Total Energy Services Inc. ("Total Energy") (TSX:TOT) is pleased to confirm that on March 24, 2017 it acquired a majority of the outstanding common shares of Savanna Energy Services Corp. ("Savanna"). The process for Total Energy to acquire additional common shares of Savanna is now underway and further updates will be provided by Total Energy as appropriate. Total Energy appreciates and respects the trust and confidence demonstrated by Savanna shareholders.
The board of directors and senior management of Total Energy will look to immediately engage with their counterparts at Savanna in an effort to facilitate an efficient and cooperative transition, in the best interests of Savanna, its shareholders and other stakeholders. Total Energy welcomes the opportunity to engage with Savanna stakeholders, including employees, First Nations partners, customers, lenders, suppliers and others at an early opportunity. Interested stakeholders are encouraged to contact Daniel Halyk, President and CEO of Total Energy, or William Kosich, Vice President, Drilling Services, of Total Energy with any questions or concerns.
The combination of Total Energy and Savanna will result in a diversified, financially solid energy services company with a strong market position in four business segments: Contract Drilling Services; Rentals and Transportation Services; Well Servicing and Compression and Process Services. With a leading market presence in Canada and growing international operations, particularly in the United States and Australia where each of Total Energy and Savanna currently conduct business, Total Energy expects that it will be well positioned to continue to provide its shareholders with industry leading returns on their equity following completion of the acquisition of Savanna.
Savanna shareholders who have not yet tendered to Total Energy's offer to purchase the outstanding common shares of Savanna (the "Total Offer") are encouraged to deposit their Savanna common shares under the Total Offer as soon as possible. After giving effect to the extension of the Total Offer announced on March 25, 2017, the Total Offer is now 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 firstname.lastname@example.org.
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).
SOURCE: Total Energy Services Inc.
The Toronto Stock Exchange has neither approved nor disapproved the information contained herein.