Savanna Energy Services Corp.

Savanna Energy Services Corp.

March 24, 2011 17:53 ET

Savanna Energy Services Corp. Announces Settlement of Patent Litigation

CALGARY, ALBERTA--(Marketwire - March 24, 2011) - Savanna Energy Services Corp. (TSX:SVY) ("Savanna") has entered into a Settlement and Licence Agreement to settle all outstanding patent litigation with Foremost Industries Limited Partnership, Foremost Industries LP, Foremost Industries Inc. and Foremost Industries Ltd. (collectively "Foremost").

The key terms of the settlement include the agreement by Foremost not to prosecute, assist, or participate in, any future challenge to the validity of Savanna's Canadian patent with respect to its hybrid coiled tubing drilling technology, the granting by Savanna of a licence to Foremost to make, construct and sell drilling rigs in accordance with the patent subject to payment of a royalty to Savanna and full and final mutual releases in respect of all outstanding patent litigation.

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 Statements

Certain 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.

Contact Information

  • Savanna Energy Services Corp.
    Ken Mullen
    President and CEO
    (403) 503-9990
    Savanna Energy Services Corp.
    George Chow
    Executive Vice President, Corporate
    (403) 503-9990
    (403) 267-6749 (FAX)