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Introduction

After a transformational period during the second half of 2012, Equal Energy (EQU) has entered a new era of growth since early 2013. To speed up its restructuring, Equal changed completely its growth strategy and sold a lot of its assets in late 2012 in order to reduce its bank debt and enhance shareholder value.

The former diverse asset base has been replaced by a new business strategy and one single asset. This asset is the liquids-rich Hunton formation in Oklahoma that has been helping Equal mint money since January 2013.

Now that Equal Energy has changed its face, I will draw a comprehensive investment thesis, demonstrating that there is significant upside from the current levels.

The...

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