Western Energy Services Corp. ("Western") (TSX:WRG) acknowledges the announcement on March 25, 2017 by Total Energy Services Inc. ("Total") that it has taken up 51.6% of the shares of Savanna Energy Services Corp. ("Savanna") under its hostile take-over bid to acquire Savanna common shares.
Western is currently evaluating the effect of this announcement and its impact on Savanna. Western and its board of directors are understandably disappointed with the outcome of the bid.
Western remains a party to its arrangement agreement with Savanna, and is committed to act in accordance with the terms of that agreement. Western will make further announcements as events develop.
About Western Energy Services Corp.
Western is an oilfield service company which provides contract drilling services in Canada through its division Horizon Drilling and in the United States through its wholly owned subsidiary Stoneham Drilling Corporation. In Canada, Western also provides well servicing through its division Eagle Well Servicing and provides oilfield rental services through its division Aero Rental Services.
SOURCE: Western Energy Services Corp.
The Toronto Stock Exchange has neither approved nor disapproved the information contained herein.