Independent Equity Oil looks at sale and merger potential

Equity Oil Co., an 80-year-old independent, is looking for a buyer or a merger partner. The Salt Lake City company announced Sept. 12 that it has hired Petrie Parkman & Co. to “assist the company in evaluating strategic alternatives, including a potential merger or sale of the company.” Equity’s second quarter production was 3,154 barrels of oil equivalent daily, split about equally between oil and gas.

At the end of last year, Equity had interests in 438,000 gross acres and 986 wells. Estimated proved reserves were 10.5 million barrels of oil and 36.6 billion cubic feet of gas.