OKLAHOMA CITY, OKLAHOMA -- (Marketwired) -- 07/31/14

Equal Energy Ltd. (TSX: EQU.DB.B) announces that the common stock dividend payment of US$0.05 per share that was paid to shareholders upon closing of the previously announced arrangement among Equal Energy Ltd., the shareholders of Equal, Petroflow Energy Corporation and Petroflow Canada Acquisition Corp., has resulted in an adjustment to its outstanding 6.75% Convertible Debentures due March 31, 2016. Under the terms of the indenture, the conversion price for the Debentures is reduced from CAD$8.47 to CAD$8.39.

Contacts:
Equal Energy Ltd.
Louis G. Schott
Secretary and Treasurer
(918) 392-4793