Equal Energy Ltd. confirm that the sale of its royalty and fee title lands in Western Canada to Keystone Royalty Corp. has closed as scheduled today. Cash proceeds are $12.13 million. Equal has also agreed to assign residual Canadian resource income tax pools to Keystone as part of the royalty sale transaction.

The royalty sale is the final transaction in a series of asset sales concluded as part of Equal's recently completed strategic review process.

Equal is also pleased to announce that it has secured a drilling rig ideally suited for drilling in the Hunton play in Oklahoma. Drilling is expected to commence in early January.

The company has contracted the same rig in the past and has experienced excellent performance from the equipment and crew. "Our technical team in Oklahoma has a well thought-out drilling program aimed at maximizing production and reserves within our 2013 capital budget", Don Klapko, Equal's President and CEO, said. "Our goal is to optimize both capital and operating costs and we are excited to get the program under way".

Tags: Equal Energy