Savanna Energy Services Corp.
TSX : SVY

Savanna Energy Services Corp.

May 17, 2011 19:00 ET

Savanna Energy Services Corp. Announces Q1 2011 Results

CALGARY, ALBERTA--(Marketwire - May 17, 2011) - Savanna Energy Services Corp. (TSX:SVY)

Overall, Q1 2011 was a period of progressing oilfield service industry fundamentals. Strong oil prices and increased activity in liquids rich and/or unconventional oil plays created more demand for drilling, completion and maintenance services throughout North America compared to Q1 2010. In addition, an extended cold winter also helped drive overall Q1 2011 utilization rates up to levels not seen in several years. These factors led to an increase in operating days, hours and rates in the Company's drilling and oilfield services divisions and increased revenues and operating margins in each of the operating divisions significantly compared to Q1 2010. Operating cash flows in Q1 2011 increased by 50% compared to Q1 2010 to $45 million and net earnings increased to $15.6 million or $0.20 per share from $10.6 million or $0.13 in Q1 2010.

Savanna's President and Chief Executive Officer, Ken Mullen, stated; "The first quarter of 2011 represented an inflection point for Savanna. Almost ideal operating conditions in Q1 2011 in Canada allowed Savanna to achieve the highest utilization rates the Company has experienced since 2006. With the Canadian industry strongly focused on developing oil and liquids-rich prospects, demand for our deeper conventional fleet was particularly strong. Hybrid drilling utilization, while muted in comparison, was significantly stronger than during the past four Q1 periods. Increased day rates in conventional drilling in Canada reflected the strong demand for our deeper rigs and, although not as significantly as in conventional drilling, day rates and margins for our hybrid fleet also improved relative to Q1 2010. The continued disconnect between conventional and hybrid drilling in Canada reflects the overall excess supply of shallow drilling equipment. Oilfield services also began showing the positive effects of recent oil-focused drilling, with sharply higher demand, and improved pricing."

"In the United States, we continued to achieve high utilization rates for both drilling and well servicing operations in all areas. We did experience some challenges on our footage contracts in the Permian basin, which negatively impacted both U.S. drilling margins and overall drilling margins, however, it is anticipated that all footage contracts will be renewed as day work contracts by the end of 2011. This will occur at a time when our day work rates in the U.S. continue to gradually increase, with further moderate increases anticipated on renewals during the remainder of 2011. Strong hourly rates also continued in respect of our North Dakota well servicing operations."

"A full quarter of operating experience with our first two TDS-3000TM drilling rigs further reinforced our faith in this platform as a highly competitive entry into a market experiencing strong, sustainable demand, and an equally economic retrofit for our low utilization CT-1500 hybrid drilling rigs. With a minimum of six additional TDS-3000TM conversions planned for completion in 2011, Savanna will show significant expansion to our effective North American fleet. In addition to the TDS-3000TM conversions, Savanna will also initiate drilling operations in Australia with a fleet of four hybrid drilling rigs in 2011, all incorporating Savanna's industry-leading, patented hybrid drilling capability, and all designed to move and operate 365 days a year. With two rigs on the ground, all four of these rigs will be operating by Q4 2011. Finally, the Company continues to progress on the rollout of the next two ultra-heavy double rigs for our Marcellus core area. Most critically, of the 16 rigs included in the current capital program, all but six are already contracted. It is expected that all but the last two Australian hybrids will be contracted by the time they are field ready."

"Savanna also recently announced expansion of our oilfield services division with the agreement to acquire Performance Services Ltd. While still subject to Performance shareholder approval, we anticipate introducing the Performance people and equipment into Savanna's Oilfield Services Division before the end of Q2 2011. With a fleet of 16 service rigs, all but three of which were built since 2006, and strong consistency in design and components to our existing well servicing fleet, this acquisition will be accretive to both our operating and financial base. Anticipating some of the strongest fundamentals in well servicing for many years, the resulting expansion of our well servicing fleet by roughly 25% appears to be very timely."

Effective January 1, 2011, the Company prepares its interim consolidated financial statements in accordance with IFRS 1, First-time Adoption of International Financial Reporting Standards, and with IAS 34, Interim Financial Reporting. Certain 2010 comparative figures included in this MD&A have been restated as part of the Company's transition to international financial reporting standards ("IFRS"). Significant differences between the comparative figures included in this press release and those figures previously reported are included later in this press release under the heading "Transition to IFRS".


FINANCIAL HIGHLIGHTS

The following is a summary of selected financial information of the Company:

                                                  Three Months Ended
March 31                                              2011      2010 Change
----------------------------------------------------------------------------
(Stated in thousands of dollars, 
 except per share amounts)                               $         $
----------------------------------------------------------------------------
OPERATING RESULTS
Revenue                                            168,586   130,069     30%
Operating expenses                                 118,808    94,050     26%
Operating margin(1)                                 49,778    36,019     38%
Net earnings                                        15,575    10,565     47%
 Per share: basic                                     0.20      0.13     54%
 Per share: diluted                                   0.20      0.13     54%
                                                 ---------------------------
                                                 ---------------------------
CASH FLOWS
Operating cash flows(1)                             44,969    30,012     50%
 Per diluted share                                    0.57      0.38     50%
Purchase of capital assets(1)                      (42,734)  (17,030)   151%
                                                 ---------------------------
                                                 ---------------------------

                                                    Mar-31    Dec-31
FINANCIAL POSITION                                    2011      2010 Change
----------------------------------------------------------------------------
                                                         $         $
----------------------------------------------------------------------------
Working capital(1)                                 107,826    78,873     37%
Capital assets(1)                                  857,885   840,702      2%
Total assets                                     1,060,147   996,143      6%
Long-term debt                                     141,180   112,802     25%
                                                 ---------------------------
                                                 ---------------------------

OPERATIONAL HIGHLIGHTS

Strengthening oil and gas industry fundamentals in North America and an extended winter season of activity in Canada had a positive effect on the Company's operations in Q1 2011. The increase in demand for oilfield services led to an increase in operating days and hours in both the drilling and oilfield services divisions compared to Q1 2010.

The drilling division achieved a 15% increase in the number of operating days with virtually the same drilling rig fleet in the first quarter of 2011 compared to the same period in 2010. Additionally, average day rates increased 8% over the same time frame which, coupled with the increase in operating days, led to an $8.9 million increase in operating margins in Q1 2011 compared to Q1 2010.

The oilfield services division realized a 20% increase in operating hours, and operating margins increased by $4.9 million in the first quarter of 2011 relative to 2010 with virtually the same average fleet size. Furthermore, operating margin percentages were higher in Q1 2011 compared to Q1 2010.

Extreme rainfall in Australia halted operations and led to flooding damages on Savanna's two service rigs in that country at the beginning of 2011. One of the damaged rigs was fully repaired and re-commenced operations in March 2011; repairs to the second rig have begun and it is expected to be operational by June 2011. The operating delays led to negative operating margins and cash flows in Australia in the quarter; however Savanna expects improved operating margins from its Australian operations in Q2 2011 and positive operating cash flows in Q3 2011.

Subsequent to the end of the quarter, Savanna signed a definitive agreement to acquire of all the outstanding shares of Performance Services Ltd. ("Performance"). Performance currently operates 16 mobile freestanding service rigs throughout Western Canada. The average age of the rigs being acquired is less than five years and all are of similar design to the Company's current well servicing fleet.


EQUIPMENT FLEET

The following table outlines the Company's drilling and service rig fleet by
type of rig:

                                                    Mar-31    Dec-31
                                                      2011      2010 Change
----------------------------------------------------------------------------
DRILLING RIGS
Heavy and ultra-heavy telescoping doubles               49        49      -
North American hybrid                                   41        42     (1)
International hybrid                                     2         2      -
TDS-3000(TM)                                             3         2      1
Triples                                                  2         2      -
Pipe-arm single                                          1         1      -
Surface/ coring                                          5         5      -
                                                   -------------------------
Total drilling rigs (gross)                            103       103      -
Total drilling rigs (net)(i)                            99        99      -
                                                   -------------------------
                                                   -------------------------
SERVICE RIGS
Total service rigs (gross)                              68        68      -
Total service rigs (net) (i)                            66        66      -
                                                   -------------------------
                                                   -------------------------
(i) Eight drilling rigs and four service rigs were owned in 50/50 limited
    partnerships at March 31, 2011 and December 31, 2010.

The Company also has a substantial inventory of drilling and well servicing-related rental assets and support equipment.

In March 2011, the Company sold its machining and pipe inspection facility and a majority of the related assets for gross proceeds of $3.2 million. The assets sold were purchased with and operated as a non-core part of Savanna's rental business in the oilfield services segment. The remaining $0.4 million of assets continue to be held for sale and are measured at fair value, which is the amount the Company expects to receive on their ultimate disposition; any resulting gain or loss on the sale of these remaining assets is not expected to be material.

The following outlines the Company's deployment of its drilling and service rig fleet by geographic location and excludes the Company's five coring rigs located in Canada:


                                                       Mar-31 Dec-31
                                                         2011   2010 Change
----------------------------------------------------------------------------
DRILLING RIGS
Canada                                                     74     74      -
United States                                              22     22      -
Australia                                                   2      2      -
                                                      ----------------------
Total drilling rigs                                        98     98      -
                                                      ----------------------
                                                      ----------------------
SERVICE RIGS
Canada                                                     57     57      -
United States                                               9      9      -
Australia                                                   2      2      -
                                                      ----------------------
Total service rigs                                         68     68      -
                                                      ----------------------
                                                      ----------------------

Savanna's two service rigs in Australia suffered extensive flooding damage in January 2011. One of the rigs was fully repaired during Q1 2011 and began working in March 2011. Repairs to the second rig have begun and it is expected to be operational by June 2011. The total cost for restoration and repairs to the rigs is expected to be covered by Savanna's insurance program, subject to the payment of a deductible of $0.5 million, which was accrued in 2010. In addition, the first of the two hybrid drilling rigs, retrofitted for operations in Australia, is expected to commence operations in June 2011. The second retrofitted hybrid drilling rig should start work in Q3 2011. The retrofit of two additional hybrid drilling rigs is also nearing completion, as is the construction of a third service rig for Australia. These three rigs are expected to be available for the Australian market in late Q3 2011 or early Q4 2011.

Savanna's previously announced 2011 capital program and carry-over of outstanding projects from the Company's 2010 capital program continued in Q1 2011. During the quarter, approximately $43 million, of the total $113 million Savanna anticipates expending in 2011, was incurred on the following:

- construction of one new service rig for deployment in Australia, expected completion Q3 2011;

- retrofit of two hybrid drilling rigs for deployment in Australia, expected completion Q3 2011;

- retrofit of six hybrid drilling rigs as TDS-3000TM drilling rigs, expected completion Q4 2011 - one completed;

- completion of construction of two new high specification deep double drilling rigs, initiated in 2010, for deployment in the United States, expected completion Q3 2011;

- purchase of four new portable top drives, expected completion Q2 2011; and

- completion of construction of one new flush-by service rig, initiated in 2010, expected completion Q2 2011.

The two new high specification deep double drilling rigs and the first four TDS-3000TM rigs have already been contracted. There is also significant interest in the remaining TDS-3000TM rigs being retrofitted in 2011 and Savanna expects to have all eight of these rigs under contract before they are field ready.


CONTRACT DRILLING

(Stated in thousands of dollars, 
 except revenue per day)
                                                  Three Months Ended
----------------------------------------------------------------------------
March 31                                              2011      2010 Change
----------------------------------------------------------------------------
Revenue                                        $   133,855 $ 107,464     25%
Operating expenses                             $    95,728 $  78,205     22%
Operating margin(1)                            $    38,127 $  29,259     30%
Operating margin %(1)                                   28%       27%
Operating days(2)                                    6,341     5,517     15%
Revenue per operating day                      $    21,109 $  19,479      8%
Spud to release days(2)                              5,568     4,724     18%
Wells drilled(2)                                       852       808      5%
Total meters drilled(2)                          1,022,558   928,449     10%
Utilization - Canada(2)                                 62%       54%    15%
Utilization - U.S.(2)                                   83%       60%    38%
Utilization - International(2)                           -        74% (100%)
Canadian industry average utilization(2)                66%       52%    27%
                                               -----------------------------
                                               -----------------------------

First Quarter Results

In Q1 2011, Savanna's drilling division achieved higher revenue, operating margins and operating margin percentages compared to Q1 2010. The first quarter results were driven by a longer than average winter drilling season in Canada and continuing overall improvements in the North American oil and gas industry. This resulted in increased operating days, day rates, revenue and operating margins in both Canada and the U.S. this quarter compared to Q1 2010. Of Savanna's deployed fleet of 99 net rigs in Q1 2011, 75 operated in Canada, 22 operated in the U.S. and the remaining two were awaiting commencement of operations in Australia. In Q1 2010, 82 rigs were located in Canada, 17 rigs were in the U.S. and four were in Mexico.

Increases in operating days and revenue were achieved by both hybrid and conventional drilling rigs; however, the conventional drilling rigs, in particular, showed more of an increase in both day rates and operating margin in Q1 2011 compared to the same period in 2010. The cold winter in Canada and strong demand for Savanna's high specification deep rated rigs led to the highest utilization quarter in the history of Savanna's Canadian conventional division at 86% (2010 - 73%). The U.S. conventional division also had strong utilization numbers but certain U.S. rigs working under footage contracts encountered difficult drilling programs in Q1 2011 which contributed to much lower than expected margins of 16% in that country. The relatively lower margins in Savanna's U.S. conventional division were offset by 36% margins in the Canadian conventional division and 29% in the hybrid division in the quarter. The Company is currently negotiating more favourable terms for these types of programs and expects to eliminate footage contracts by year end 2011.

Overall, Savanna's conventional drilling rigs, which account for slightly over half of Savanna's total drilling rig fleet, achieved 65% of the operating days and contributed 64% of the overall operating margin in Q1 2011. In Q1 2010, conventional drilling rigs accounted for 63% of the operating days and 57% of operating margin. In addition, Savanna's Hybrid division had its highest utilization quarter since Q1 2008 at 48% (2010 - 41%). The increase in hybrid utilization was primarily a result of the increased application of the rigs to coring and shallow oil drilling, specifically in heavy oil areas.

Variable operating costs per operating day were higher in Q1 2011 compared to the same period in 2010 as a result of increased footage costs in the U.S. and a 5% increase in labour costs compared to Q1 2010; Savanna was able to pass the labour cost increases on to its customers. In addition, during the first quarter of 2011 Savanna incurred higher retention costs compared to Q1 2010. The oilfield services industry is currently experiencing a shortage of qualified rig personnel and the Company felt it was necessary to attempt to retain key rig personnel by offering retention incentives. The benefits of these retention costs were realized in the quarter through the ability to more consistently operate our rigs. Despite this increase in per day footage and labour costs, overall operating costs were lower as a percentage of revenue in Q1 2011 compared to Q1 2010 as the fixed portion of operating costs was distributed over a greater number of operating days in Q1 2011 compared to Q1 2010.


OILFIELD SERVICES

(Stated in thousands of dollars, 
 except revenue per hour)
                                                  Three Months Ended
----------------------------------------------------------------------------
March 31                                              2011      2010 Change
----------------------------------------------------------------------------
Revenue                                           $ 36,068  $ 23,741     52%
Operating expenses                                $ 24,581  $ 17,120     44%
Operating margin(1)                               $ 11,487  $  6,621     74%
Operating margin %(1)                                   32%       28%
Operating hours(2)                                  36,425    30,278     20%
Revenue per hour                                  $    761  $    640     19%
Utilization - Canada(2)                                 62%       49%    27%
Utilization - U.S.(2)                                   66%       60%    10%
Utilization - International(2)                          30%        -     (i)
                                                  --------------------------
                                                  --------------------------

(i) Calculation not meaningful

First Quarter Results

An extended winter activity season in Canada coupled with continued improvements in the North American oil and gas industry in Q1 2011 resulted in an increase in operating hours, pricing, revenue and operating margin in the quarter compared to Q1 2010. Of Savanna's deployed fleet of 66 net rigs in Q1 2011, 55 operated in Canada, nine operated in the U.S. and the remaining two were located in Australia. In Q1 2010, 56 rigs were located in Canada and eight rigs were in the U.S.

Savanna's Canadian well servicing division had its highest utilization quarter since Q1 2008 and both the U.S. well servicing division and oilfield rentals division achieved higher activity levels and operating results compared to Q1 2010. Savanna also had revenues from its Australia operations in the latter part of Q1 2011. The first two well servicing rigs began working there in December 2010; however extreme rainfall limited operations in 2010 and led to flooding damage on the rigs at the beginning of 2011. One of the damaged rigs was fully repaired and re-commenced operations in March 2011 but the operating delays led to negative operating margins and cash flows in Australia in the quarter. Savanna expects operating margins in Australia to continue improving in Q2 2011 and for its Australian operations to begin generating positive operating cash flows in Q3 2011.

Included in revenue for Q1 2011, was $8.3 million from oilfield rentals, an 89% increase from the $4.4 million in oilfield rentals revenue in Q1 2010. The increase in oilfield rentals revenue is due to the increase in overall industry activity and expansion of the rental fleet quarter over quarter. Of the Q1 2011 rental revenue, $1.5 million (2010 - $1.3 million) is eliminated on overall consolidation as inter-segment revenue. Oilfield rentals revenue is excluded from the per hour revenue calculations above.

The increase in margin percentages is due primarily to improved overall pricing quarter over quarter. However, increases in variable operating costs per operating hour somewhat offset these improvements. The increase in per hour operating costs was primarily a result of a 4% increase in labour rates, which went into effect in Q4 2010 and higher fuel prices. Savanna was able to recover some of the higher labour costs through increased hourly rates.


OTHER FINANCIAL INFORMATION

(Stated in thousands of dollars)
                                                  Three Months Ended
March 31                                           2011         2010 Change
----------------------------------------------------------------------------
                                                      $            $
----------------------------------------------------------------------------
General and administrative expenses(i)            9,096        5,727     59%
 as a % of revenue                                  5.4%         4.4%
                                                 ---------------------------
                                                 ---------------------------

(i) General and administrative expenses above, differs from the amount
    reported in the consolidated statement of net earnings as it excludes 
    the attributable amounts of stock-based compensation and depreciation 
    and amortization. Those attributable amounts have been included under 
    the applicable headings above.

The overall increase in general and administrative expenses for the quarter ended March 31, 2011, compared with Q1 2010 is the result of upgrades to all of Savanna's support functions throughout the last 12 months. The upgrades included improving the capacity of the human resources, health safety and environment, finance and information technology departments as well as increases to employee incentive programs in line with the improved financial performance of the Company overall. The majority of the increases occurred in 2010; in fact, general and administrative expenses in Q1 2011 are consistent with Q4 2010, after considering the $2.6 million of one time expenses incurred in Q4 2010.

FINANCIAL CONDITION AND LIQUIDITY

Savanna's net debt(1) position at March 31, 2011, was $33.3 million and the amount owing on its term revolving credit facility was $138.9 million. As of the date of this release, $134.2 million was drawn on Savanna's term revolving credit facility.

QUARTERLY RESULTS

In addition to other market factors, quarterly results of Savanna are markedly affected by weather patterns throughout its operating areas in Canada, which still constitute the majority of Savanna's operations. Historically, the first quarter of the calendar year is very active, followed by a much slower second quarter. As a result of this, the variation in activity levels on a quarterly basis, particularly in the first and second quarters, can be dramatic year-over-year independent of other demand factors. As the Company continues to expand outside of Canada, the relative impact of Canadian seasonality will be reduced. The following is a summary of selected financial information of the Company for the last eight completed quarters.


Summary of Quarterly Results

(Stated in thousands of dollars, except
 per share amounts)

Three Months Ended                        Mar-31    Dec-31  Sep-30   Jun-30
                                            2011      2010    2010     2010
----------------------------------------------------------------------------
                                               $         $       $        $
----------------------------------------------------------------------------
Revenue                                  168,586   135,678 104,787   67,862
Operating expenses                       118,808    97,579  79,715   56,914
Operating margin(1)                       49,778    38,099  25,072   10,948
Operating margin %(1)                         30%       28%     24%      16%
Net earnings (loss)                       15,575     6,190   1,898   (7,195)
 Per share: basic                           0.20      0.08    0.02    (0.09)
 Per share: diluted                         0.20      0.08    0.02    (0.09)
Total assets                           1,060,147   996,143 960,909  937,450
Long-term debt                           141,180   112,802  93,601   84,696

(Stated in thousands of dollars, except
 per share amounts)

Three Months Ended                   Mar-31    Dec-31     Sep-30     Jun-30
                                       2010    2009(i)    2009(i)    2009(i)
----------------------------------------------------------------------------
                                          $         $          $          $
----------------------------------------------------------------------------
Revenue                             130,069    85,430     50,350     27,045
Operating expenses                   94,050    61,611     40,208     26,627
Operating margin(1)                  36,019    23,819     10,142        418
Operating margin %(1)                    28%       28%        20%         2%
Net earnings (loss)                  10,565   (18,055)    (4,548)    (8,899)
 Per share: basic                      0.13     (0.23)     (0.06)     (0.14)
 Per share: diluted                    0.13     (0.23)     (0.06)     (0.14)
Total assets                        961,110   977,159    983,783    974,192
Long-term debt                       98,386    70,107     57,263     50,872
                                   -----------------------------------------
                                   -----------------------------------------
(i) Savanna's transition to IFRS was effective January 1, 2010, as a result
    2009 comparative figures are the same as those previously reported.



Summary of Quarterly Results - Contract Drilling

(Stated in thousands of dollars, except revenue per day)

                                       Mar-31    Dec-31    Sep-30   Jun-30
Three Months Ended                       2011      2010      2010     2010
----------------------------------------------------------------------------
Revenue                            $  133,855 $ 107,633  $ 81,969 $ 52,008
Operating expenses                 $   95,728 $  76,399  $ 63,709 $ 44,084
Operating margin(1)                $   38,127 $  31,234  $ 18,260 $  7,924
Operating margin %(1)                      28%       29%       22%      15%
Operating days(2)                       6,341     5,313     4,674    2,869
Revenue per operating day          $   21,109 $  20,258  $ 17,537 $ 18,128
Spud to release days(2)                 5,568     4,676     4,047    2,471
Wells drilled(2)                          852       852       578      186
Total meters drilled(2)             1,022,558 1,115,888   862,711  471,695
Utilization(2)
 Canada                                    62%       47%       39%      17%
 U.S.                                      83%       79%       73%      66%
 International                              -         -        63%      70%
 Canadian industry average                 66%       49%       40%      20%
                                 -------------------------------------------
                                 -------------------------------------------

                                       Mar-31    Dec-31    Sep-30   Jun-30
Three Months Ended                       2010    2009(i)   2009(i)  2009(i)
----------------------------------------------------------------------------
Revenue                            $  107,464 $  68,478  $ 38,172 $ 17,943
Operating expenses                 $   78,205 $  50,316  $ 31,719 $ 18,708
Operating margin(1)                $   29,259 $  18,162  $  6,453 $   (765)
Operating margin %(1)                      27%       27%       17%      (4%)
Operating days(2)                       5,517     3,704     2,245      974
Revenue per operating day          $   19,479 $  18,488  $ 17,003 $ 18,422
Spud to release days(2)                 4,724     3,096     1,974      896
Wells drilled(2)                          808       502       306      116
Total meters drilled(2)               945,983   721,824   468,602  202,671
Utilization(2)
 Canada                                    54%       31%       19%       5%
 U.S.                                      60%       53%       41%      37%
 International                             74%       72%       43%       -
 Canadian industry average                 52%       31%       21%      11%
                                 -------------------------------------------
                                 -------------------------------------------

(i) Savanna's transition to IFRS was effective January 1, 2010, as a result
    2009 comparative figures are the same as those previously reported.


Summary of Quarterly Results - Oilfield Services

(Stated in thousands of dollars, except revenue per hour)

                                       Mar-31    Dec-31    Sep-30   Jun-30
Three Months Ended                       2011      2010      2010     2010
----------------------------------------------------------------------------
Revenue                            $   36,068 $  28,231  $ 23,283 $ 16,104
Operating expenses                 $   24,581 $  21,531  $ 16,639 $ 13,227
Operating margin(1)                $   11,487 $   6,700  $  6,644 $  2,877
Operating margin %(1)                      32%       24%       29%      18%
Operating hours(2)                     36,425    34,354    29,650   21,992
Revenue per hour                   $      761 $     687  $    654 $    624
Utilization(2)
 Canada                                    62%       56%       47%      33%
 U.S.                                      66%       61%       75%      69%
 International                             30%       59%        -        -
                                 -------------------------------------------
                                 -------------------------------------------

                                       Mar-31    Dec-31    Sep-30   Jun-30
Three Months Ended                       2010    2009(i)   2009(i)  2009(i)
----------------------------------------------------------------------------
Revenue                            $   23,741 $  17,447  $ 12,887 $  9,369
Operating expenses                 $   17,120 $  11,928  $  9,338 $  8,329
Operating margin(1)                $    6,621 $   5,519  $  3,549 $  1,040
Operating margin %(1)                      28%       32%       28%      11%
Operating hours(2)                     30,278    24,011    17,345   11,470
Revenue per hour                   $      640 $     629  $    622 $    639
Utilization(2)
 Canada                                    49%       37%       26%      15%
 U.S.                                      60%       59%       58%      58%
 International                              -         -         -        -
                                 -------------------------------------------
                                 -------------------------------------------

(i) Savanna's transition to IFRS was effective January 1, 2010, as a result
    2009 comparative figures are the same as those previously reported.

TRANSITION TO IFRS

The interim consolidated financial statements of Savanna for the period ending March 31, 2011 will be the Company's first interim financial statements prepared under IFRS. Savanna's transition to IFRS was effective January 1, 2010 and as a result, certain 2010 comparative figures included in this press release have been restated; however, the 2009 comparative figures are the same as those previously reported. The Company's March 31, 2011 interim consolidated financial statements will present detailed reconciliations between Savanna's 2010 consolidated financial statements under Canadian generally accepted accounting principles ("GAAP") and IFRS, including the opening IFRS balance sheet at January 1, 2010.

Under IFRS certain accounting policies applied by the Company are different than those under GAAP and any changes were applied retrospectively on the transition date except for where optional exemptions and mandatory exceptions did not require full retrospective application of IFRS. The changes in the Company's 2010 GAAP figures were primarily a result of the application of the "Fair value or revaluation as deemed cost" exemption allowed for under IFRS 1 and the change in Savanna's depreciation policies based on the componentization of its property and equipment. The following provides a summary of the significant changes between Savanna's 2010 operating results and financial position under GAAP and IFRS:

IFRS 1 - fair value or revaluation as deemed cost

This exemption allows for the Company to use the fair value of a class of capital assets as the deemed cost of that asset on conversion. The Company applied this exemption to a portion of its capital assets, including intangible assets, hybrid drilling rigs, surface/coring drilling rigs, coil tubing service units and spare equipment recorded in property and equipment; for the rest of Savanna's capital assets historical costs were used.

There was no change in the fair value of intangible assets, surface/coring drilling rigs and coil tubing service units determined under GAAP at December 31, 2009 as these assets were impaired to fair value under GAAP. The carrying amounts of the Company's hybrid drilling rigs and spare equipment were reduced by an aggregate of $62 million as of January 1, 2010, as a result of using the fair values of these assets as their deemed cost on the date of transition.

Componentization of property and equipment

Under GAAP depreciation of certain operating assets (i.e. drilling and well servicing rigs) was determined based on the total cost of that asset. Under IFRS each component of an item of property and equipment with a cost that is significant in relation to the total cost of the item is to be depreciated separately. Therefore the ranges of useful lives under which property and equipment are depreciated have expanded and resulted in an adjustment to the Company's opening balance sheet and 2010 depreciation expense. Additionally, under GAAP rig-recertification costs were included in other assets with amortization expense included in operating expenses. Under IFRS these assets are separate components of a rig with amortization expense included in depreciation and amortization.

As a result of the reclassification of rig-recertification costs, for Q1 2010, operating margins increased by $0.7 million. The changes in depreciation expenses net of deferred income tax expenses increased net earnings by $1.0 million for Q1 2010.

OUTLOOK

As described in the Company's 2010 annual report, Savanna's key 2011 initiatives are as follows:

- retrofit no less than eight hybrid drilling rigs, subject to economics;

- execute and expand Australia by a minimum of four drilling and three service rigs, subject to contract;

- continue to nurture international opportunities;

- establish technical services function to support technology development and cost effective construction and purchasing;

- execute on the strategy to grow the rental division domestically and internationally;

- improve staff development, training and safety execution; and

- maximize operational efficiencies.

All of the above initiatives have begun; however certain of these will garner more attention than others in the near term with the goal of executing on all of these initiatives in the next few years.

Specifically, the retrofit of hybrid rigs is well under way with four TDS-3000TM rig conversions already completed and four more conversions expected to be complete by the end of the year. Additionally, the Company has deployed two retrofitted hybrid drilling rigs to Australia with two more expected to be available for the Australian market in 2011. The first operational TDS-3000TM rigs have shown excellent results and one of the next two are already contracted with significant customer interest in the remaining TDS-3000TM rigs. Savanna's strategic intent of reducing its domestic shallow drilling fleet exposure is on track and the Company expects this strategy to begin paying off materially in 2011. In addition, the Company has identified several other prospective international areas attractive for the hybrid, and Savanna's newly formed technical services group is continuing to work towards improving the application and utilization of the hybrid fleet domestically.

Savanna anticipates having its Australian operations running at their intended capacity before the end of 2011. The required infrastructure to support this operation is in place and Savanna expects all of its landed rigs to begin operating in the next few months. By late Q3 or early Q4 2011 the third service rig and the next two drilling rigs should also be ready to initiate operations in Australia. Savanna continues to pursue long-term customer commitments for additional drilling and well servicing equipment in Australia, both through existing and pending tenders, as well as directly to customers.

While revitalization of the hybrid fleet is a priority, expansion of its deeper conventional fleet also remains a core growth driver for Savanna going forward. With the construction of two high specification conventional drilling rigs and the conversion of eight of its hybrid rigs to deeper-oriented conventional rigs either completed or under way, Savanna is committed to increasing the number of drilling rigs capable of drilling to depths greater than 3,000 meters.

Similarly, the signing of a definitive agreement to acquire a 16-rig well servicing company should serve notice that Savanna is intent on growing all of its operating divisions while not diluting the quality of people and equipment that Savanna's customers have come to expect. The average age of the well servicing rigs being acquired is less than five years and all are of similar design to the Company's current well servicing fleet. The rigs will be managed out of Savanna's current field locations and as a result the Company does not expect to incur any incremental overhead costs.

Savanna believes it has the high quality people, equipment, leading-edge technology and First Nations partnerships to carry out its strategy and benefit from improving oilfield service industry fundamentals. Both the CAODC and the Petroleum Services Association of Canada ("PSAC") anticipate stronger drilling activity in Canada in 2011 compared to 2010. In fact, based on Q1 2011 industry activity levels, in April 2011, PSAC raised its forecast further from its initial estimate in November 2010. With 84% of its well servicing fleet and 76% of its drilling fleet located in Canada, plus a pending 16 rig acquisition in Canada, Savanna expects to benefit from any such increased activity.

Notes:

(1) Operating margin, operating margin percent, operating cash flows, capital assets, working capital, and net debt are not recognized measures under GAAP, and are unlikely to be comparable to similar measures presented by other companies. Management believes that, in addition to net earnings, the measures described above are useful as they provide an indication of the results generated by the Company's principal business activities prior to consideration of how those activities are financed and how the results are taxed in various jurisdictions.

- Operating margin is defined as revenue less operating expenses.

- Operating margin percent is defined as revenue less operating expenses divided by revenue.

- Operating cash flows are defined as cash flows from operating activities less: changes in non-cash working capital, income taxes paid or received and interest paid or received.

- Capital assets are defined as property, equipment and intangible assets.

- Working capital is defined as total current assets less total current liabilities excluding the current portions of long-term debt.

- Net debt is defined as long-term debt, including the current portions thereof, less working capital as defined above.

(2) Certain industry related terms used in this MD&A are defined or clarified as follows:

- The number of operating days, spud to release days and operating hours are all on a net basis which means only Savanna's proportionate share of any rigs held in 50/50 limited partnerships have been included.

- Savanna reports its drilling rig utilization based on spud to release time for the rigs and excludes moving, rig up and tear down time, even though revenue may be earned during this time. Savanna's rig utilization, spud to release days, wells drilled and total meters drilled exclude coring rigs as the operating environment is not comparable to the Company's other drilling rigs, nor to industry utilization drivers. However, these rigs are included in total fleet numbers. Source of Canadian industry average utilization figures: Canadian Association of Oilwell Drilling Contractors ("CAODC").

- Savanna reports its well servicing rig utilization based on standard hours of 3,650 per rig per year. The comparative utilization rates exclude the coiled tubing service units since these units are not comparable in size or operations to the division's service rigs. Reliable industry average utilization figures, specific to well servicing, are not available.


CONSOLIDATED STATEMENTS OF NET EARNINGS

For the three months ended March 31                            2011    2010
----------------------------------------------------------------------------
(Unaudited - Stated in thousands of Canadian dollars)             $       $
----------------------------------------------------------------------------
REVENUE                                                     168,586 130,069
COST OF SERVICES
 Operating expenses                                         118,808  94,050
 Stock-based compensation                                       279     246
 Depreciation and amortization                               15,878  12,587
                                                           -----------------
                                                            134,965 106,883
                                                           -----------------
GROSS PROFIT                                                 33,621  23,186
                                                           -----------------
General and administrative expenses                          10,783   6,846
Finance expenses                                              1,626   1,402
Other expenses                                                  685     209
                                                           -----------------
EARNINGS BEFORE INCOME TAXES                                 20,527  14,729
                                                           -----------------
INCOME TAXES
 Current                                                        490     399
 Deferred                                                     4,462   3,765
                                                           -----------------
                                                              4,952   4,164
                                                           -----------------
NET EARNINGS                                                 15,575  10,565
                                                           -----------------
                                                           -----------------
NET EARNINGS PER SHARE
 Basic - net earnings                                          0.20    0.13
 Diluted - net earnings                                        0.20    0.13
 Weighted average number of shares outstanding (000s)        79,097  79,078
 Diluted weighted average number of shares outstanding 
  (000s)                                                     79,349  79,078
                                                           -----------------
                                                           -----------------
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

For the three months ended March 31                            2011    2010
----------------------------------------------------------------------------
(Unaudited - Stated in thousands of Canadian dollars)             $       $
----------------------------------------------------------------------------
NET EARNINGS                                                 15,575  10,565
                                                            ----------------
OTHER COMPREHENSIVE INCOME (LOSS)
 Foreign currency translation adjustment                     (4,028) (2,798)
 Unrealized foreign exchange gain on net investment hedge       912   1,240
 Deferred tax expense on gain on net investment hedge          (114)   (161)
                                                            ----------------
COMPREHENSIVE INCOME                                         12,345   8,846 
                                                            ----------------
                                                            ----------------


CONSOLIDATED BALANCE SHEETS
                                                 Mar-31    Dec-31     Jan-1
                                                   2011      2010      2010
----------------------------------------------------------------------------
(Unaudited - Stated in thousands 
 of Canadian dollars)                                 $         $         $
----------------------------------------------------------------------------
ASSETS
Current
 Cash                                             6,463     6,055     4,480
 Accounts receivable                            165,725   117,213    78,409
 Income taxes receivable                         12,256     9,896     9,065
 Inventory                                        3,367     3,713     4,195
 Prepaid expenses and deposits                    1,618     2,554     1,969
 Assets held for sale                               435     3,666         -
                                              ------------------------------
                                                189,864   143,097    98,118
Notes receivable                                 11,054    10,984     9,630
Property and equipment                          857,809   840,625   806,933
Intangibles and other assets                         76        77     1,181
Deferred income tax assets                        1,344     1,360         -
                                              ------------------------------
                                              1,060,147   996,143   915,862
                                              ------------------------------
                                              ------------------------------
LIABILITIES
Current
 Bank indebtedness                               17,169    15,429    11,228
 Accounts payable and accrued liabilities        64,869    48,795    35,874
 Current portion of long-term debt               24,129    10,761     7,512
                                              ------------------------------
                                                106,167    74,985    54,614
Deferred net revenue                              1,647     1,647     1,647
Long-term debt                                  117,051   102,041    62,595
Deferred income tax liabilities                  80,727    76,187    61,408
                                                305,592   254,860   180,264
SHAREHOLDERS' EQUITY
Share capital                                   912,021   911,776   911,764
Contributed surplus                              23,881    23,199    19,622
Deficit                                        (170,732) (186,307) (195,788)
Accumulated other comprehensive loss            (10,615)   (7,385)        -
                                              ------------------------------
                                              ------------------------------
                                                754,555   741,283   735,598
                                              ------------------------------
                                              ------------------------------
                                              1,060,147   996,143   915,862
                                              ------------------------------
                                              ------------------------------

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

For the three months ended March 31                          2011      2010
----------------------------------------------------------------------------
(Unaudited - Stated in thousands of Canadian dollars)           $         $
----------------------------------------------------------------------------
SHARE CAPITAL
 Balance, beginning of period                             911,776   911,764
 Issued for cash on exercise of stock options                 189         -
 Fair value of stock options exercised                         56         -
                                                         -------------------
 Balance, end of period                                   912,021   911,764
                                                         -------------------
CONTRIBUTED SURPLUS
 Balance, beginning of period                              23,199    19,622
 Stock-based compensation                                     738     1,022
 Fair value of options exercised (reclassified 
  to share capital)                                           (56)        -
                                                         -------------------
 Balance, end of period                                    23,881    20,644
                                                         -------------------
DEFICIT
 Balance, beginning of period                            (186,307) (195,788)
 Dividends declared                                             -    (1,977)
 Net earnings                                              15,575    10,565
                                                         -------------------
 Balance, end of period                                  (170,732) (187,200)
                                                         -------------------

ACCUMULATED OTHER COMPREHENSIVE LOSS
 Cumulative translation adjustment balance, 
  beginning of period                                      (7,385)        -
 Foreign currency translation adjustment                   (4,028)   (2,798)
 Unrealized foreign exchange gain on net investment hedge     912     1,240
 Deferred tax on foreign exchange gain on net investment 
  hedge                                                      (114)     (161)
                                                         -------------------
 Cumulative translation adjustment balance, end of period (10,615)   (1,719)
                                                         -------------------
                                                         -------------------

SHAREHOLDERS' EQUITY                                      754,555   743,489
                                                         -------------------
                                                         -------------------

CONSOLIDATED STATEMENTS OF CASH FLOWS

For the three months ended March 31                           2011     2010
----------------------------------------------------------------------------
(Unaudited - Stated in thousands of Canadian dollars)            $        $
----------------------------------------------------------------------------
CASH FLOWS FROM OPERATING ACTIVITIES
 Earnings before income taxes                               20,527   14,729
 Adjustments for:
  Stock-based compensation                                   1,785    1,217
  Depreciation and amortization                             16,059   12,735
  Finance expense                                            1,626    1,402
  Impairment loss                                            4,766        -
  Loss (gain) on disposal of assets                            206      (71)
                                                           -----------------
                                                            44,969   30,012
 Change in non-cash working capital                        (40,835) (32,953)
 Income taxes paid                                          (2,815)    (470)
 Income taxes received                                           1      212
 Interest paid                                              (1,610)  (1,621)
                                                           -----------------
 Cash flows used in operating activities                      (290)  (4,820)
                                                           -----------------
CASH FLOWS FROM INVESTING ACTIVITIES
 Purchase of property and equipment                        (42,734) (17,030)
 Proceeds on disposal of assets                              3,705    1,545
 Change in notes receivable                                    (71)    (539)
 Change in working capital related to investing activities   8,579      366
                                                           -----------------
 Cash flows used in investing activities                   (30,521) (15,658)
                                                           -----------------
CASH FLOWS FROM FINANCING ACTIVITIES
 Shares issued on exercise of options                          189        -
 Issuance of long-term debt                                 30,000   30,000
 Repayment of long-term debt                                  (710)    (480)
 Dividends paid                                                  -   (1,977)
                                                           -----------------
 Cash flows from financing activities                       29,479   27,543
                                                           -----------------
DECREASE IN CASH, NET OF BANK INDEBTEDNESS                  (1,332)   7,065
CASH, NET OF BANK INDEBTEDNESS, BEGINNING OF PERIOD         (9,374)  (6,748)
                                                           -----------------
CASH, NET OF BANK INDEBTEDNESS, END OF PERIOD              (10,706)     317
                                                           -----------------
Represented by: 
 Cash                                                        6,463    3,908
 Bank indebtedness                                         (17,169)  (3,591)
                                                           -----------------
                                                           (10,706)     317
                                                           -----------------
                                                           -----------------

SEGMENTED INFORMATION

The Company's reportable operating segments, as determined by management, are strategic operating units that offer different products and services. The Company has three reportable operating segments: corporate, services, and drilling.

The corporate segment provides management and administrative services to all its subsidiaries and their respective operations.

The services segment provides well servicing services and rental equipment to the oil and gas industry.

The drilling segment provides primarily contract drilling services to the oil and gas industry through both conventional and hybrid drilling rigs.

There are varying levels of integration between the Services and Drilling reportable segments. This integration includes the provision of rental equipment for use in drilling operations at market rates. These transactions are eliminated on consolidation as an inter-segment elimination.


Three months ended 
 March 31, 2011                                     Inter-segment      2011
                       Corporate Services  Drilling  Eliminations     Total
----------------------------------------------------------------------------
                               $        $         $             $         $
----------------------------------------------------------------------------
REVENUE
 Oilfield services             -   36,068   133,855        (1,501)  168,422
 Other                         -       25       139             -       164
                      ------------------------------------------------------
                               -   36,093   133,994        (1,501)  168,586
                      ------------------------------------------------------
OPERATING EXPENSES             -   24,581    95,728        (1,501)  118,808
                      ------------------------------------------------------
REVENUE LESS OPERATING
 EXPENSES                      -   11,512    38,266             -    49,778
                      ------------------------------------------------------
Stock-based compensation   1,506      133       146             -     1,785
Depreciation and
 amortization                567    3,087    12,405             -    16,059
General and administrative
 expenses(i)               7,758      594       744             -     9,096
Finance expenses           1,240        7       379             -     1,626
Other (income) expenses     (203)      52       836             -       685
Earnings (loss) before
 income taxes            (10,868)   7,639    23,756             -    20,527
Capital assets(ii)        22,589  163,932   671,364             -   857,885
Capital expenditures(iii)    613    6,904    35,217             -    42,734
Total assets              45,227  191,661   823,259             - 1,060,147
Total liabilities        (33,439) (85,885) (186,268)            -  (305,592)
                      ------------------------------------------------------
                      ------------------------------------------------------
i)   General and administrative expenses above, differs from the amount
     reported in the consolidated statement of net earnings as it excludes
     the attributable amounts of stock-based compensation and depreciation
     and amortization.
ii)  Capital assets include property, equipment and intangible assets.
iii) Capital expenditures include the purchase of property, equipment and
     intangible assets.


Three months ended
 March 31, 2010                                     Inter-segment      2010
                       Corporate Services  Drilling  Eliminations     Total
----------------------------------------------------------------------------
                               $        $         $             $         $
----------------------------------------------------------------------------
REVENUE
 Oilfield services             -   23,741   107,464        (1,275)  129,930
 Other                         -       30       109             -       139
                      ------------------------------------------------------
                               -   23,771   107,573        (1,275)  130,069
                      ------------------------------------------------------
OPERATING EXPENSES             -   17,120    78,205        (1,275)   94,050
                      ------------------------------------------------------
REVENUE LESS OPERATING
 EXPENSES                      -    6,651    29,368             -    36,019
                      ------------------------------------------------------
Stock-based compensation     971      125       121             -     1,217
Depreciation and
 amortization                374    2,539     9,822             -    12,735
General and administrative
 expenses(i)               4,661      488       578             -     5,727
Finance expenses           1,346       18        38             -     1,402
Other (income) expenses     (202)     (29)      440             -       209
Earnings (loss) before
 income taxes             (7,150)   3,510    18,369             -    14,729
Capital assets(ii)        22,482  159,582   624,899             -   806,963
Capital expenditures(iii)    270    4,486    12,274             -    17,030
Total assets              37,606  184,939   738,565             -   961,110
Total liabilities        (79,192) (20,402) (118,028)            -  (217,622)
                      ------------------------------------------------------
                      ------------------------------------------------------
i)   General and administrative expenses above, differs from the amount
     reported in the consolidated statement of net earnings as it excludes
     the attributable amounts of stock-based compensation and depreciation
     and amortization.
ii)  Capital assets include property, equipment and intangible assets.
iii) Capital expenditures include the purchase of property, equipment and
     intangible assets.

The Company operates in two different geographical areas, the breakdown of
which is as follows:


Three months ended March 31,                                           2011
 2011                          Canada     U.S.   International(i)     Total
----------------------------------------------------------------------------
                                    $        $                 $          $
----------------------------------------------------------------------------
Revenue                       131,214   34,973             2,399    168,586
Capital assets(ii)            634,227  178,705            44,953    857,885
Total assets                  797,068  205,078            58,001  1,060,147
                      ------------------------------------------------------
                      ------------------------------------------------------


Three months ended March 31,                                           2010
 2010                          Canada     U.S.   International(i)     Total
----------------------------------------------------------------------------
                                    $        $                 $          $
----------------------------------------------------------------------------
Revenue                       103,332   21,364             5,373    130,069
Capital assets(ii)            621,413  136,425            49,125    806,963
Total assets                  754,348  149,718            57,044    961,110
                      ------------------------------------------------------
                      ------------------------------------------------------
(i)  Includes Australia and Mexico operations.
(ii) Capital assets include property, equipment and intangibles assets.

Cautionary Statement Regarding Forward-Looking Information and Statements

Certain statements and information contained in this press release including statements related to the Company's 2011 capital expenditures, international and other long-term growth opportunities, the conversion of hybrid drilling rigs to TDS-3000TM rigs, the timing of rig deployment and commencement or recommencement of operations in Australia, the reimbursement through insurance of restoration and repair costs of rigs damaged by flooding in Australia, increased industry activity in Canada in 2011, outlook for future oil and gas demand and prices, cyclical industry fundamentals, drilling and completion activity levels and statements that contain words such as "could", "should", "can", "anticipate", "expect", "believe", "will", "may", "likely", "estimate", "predict", "potential", "continue", "maintain", "retain", "grow", and similar expressions and statements relating to matters that are not historical facts 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 the Company in light of its experience and its perception of historical trends, current conditions and expected future developments as well as other factors it believes are appropriate in the circumstances. In particular, the Company's expectations of increased industry activity in Canada in 2011 and the conversion of hybrid drilling rigs to TDS-3000TM rigs are premised on the Company's expectations for its customers' capital budgets and geographical areas of focus, the status of current negotiations with its customers, the focus of its customers on oil directed drilling opportunities in the current natural gas pricing environment in North America and the effect unconventional gas projects have had on supply and demand fundamentals for natural gas. Similarly, the Company's expectation of increased activity levels and growth opportunities in Australia is premised on the current level of tender activity in the Australian market which in turn is based on the general expectation that coal seam gas activity will increase in that country as plans for liquid natural gas plants move forward. The Company's expectation of the timing for the recommencement of operations in Australia is premised on rig repair activity undertaken to date and expectations of deployment of additional rigs to the Australian market. The Company's expectation of being fully reimbursed for the restoration and repair costs of the two rigs damaged by flooding in Australia is premised on the Company's understanding of its insurance policy coverage and its current estimate for the total cost of the repairs. Whether actual results, performance or achievements will conform to the Company's expectations and predictions is subject to a number of known and unknown risks and uncertainties which could cause actual results to differ materially from the Company's expectations. Such risks and uncertainties include, but are not limited to: fluctuations in the price and demand for oil and natural gas; fluctuations in the level of oil and natural gas exploration and development activities; fluctuations in the demand for well servicing and contract drilling; the effects of weather conditions on operations and facilities; the existence of competitive operating risks inherent in well servicing and contract drilling; general economic, market or business conditions; changes in laws or regulations, including taxation, environmental and currency regulations; the lack of availability of qualified personnel or management; the other risk factors set forth under the heading "Risks and Uncertainties" in the Company's Annual Report and under the heading "Risk Factors" in the Company's Annual Information Form; and other unforeseen conditions which could impact on the use of services supplied by the Company.

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 developments anticipated by the Company will be realized or, even if substantially realized, that they will have the expected consequences to or effects on the Company or its business or operations. Except as may be required by law, the Company assumes no obligation to update publicly any such forward-looking information and statements, whether as a result of new information, future events, or otherwise.

OTHER

Savanna will host a conference call for analysts, investors and interested parties on Wednesday May 18, 2011, at 9:00 a.m. Mountain Time (11:00 a.m. Eastern Time) to discuss the Company's first quarter results. The call will be hosted by Ken Mullen, Savanna's President and Chief Executive Officer and Darcy Draudson, Vice President, Finance and Chief Financial Officer.

If you wish to participate in this conference call, please call 1-888-892-3255 (for participants in North America). Please call 10 minutes ahead of time.

A replay of the call will be available until May 25, 2011 by dialing 1-800-937-6305 and entering passcode 366433.

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.

Contact Information

  • Savanna Energy Services Corp.
    Ken Mullen
    President and Chief Executive Officer
    (403) 503-9990
    (403) 267-6749 (FAX)

    Savanna Energy Services Corp.
    Darcy Draudson
    Vice President Finance and Chief Financial Officer
    (403) 503-9990
    (403) 267-6749 (FAX)
    www.savannaenergy.com