10.00/bbl increase = $10.0 million increased cash flow
                                             • $1.00/mcf gas increase = $7.0 million increased cash flow



Investor Presentation –October 25-26, 2011               17
Why Equal Energy?

                                                                     Substantial
                                                                      long term
                                                                      growth in
                                                                     production
                                                                    and cash flow
                                                         Balanced
                                                        commodity
                                                           mix
                                     Established
                                     plays with
                                      extensive
     A qualified,                      drilling
     experienced                      inventory
     management
      team with
    operational &
       financial
    accountability




Investor Presentation –October 25-26, 2011         18
                                                  Appendices




Investor Presentation –October 25-26, 2011   19
 2011 Hedging
● Equal has financial contracts in place to hedge approximately 37% of balance of 2011 natural
  gas production at US$4.73/mmbtu and 61% of balance of 2011 oil production at C$93.52/bbl.
  Overall, approximately 31% of balance of 2011 and 16% of 2012 total production is hedged.
                        Price                      Volume (per day)   Period
Gas
Fixed (financial)        4.54 (US$/mmbtu)          6,000 mmbtu        April 1, 2011 – October 31, 2011

Fixed (financial)        4.75 (US$/mmbtu)          2,000 mmbtu        February 1, 2011 – December 31, 2011

Fixed (financial)        4.67 (US$/mmbtu)          4,000 mmbtu        April 1, 2011 – March 31, 2012

Fixed (financial)         4.89 (US$/mmbtu)         5,000 mmbtu        July 1, 2011 – December 31, 2011

Fixed Basis Diff.
                         0.33 (US$/mmbtu)          5,000 mmbtu        April 1, 2011 – October 31, 2011
(Nymex/Southern Star)

Fixed Basis Diff.
                        0.245 (US$/mmbtu)          5,000 mmbtu        July 1, 2011 – December 31, 2011
(Nymex/Southern Star)

Fixed (financial)        4.99 (US$/mmbtu)          7,000 mmbtu        January 1, 2012 – December 31, 2012


Fixed Basis Diff.        0.35 (US$/mmbtu)          7,000 mmbtu        January 1, 2012 – December 31, 2012
(Nymex/Southern Star)

Oil
Fixed                   92.25 (C$/bbl)             1,000 bbl          January 1, 2011 – December 31, 2011

Fixed                   98.40 (C$/bbl)             200 bbl            April 1, 2011 – December 31, 2011

Collar                  95.00 - 125.00 (US$/bbl)   200 bbl            May 1, 2011 – December 31, 2011

Fixed                   101.35 (C$/bbl)            600 bbl            January 1, 2012 – December 31, 2012

   Investor Presentation –October 25-26, 2011         20
    The Hunton Carbonate Play in Oklahoma
    How Does It Work?
              The Hunton Group is a dual porosity carbonate system that contains
               oil-wet primary porosity and water-saturated secondary porosity                  Old
                                                                                            Conventional
                                                                                               Field
    SCHEMATIC PLAN VIEW




                                                                Hunton
                                                                Group




Equal Energy Method
•   Multi-well pads exploit up to four square miles of resource
•   Multi-lateral horizontal wells
•   Deep water disposal wells service up to 12 producers and 65,000 bbls of water per day




    Investor Presentation –October 25-26, 2011                                         21
                                Equal Energy Ltd.
                             2700, 500 – 4th Avenue SW
                                Calgary AB T2P 2V6
                                   403.263.0262

                                   info@equalenergy.ca
                                   www.equalenergy.ca

  Don Klapko                                      Dell Chapman CA, CFA
  President & CEO                                 Chief Financial Officer
  403.536.8373                                    403.538.3580




Investor Presentation –October 25-26, 2011   22

				
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