Savanna Energy Services Corp.
TSX : SVY

Savanna Energy Services Corp.

June 20, 2017 11:49 ET

Savanna Energy Services Corp. Announces Shareholder Approval of Amalgamation With Subsidiary of Total Energy Services Inc.

CALGARY, ALBERTA--(Marketwired - June 20, 2017) - Savanna Energy Services Corp. ("Savanna") (TSX:SVY) announces that at its special meeting of shareholders (the "Meeting") held earlier today, holders ("Savanna Shareholders") of common shares of Savanna ("Savanna Shares") approved the amalgamation (the "Amalgamation") of Savanna and 2043224 Alberta Ltd., a wholly owned subsidiary of Total Energy Services Inc. ("Total Energy").

A total of 107,202,817 Savanna Shares (approximately 90.58% of the issued and outstanding Savanna Shares) were represented in person or by proxy at the Meeting. The Amalgamation was approved by approximately 99.99% of the votes cast by Savanna Shareholders, either in person or by proxy at the Meeting, and by approximately the same percentage of the votes cast by Savanna Shareholders, either in person or by proxy at the Meeting, after excluding the votes attaching to Savanna Shares held by Total Energy whose votes may not be included in determining minority approval of a business combination pursuant to Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions.

Savanna expects that the Amalgamation will be completed later today, June 20, 2017.

About Savanna

Savanna is a leading contract drilling and oilfield services company operating in North America and Australia providing a broad range of drilling, well servicing and related services with a focus on fit for purpose technologies and industry-leading Aboriginal relationships.

Cautionary Statements

This press release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information or statements. More particularly and without limitation, this press release contains forward-looking statements and information relating to timing of completion of the Amalgamation. Undue reliance should not be placed on the forward-looking statements and information as Savanna cannot give any assurance that they will prove to be correct. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks.

Readers are cautioned that the foregoing list of risks and uncertainties is not exhaustive. Other risk factors that could affect Savanna's operations or financial results are included in Savanna's annual information form and may be accessed through the SEDAR website (www.sedar.com). The forward-looking statements and information contained in this press release are made as of the date hereof and Savanna does not undertake any obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

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