Press release from Marketwire
Savanna Energy Services Corp. Completes Acquisition of Performance Services Ltd.
Wednesday, June 01, 2011
Savanna Energy Services Corp. Completes Acquisition of Performance Services Ltd.14:02 EDT Wednesday, June 01, 2011CALGARY, ALBERTA--(Marketwire - June 1, 2011) - Savanna Energy Services Corp. (TSX:SVY) ("Savanna") is pleased to announce the closing of the previously announced transaction whereby Savanna has acquired all of the outstanding shares of Performance Services Ltd. ("Performance"). The transaction was accomplished pursuant to the terms of a court approved plan of arrangement completed under the Business Corporations Act (Alberta) (the "Arrangement"). The Arrangement received the support of 100% of the votes cast at the special meeting of the security holders of Performance held on May 31, 2011. Pursuant to the Arrangement, Savanna acquired all of the outstanding common shares of Performance in exchange for total consideration of 3,559,647 common shares of Savanna. Performance shareholders received 0.1539 of a common share of Savanna for each common share of Performance held. Performance is a well servicing company operating 16 mobile freestanding service rigs throughout Alberta, British Columbia and Saskatchewan. Savanna is proud to add quality service rig equipment and experienced personnel from Performance to our established well service division. Our combined company's operational synergies will not only position us to capitalize on future organic growth, but will also be complimentary to our recently announced proposed arrangement with Silverstar Well Servicing Ltd.These 16 service rigs will take our total service rig count to 84, which are located throughout Canada, the U.S., and Australia. We are confident this acquisition will continue to attract experienced, quality personnel to work for one of the largest service rig operators in western Canada.Savanna is a Canadian-based drilling and well servicing provider with operations in Canada, the United States and Australia, focused on providing fit-for-purpose equipment and technologies.Cautionary Statement Regarding Forward-Looking Information and StatementsCertain statements and information contained in this press release may constitute forward-looking information within the meaning of applicable Canadian securities legislation and "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995. These statements are based on certain assumptions and analysis made by Savanna in light of its experience as well as other factors it believes are appropriate in the circumstances. However, whether actual results or events will conform to Savanna's expectations and predictions is subject to a number of known and unknown risks and uncertainties which could cause actual results and events to differ materially from Savanna's expectations. Consequently, all of the forward-looking information and statements made in this press release are qualified by this cautionary statement and there can be no assurance that the actual results or events anticipated by Savanna will be realized or, even if substantially realized, that they will have the expected effects on Savanna or its business or operations. Except as may be required by law, Savanna assumes no obligation to update publicly any such forward looking information and statements, whether as a result of new information, future events, or otherwise.FOR FURTHER INFORMATION PLEASE CONTACT: Ken MullenSavanna Energy Services Corp.President and CEO(403) 503-9990(403) 267-6749 (FAX)ORDwayne LaMontagneSavanna Energy Services Corp.Executive Vice President & Chief Development Officer(403) 503-9990(403) 267-6749 (FAX)www.savannaenergy.com