Equal Energy cuts conversion price for 6.75% notes after dividend pay

By Susanna Moon

Chicago, Dec. 23 - Equal Energy Ltd. said it reduced the conversion price for its 6.75% convertible debentures due March 31, 2016.

The conversion price was lowered to C$8.55 from C$8.64, and the note is now convertible into 116.93 common shares.

The conversion price was adjusted because the company paid out a dividend of $0.05 per common share on Friday, according to a company news release.

The company's stock closed at C$5.70 (Toronto: EQU) on Friday.

Equal Energy is an oil and gas exploration and production company based in Oklahoma City.

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