X0306 4 2014-07-31 0 0001492832 EQUAL ENERGY LTD. EQU 0001566111 Klapko Donald Charles C/O EQUAL ENERGY LTD. 4801 GAILLARDIA PARKWAY, SUITE 325 OKLAHOMA CITY OK 73142 1 1 0 0 President and CEO Common Stock 2014-07-31 4 D 0 656626 5.43 D 0 D Common Stock 0 I Held by spouse - Maureen Klapko Common Stock 0 I RRSP - Maureen Klapko Common Stock 0 I RRSP - Donald Klapko Restricted Stock Units 0 2014-07-31 4 D 0 35138 5.43 D Common Stock 0 0 D Includes all direct common stock holdings plus 20,000 in indirect holdings (7,500 in RRSP account; 7,500 in spouse's RRSP account; and 5,000 held by spouse), as well as all vested restricted stock units through July 31, 2014. All remaining vested restricted stock units as of July 31, 2014, were converted into common shares and acquired by Petroflow Energy Corporation ("Petroflow") in a transaction between Petroflow and the Issuer, wherein Petroflow acquired all outstanding shares of the Issuer. Represents dividend equivalent rights that accrued on unvested shares of restricted stock pursuant to the Equal Energy Ltd. Restricted Shares and Performance Share Incentive Plan (2010). /s/ Donald Charles Klapko 2014-08-07