Oil & Gas Job Listings
CALGARY, Aug. 25 /CNW/ - Savanna Energy Services Corp. ("Savanna") (TSX: SVY - News) and Western Lakota Energy Services Inc. ("Western Lakota") (TSX: WLE - News) jointly announced today that they have competed their previously announced merger.
The merger was accomplished pursuant to the terms of a Plan of Arrangement completed under the Business Corporations Act (Alberta) (the "Arrangement"). The Arrangement received the support of over 99% of the votes cast at the special meeting of the security holders of Western Lakota held on August 24, 2006. Pursuant to the Arrangement, Savanna acquired all of the outstanding common shares of Western Lakota in exchange for approximately 27.86 million common shares of Savanna. Western Lakota shareholders received 0.64 of a common share of Savanna for each common share of Western Lakota held.
Savanna shareholders now own approximately 51.5% and Western Lakota shareholders own approximately 48.5% of the combined entity operating 79 drilling rigs, 35 wireline units, 22 service rigs and 5 coil tubing service units. After completing the 2006 construction plan, the combined entity will operate 103 drilling rigs, 37 wireline units, 22 service rigs and 8 coil tubing service units entrenching itself as a leading energy services provider in North America, focused on delivering strong results for shareholders, customers and partners.
The above includes various forward-looking statements about our markets, demand for our products and services, and future addition of new equipment. The statements are forward-looking statements in the context of Canadian and U.S. securities regulations. These forward-looking statements are not historical facts, but instead are based upon our analysis of currently available competitive, financial and economic data as well as our internal operating plans. They are inherently uncertain and investors must recognize that events and actual results could turn out to be significantly different from our expectations.
For further information
please contact the following: Savanna Energy Services Corp., Ken Mullen, President and Chief Executive Officer, Telephone: (403) 267-6726
Source: Savanna Energy Services Corp.; Western Lakota Energy Services Inc.
