PI Financial Updates Coverage and Buy Recommendation for Equal Energy - Video Research Alert on InvestmentPitch.com

Vancouver, British Columbia--(Newsfile Corp. - November 8, 2013) - PI Financial has updated coverage on Equal Energy (TSX: EQU) (NYSE: EQU). The company also has convertible debentures listed on the Toronto Stock Exchange (TSX: EQU.DB.B). Based on strengthening propane pricing and fundamentals, analyst Alistair Toward reiterated his buy recommendation and increased his 12-month target price from $6.00 to $7.00, a premium of 40% to the $4.68 price the day the report was issued.

InvestmentPitch.com has produced a "video research alert" about Equal Energy based on this report. If this link is not enabled, please visit www.InvestmentPitch.com and enter "Equal" in the search box.

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Equal Energy is an oil and gas exploration and production company based in Oklahoma City, Oklahoma with oil and gas assets located in the Lincoln and Logan Counties in the liquid-rich Hunton formation in Oklahoma.

Accounting for 56% of the revenues in the second quarter, despite being only 25% of volumes, PI Financial considers propane a key forecasting consideration for Equal.

According to the U.S. Department of Energy storage statistics, at no time in the last decade have propane inventories been as low as they are now. This is, of course, reflected in terms of days of supply, which at less than 50 days, is also at a decade low. Although propane pricing has improved significantly in the second half, prices are still well below historic levels.

Analyst Alistair Toward stated, "We are quick to acknowledge that further upward commodity price adjustments are possible and their valuation impact stands to be compounded by higher volumes. This is on the grounds that Equal's large undrilled inventory could be more aggressively exploited if cash flow continues rising."

Equal has approximately 43,400 net developed acres, and another 8,800 net undeveloped acres.

Utilizing single, dual and "crow's foot" horizontal drilling techniques, multi-well pads exploit up to 4 square miles of resources. Long horizontals allow rapid de-pressuring of the reservoir, liberating hydrocarbons from tighter rock. Water disposal is into the deeper Arbuckle formation.

The company currently trades at $4.70, below the $7.00 target price, and with 35.2 million shares outstanding, the company is capitalized at $165.4 million.

For more information, please visit the company's website www.equalenergy.ca, call 1-855-5143-7825 or email info@equalenergy.ca.

For more information about PI Financial or to obtain a copy of their research report, contact your nearest PI Financial office. Their branches are listed on their website at www.pifinancialcorp.com.

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