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Total Energy Services Inc. Announces Dismissal of Claim Against Savanna Energy Services Corp.
GlobeNewswire - 1 hour ago
Total Energy Services Inc. (TSX:TOT.TO) ("Total" or the "Company") is pleased to announce that the Court of Queen's Bench of Alberta has summarily dismissed a $20 million claim by Western Energy Services Corp. ("Western") against Savanna Energy Services Corp. ("Savanna"). Savanna is a wholly-owned subsidiary of Total.
Following an offer by Total in December 2016 to acquire all of the shares of Savanna, in March 2017 Savanna and Western entered into an arrangement agreement (the "Arrangement Agreement") that contemplated the combination of Savanna and Western. The Arrangement Agreement required that at least 66 2/3% of the shares of Savanna be voted in favor of such combination. On March 24, 2017 Total acquired a majority of the shares of Savanna thereby preventing Savanna and Western from completing the combination transaction contemplated by the Arrangement Agreement. Accordingly, on March 28, 2017 Savanna terminated the Arrangement Agreement. In April 2017 Savanna received a statement of claim from Western claiming payment of a termination fee in the amount of $20 million.
Headquartered in Calgary, Alberta, Total Energy provides contract drilling services, rentals and transportation services, well servicing and compression and process equipment and service to oil and natural gas producers operating in North America, Australia and other international markets. The common shares of Total Energy are listed and trade on the TSX under the symbol TOT.
For further information, please contact Daniel Halyk, President & CEO at (403) 2163921 or by e-mail at: investorrelations@totalenergy.ca or visit our website at www.totalenergy.ca.
The Toronto Stock Exchange has neither approved nor disapproved of the information contained herein.
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