CALGARY, ALBERTA–(Marketwired – April 5, 2017) – Savanna Energy Services Corp. (“Savanna“) (TSX:SVY) and Total Energy Services Inc. (“Total Energy“) (TSX:TOT) announced today that the board of directors of Savanna (the “Savanna Board“) has been reconstituted following Total Energy’s recent acquisition of common shares of Savanna (as announced by Total Energy on March 25, 2017) and the termination by Savanna of its arrangement agreement with Western Energy Services Corp. (as announced by Savanna on March 29, 2017). Effective today, all of the directors of Savanna, with the exception of Mr. Allen Brooks, resigned as directors of Savanna (and any applicable Savanna subsidiaries) and seven new directors were appointed. The Savanna Board is now comprised of the following individuals:
- Allen Brooks
- George Chow
- Darcy Draudson
- Daniel Halyk
- Gregory Melchin
- Bruce Pachkowski
- Stan Smith
- Lyle Whitmarsh
Following the extension of Total Energy’s offer to purchase the outstanding Savanna common shares (the “Offer“) announced on March 25, 2017, the Offer is scheduled to expire at 12:00 PM (Pacific time) on April 7, 2017. If Savanna shareholders have any questions regarding the Total Offer or how to tender their Savanna common shares, they should contact Laurel Hill Advisory Group (“Laurel Hill“) at 1-877-452-7184 (Toll Free in North America) or 1-416-304-0211 (Collect Outside North America) or by email at [email protected].
Biographies of the each of the members of the Savanna Board, as reconstituted, are available on Savanna’s website at www.savannaenergy.com.
Savanna also announces that effective today, and in connection with the reconstitution of the Savanna Board, Mr. Chris Strong has resigned as President and Chief Executive Officer of Savanna. Mr. Strong’s replacement will be determined by the Savanna Board in due course.
Savanna is a leading contract drilling and oilfield services company operating in North America and Australia providing a broad range of drilling, well servicing and related services with a focus on fit for purpose technologies and industry-leading Aboriginal relationships.
About Total Energy
Total Energy is a growth oriented energy services corporation involved in contract drilling services (Chinook Drilling), rentals and transportation services (Total Oilfield Rentals) and the fabrication, sale, rental and servicing of natural gas compression (Bidell Gas Compression) and process equipment (Spectrum Process Systems).
Forward-Looking Information Cautionary Statement
This News Release contains certain forward-looking information (referred to herein as “forward-looking statements“). Forward-looking statements are often, but not always, identified by the use of words such as “anticipate”, “believe”, “plan”, “scheduled”, “intend”, “objective”, “continuous”, “ongoing”, “estimate”, “expect”, “may”, “will”, “project”, “should”, or similar words suggesting future events, circumstances or outcomes. In particular, this News Release contains forward-looking information concerning the Offer, the anticipated timing of expiry of the Offer and the determination of a replacement chief executive officer of Savanna.
Forward-looking statements are based upon the opinions and expectations of management of Total Energy and Savanna as at the effective date of such statements and, in some cases, information supplied by third parties. Although Total Energy and Savanna believe the expectations reflected in such forward-looking statements are based upon reasonable assumptions and that information received from third parties is reliable, it can give no assurance that those expectations will prove to have been correct. Forward-looking statements are subject to certain risks and uncertainties that could cause actual events or outcomes to differ materially from those anticipated or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, such things as changes in general economic conditions in Canada, the United States and elsewhere, changes in operating conditions (including as a result of weather patterns), the volatility of prices for oil and natural gas and other commodities, commodity supply and demand, fluctuations in currency and interest rates, availability of financial resources or third-party financing, availability of equipment, materials and personnel, defaults by counterparties under commercial arrangements to which Total Energy or Savanna (or any of their respective affiliates) is a party and new laws and regulations (domestic and foreign).
Having regard to the various risk factors, readers should not place undue reliance upon the forward-looking statements contained in this News Release and such forward-looking statements should not be interpreted or regarded as guarantees of future outcomes.
Full details of the Total Offer are contained in the offer to purchase and associated take-over bid circular, dated December 9, 2016, as amended, varied and supplemented (as applicable) by the notice of change and variation dated March 1, 2017, the notice of variation dated March 13, 2017 and the notice of extension dated March 27, 2017. All of those documents are available under Savanna’s profile at www.sedar.com and on Total Energy’s website at www.totalenergy.ca/savannaoffer.
The forward-looking statements contained in this News Release are made as of the date hereof and Total Energy does not undertake any obligation to update or to revise any of the included forward-looking statements, except as required by applicable securities laws in force in Canada. The forward-looking statements contained in this News Release are expressly qualified by this cautionary statement.
Savanna Energy Services Corp.
Vice President, Finance
Total Energy Services Inc.
President and Chief Executive Officer