Oklahoma City's Equal Energy may face proxy fight

Equal Energy Ltd is considering its strategic options, under increasing pressure from one of its largest shareholders, Montclair Energy LLC, of Alabama.
by Jay F. Marks Modified: December 7, 2013 at 3:00 pm •  Published: December 7, 2013

Montclair had offered to acquire Equal for $4 a share, but that proposal was rejected by the company's board in March.

Equal's stock has risen since then — closing Friday on the Toronto Stock Exchange at $5.74 a share — but Montclair contends that was fueled by anticipation of a sale rather than confidence in Equal.

Montclair said it will mull its options, including exercising its rights to propose new directors for Equal's board.

Shareholder unrest resulted in management changes at two of Oklahoma City's largest energy companies this year, as Chesapeake Energy Corp. co-founder Aubrey McClendon and SandRidge Energy Inc. CEO Tom Ward were forced out of their positions.

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by Jay F. Marks
Energy Reporter
Jay F. Marks has been covering Oklahoma news since graduating from Oklahoma State University in 1996. He worked in Sulphur and Enid before joining The Oklahoman in 2005. Marks has been covering the energy industry since 2009.
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