March 27, 2017 07:30 ET
CALGARY, ALBERTA--(Marketwired - March 27, 2017) -
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
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.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy the shares in any jurisdiction. The shares offered will not be and have not been registered under the United States Securities Act of 1933 and may not be offered or sold in the United States or to a United States person, absent registration, or an applicable exemption therefrom. This news release does not represent a solicitation for proxies for any shareholder meeting. Proxies will only be solicited at the time of and in connection with management information circulars and proxy statements to be filed by each of Savanna and Western for the shareholder meetings to approve the proposed Arrangement.
Western Energy Services Corp.Alex R.N. MacAuslandPresident and CEO403.984.5916403.984.5917 (FAX)Western Energy Services Corp.Jeffrey K. BowersSenior VP Finance and CFO403.984.5916403.984.5917 (FAX)www.wesc.ca
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