Savanna Energy Services Corp. Announces Q1 2013 Results

Savanna Energy Services Corp. Announces Q1 2013 Results 
CALGARY, ALBERTA -- (Marketwired) -- 05/06/13 -- Effective January 1,
2013, Savanna Energy Services Corp. ("Savanna" or "the Company")
(TSX:SVY) adopted International Financial Reporting Standard ("IFRS")
10, Consolidated Financial Statements. Adoption of the standard
changed how Savanna accounted for its partnerships with Aboriginal
communities, from 50% proportionate consolidation to full
consolidation. As a result, the comparative figures included in this
press release, have been restated. The changes on adoption of the new
standard are described in detail in the Company's Q1 2013
management's discussion and analysis, under the heading "Accounting
Policies", and in Note 4 of the Company's condensed consolidated
financial statements for the three months ended March 31, 2013. 
Savanna had a positive first quarter of 2013, generating EBITDAS(1)
of $68 million on $237.9 million of revenue, despite muted North
American demand levels relative to Q1 2012. Revenue increased by
$65.3 million, or 38%, from Q4 2012 and increased by $3.2 million
(1%) from Q1 2012. EBITDAS(1) increased by $37.2 million, or 121%,
from Q4 2012, but decreased by $7.1 million (9%) relative to Q1 2012.
Net earnings attributable to the shareholders of the Company were
$27.8 million, or $0.32 per share, in Q1 2013 which is up
significantly from the $3.2 million ($0.04 per share) in Q4 2012, but
down from the $35.2 million ($0.41 per share) in Q1 2012.  
Oilfield service demand levels in North America were lower in Q1 2013
versus Q1 2012 as a result of overall economic uncertainty, lower
relative oil commodity pricing in Canada and continuing low natural
gas prices. The demand decreases led to lower relative utilization
and decreased pricing in both drilling and well servicing in North
America compared to Q1 2012. Offsetting this were, additional
TDS-3000(TM) drilling rigs in operation, substantial increases in
revenue from Australia, and a significant increase in Canadian
oilfield rentals revenue, all of which contributed to higher overall
revenues in Q1 2013 compared to Q1 2012. Unfortunately, decreased day
and hourly rates for Savanna's services in North America magnified
the impact of lower utilization on operating margins versus Q1 2012,
despite higher overall revenue in the quarter. Higher operating
expenses relative to Q1 2012, particularly labour costs in North
America, also contributed to lower overall operating margins,
EBITDAS(1) and net earnings compared to Q1 2012.  
Compared to Q4 2012, utilization and pricing in Canada increased in
Q1 2013 as customers executed on their winter programs. With the
up-tick in activity Savanna benefited from the crew retention costs
incurred in Q4 2012 by being able to crew rigs more quickly. In
addition, the Company benefited from a full quarter of operations for
the oilfield accommodation buildings acquired in December 2012. The
number of revenue days in Australia increased from Q4 2012 as well,
despite wet weather and cyclone activity in the quarter, which
resulted in higher operating margins quarter-over-quarter. In the
U.S., utilization and pricing in Q1 2013 remained flat relative to Q4
2012, however, variable costs per day decreased significantly in that
same time period, improving overall operating margins
quarter-over-quarter.  


 
Financial Highlights                                                        
                                                                            
The following is a summary of selected financial information of the         
 Company:                                                                   
                                                                            
(Stated in thousands of dollars, except the                                 
 number of shares and per share amounts)         Three months ended         
March 31                                             2013      2012 Change  
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OPERATING RESULTS                                                           
Revenue                                           236,886   233,701      1% 
Operating expenses                                155,168   146,073      6% 
Operating margin(1)                                81,718    87,628     (7%)
Operating margin %(1)                                  34%       37%        
EBITDAS(1)                                         67,987    75,067     (9%)
 Attributable to shareholders of the Company       65,709    72,688    (10%)
 Per share: diluted                                  0.76      0.85    (11%)
Net earnings                                       29,619    37,022    (20%)
 Attributable to shareholders of the Company       27,767    35,194    (21%)
 Per share: diluted                                  0.32      0.41    (22%)
Weighted average shares outstanding - diluted                               
 (000s)                                            86,494    85,342         
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CASH FLOWS                                                                  
Operating cash flows(1)                            66,283    71,710     (8%)
Acquisition of capital assets(1)                   24,536    48,081    (49%)
Dividends paid                                      5,589         -    100% 
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                                                  Mar. 31   Dec. 31         
FINANCIAL POSITION                                   2013      2012         
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Working capital(1)                                140,850    94,125     50% 
Capital assets(1)                               1,151,117 1,145,554      0% 
Total assets                                    1,407,130 1,338,489      5% 
Long-term debt                                    261,913   249,939      5% 
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NOTES:  
(1) Operating margin, operating margin percentage, EBITDAS, and
operating cash flows are not recognized measures under IFRS, and are
unlikely to be comparable to similar measures presented by other
companies. Management believes that, in addition to net earnings, the
measures described above are useful as they provide an indication of
the results generated by the Company's principal business activities
both prior to and after consideration of how those activities are
financed, the effect of foreign exchange and how the results are
taxed in various jurisdictions. Similarly, capital assets, working
capital, and net debt are not recognized measures under IFRS;
however, management believes that these measures are useful as they
provide an indication of the Company's investment in operating
assets, liquidity and leverage. 


 
--  Operating margin is defined as revenue less operating expenses.  
    
--  Operating margin percentage is defined as revenue less operating
    expenses divided by revenue. 
    
--  EBITDAS is defined as earnings before finance expenses, income taxes,
    depreciation, amortization and share-based compensation and excludes
    other expenses (income). 
    
--  Operating cash flows are defined as cash flows from operating activities
    before changes in non-cash working capital.  
    
--  Capital assets are defined as property, equipment and intangible assets.
    
--  The acquisition of capital assets includes the purchase of property,
    equipment and intangible assets, capital assets acquired through
    business acquisitions and non-cash capital asset additions. 
    
--  Working capital is defined as total current assets less total current
    liabilities excluding the current portions of long-term debt. 
    
--  Net debt is defined as long-term debt, including the current portions
    thereof and excluding unamortized debt issue costs, less working capital
    as defined above.

 
(2) Certain industry related terms used in this press release are
defined or clarified as follows:  


 
--  Savanna reports its drilling rig utilization based on spud to release
    time for its operational drilling rigs and excludes moving, rig up and
    tear down time, even though revenue may be earned during this time.
    Source of Canadian industry average utilization figures: Canadian
    Association of Oilwell Drilling Contractors. Industry utilization
    figures are calculated in the same manner as the Company. 
    
--  Savanna reports its service rig utilization for its operational service
    rigs in North America based on standard hours of 3,650 per rig per year.
    Utilization for Savanna's service rigs in Australia is calculated based
    on standard hours of 8,760 per rig per year to reflect 24 hour operating
    conditions in that country. Reliable industry average utilization
    figures, specific to well servicing, are not available. 
 
Segmented Results                                                           
CONTRACT DRILLING                                                           
                                                                            
The following is a summary of selected financial and operating information  
 of the Company's contract drilling segment:                                
                                                                            
(Stated in thousands of dollars, except                                     
 revenue per day)                               Three Months Ended          
----------------------------------------------------------------------------
March 31                                            2013       2012 Change  
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Revenue                                       $  173,680 $  176,702     (2%)
Operating expenses                            $  112,316 $  107,364      5% 
Operating margin(1)                           $   61,364 $   69,338    (12%)
Operating margin %(1)                                 35%        39%        
Operating days                                     7,106      7,120      0% 
Revenue per operating day                     $   24,441 $   24,818     (2%)
Spud to release days                               6,152      6,363     (3%)
Wells drilled                                        786        799     (2%)
Meters drilled                                 1,286,298  1,175,364      9% 
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Savanna's contract drilling segment achieved virtually the same
number of operating days in Q1 2013 compared to Q1 2012. Having five
additional rigs operating in the quarter offset lower overall
industry demand levels and utilization. Despite similar activity
levels, lower day rates, particularly on Savanna's telescoping double
drilling rigs in Canada, decreased revenue relative to Q1 2012. In
addition, higher per day operating expenses relative to Q1 2012,
primarily driven by higher labour costs in North America, increased
repairs and maintenance, and increased pass through costs as a
percentage of daily revenue, resulted in lower operating margin
percentages and lower overall operating margins compared to Q1 2012. 
The following summarizes the operating results for the quarter ended
March 31, 2013 and 2012 by type of rig or geographic area. Long-reach
drilling in Canada includes the Company's telescoping double drilling
rigs, TDS-3000(TM) drilling rigs and TDS-2200(TM) drilling rigs.  


 
                                                                            
                                  Long-reach  Shallow      Drilling         
(Stated in thousands of dollars)    Drilling Drilling      U.S. and         
Q1 2013                               Canada   Canada International   Total 
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Revenue                               95,236   25,002        53,442 173,680 
Operating margin(1)                   35,991   10,645        14,728  61,364 
Operating margin %(1)                     38%      43%           28%     35%
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Revenue excluding cost recoveries     83,703   24,201        51,255 159,159 
Operating margin(1)                   35,991   10,645        14,728  61,364 
Operating margin %(1)                     43%      44%           29%     39%
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Average number of rigs deployed           50       20            30     100 
Utilization %(2)                          72%      48%           77%     68%
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                                  Long-reach  Shallow      Drilling         
(Stated in thousands of dollars)    Drilling Drilling      U.S. and         
Q1 2012                               Canada   Canada International   Total 
----------------------------------------------------------------------------
Revenue                               98,348   30,384        47,970 176,702 
Operating margin(1)                   41,495   13,066        14,777  69,338 
Operating margin %(1)                     42%      43%           31%     39%
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Revenue excluding cost recoveries     88,077   29,251        46,378 163,706 
Operating margin(1)                   41,495   13,066        14,777  69,338 
Operating margin %(1)                     47%      45%           32%     42%
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Average number of rigs deployed           44       23            28      95 
Utilization %(2)                          79%      54%           83%     75%
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In the contract drilling segment, significant costs are incurred and
passed through to customers with little or no markup. For the quarter
ended March 31, 2013 these costs aggregated $14.5 million. In the
comparative period in 2012 these costs amounted to $13 million.
Savanna's accounting policy with respect to cost recoveries billed to
customers is to include them as both revenue and operating expenses
rather than net them. Although Savanna believes this most
appropriately reflects the substance of the underlying transactions,
the accounting treatment of cost recoveries varies in the oilfield
services industry. There is no effect on overall operating margins
whether cost recoveries are netted or not; however, the different
treatments do result in different operating margin percentages, as
the same dollar margin is factored against lower revenue when cost
recoveries are netted. As a result, Savanna believes it is useful to
provide revenue excluding cost recoveries and the resulting operating
margin percentages for comparative purposes. 
The Canadian long-reach drilling rigs realized downward pricing
pressure and lower utilization in Q1 2013 compared to Q1 2012.
Variable costs per day were only slightly higher than last year as a
result of labour cost increases that took effect in Q4 2012 and
higher pass through costs. Despite operating additional TDS-3000(TM)
drilling rigs in the quarter, lower per day revenue, slightly higher
costs and lower utilization led to a 13% decrease in operating
margins compared to Q1 2012. The relatively low overall industry
demand in Canada heading into the winter drilling season put pressure
on day rates for Savanna's spot market rigs. While lower overall
demand levels led to lower utilization in Q1 2013, the 72%
utilization rate for Savanna's long-reach drilling rigs in 2013 still
exceeded Canadian industry utilization rates of 62% in the same depth
category.  
In both Q1 2013 and 2012, Savanna's shallow fleet performed coring
work for oil sands customers. The CT-1500 hybrid drilling rigs have
had considerable success in applying coil based drilling to coring,
and the shallow fleet was able to maintain operating margin
percentages comparable to Q1 2012 despite lower utilization this year
versus last. The lower utilization is a result of lower overall
industry demand levels, which resulted in a later start to coring
work in January 2013, and Savanna's inability to fully crew all of
its shallow rigs. The seasonal nature and relatively short duration
of coring work makes it more difficult to secure crews. Savanna
incurred crew retention costs in Q4 2012 in anticipation of the
winter work, and absent these costs a smaller number of the shallow
rigs would have been fully crewed.  
Revenue for Savanna's U.S. drilling operations was slightly lower in
Q1 2013 compared to Q1 2012, as a result of fewer operating days and
lower day rates. Pricing pressure in the Permian basin in Texas
resulted in a slight weakening in day rates. In addition, variable
costs per day increased relative to Q1 2012 as a result of higher
labour costs, repairs and maintenance and pass through costs in the
quarter. Although repairs and maintenance costs were higher relative
to Q1 2012, they were considerably lower than Q4 2012, and have been
tracking in-line with the 2012 annual average. Overall for the
quarter, lower revenue and higher costs led to a four percentage
point decrease in operating margin percentages in the U.S. in Q1 2013
compared to Q1 2012.  
In Australia, there were two additional rigs operating in Q1 2013
compared to Q1 2012 and both operating days and revenue more than
doubled compared to Q1 2012. Four drilling rigs operating in
Australia in Q1 2013 also reduced the impact of fixed costs on
operating margins. Overall operating margins in that region increased
to $3.1 million, nearly triple that of Q1 2012. 
OILFIELD SERVICES 
The following is a summary of selected financial and operating
information of the Company's oilfield services segment:  


 
                                                                            
(Stated in thousands of dollars, except revenue                             
 per hour)                                       Three Months Ended         
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March 31                                             2013      2012 Change  
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Revenue                                         $  64,743 $  58,494     11% 
Operating expenses                              $  44,488 $  40,332     10% 
Operating margin(1)                             $  20,255 $  18,162     12% 
Operating margin %(1)                                  31%       31%        
Operating hours                                    51,250    55,092     (7%)
Revenue per operating hour - well servicing     $     949 $     884      7% 
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Savanna's oilfield services division generated higher revenues,
despite achieving fewer operating hours in Q1 2013 compared to Q1
2012, as a result of a $6.3 million increase in oilfield rentals
revenue and higher overall per hour rates in well servicing. Overall,
costs held in proportion to revenue, and Savanna was able to maintain
operating margin percentages in Q1 2013 comparable to Q1 2012.  
The following summarizes the operating results for the oilfield
services segment by geographic area for the quarter ended March 31,
2013 and 2012: 


 
                                                                            
(Stated in thousands of dollars)                           U.S. and         
Q1 2013                                       Canada  International   Total 
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Revenue                                       46,786         17,957  64,743 
Operating margin(1)                           17,563          2,692  20,255 
Operating margin %(1)                             38%            15%     31%
Average number of rigs deployed                   84             13      97 
Utilization %(2)                                  53%            68%     59%
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(Stated in thousands of dollars)                           U.S. and         
Q1 2012                                       Canada  International   Total 
----------------------------------------------------------------------------
Revenue                                       46,895         11,599  58,494 
Operating margin(1)                           15,364          2,798  18,162 
Operating margin %(1)                             33%            24%     31%
Average number of rigs deployed                   90             14     104 
Utilization %(2)                                  57%            69%     58%
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In Canada, industry demand was lower than in Q1 2012, which led to
lower utilization on Savanna's well servicing fleet in Q1 2013.
However, the decrease in well servicing revenue was offset by a 64%
increase in rentals revenue. Of the increase in rentals revenue, $3.9
million was related to the Q4 2012 acquisition of oilfield
accommodation buildings. Per hour costs in well servicing remained
relatively flat from Q1 2012, and the increase in oilfield rental
revenues led to a 14% increase in operating margins in Canada in Q1
2013 compared to Q1 2012. Operating margin percentages increased by
five percentage points over that same period.  
Savanna operated two fewer service rigs in the U.S. in Q1 2013 versus
Q1 2012, as a result of equipment repairs and a rig retirement in
early Q4 2012. Consequently, revenues and operating margins for well
servicing in the U.S. decreased relative to Q1 2012. Construction of
three new service rigs is underway for delivery beginning in Q2 2013. 
In Australia, revenue and operating margins from service rigs and
rental equipment more than doubled in Q1 2013 compared to Q1 2012
driven by a larger equipment base. That being said, Savanna expects
operating margins to further improve for this operation as wet
weather and cyclone activity in the quarter limited utilization on
the service rigs and the trucking component of the rental division in
Australia. Savanna expects its service rig and trucking utilization
to increase significantly in coming quarters based on better
operating conditions and stronger customer commitments.  
Balance Sheet  
Savanna's working capital at March 31, 2013, was $140.9 million and
its net debt(1) position was $121 million, a decrease of $35 million
or 22% from the Company's $156 million net debt(1) position at
December 31, 2012. Savanna's total long-term debt outstanding on
March 31, 2013, excluding unamortized debt issue costs, was $261.9
million.  
In May 2013, Savanna renewed its revolving credit facility, extending
the term of the facility by one year so all drawn amounts are not due
until May 2017. At March 31, 2013, the amount drawn on the Company's
revolving credit facility was $127.4 million and $3 million was drawn
on the Company's Canadian operating facility. As of the date of this
release, $116.7 million was drawn on Savanna's available revolving
credit facility of $180 million, and $4 million was drawn on
Savanna's available operating facility of $20 million.  
Dividend  
In Q1 2013, Savanna declared dividends totaling $7.7 million or $0.09
per share. Of the dividends declared, $2.1 million was reinvested in
additional common shares through the Company's dividend reinvestment
plan.  
Outlook  
There remains uncertainty with respect to Canadian activity levels
for the remainder of 2013. Accordingly, Savanna is maintaining a
cautious outlook for the remainder of the year for its operations in
Canada. Although the Petroleum Services Association of Canada
recently announced that it expects 2013 activity levels in Canada to
be slightly higher than 2012, the CAODC is still forecasting 2013
activity levels to be slightly lower than 2012. Savanna is still
highly dependent on activity levels in Canada to drive overall
results. However, Savanna believes it has a more marketable Canadian
drilling rig fleet this year compared to last. In addition, plans to
maximize full-year profitability of the shallow drilling rig fleet
being implemented, and the increased scale of the Company's oilfield
rentals business, should both provide improved returns. Savanna also
continues to support its firm belief that North American well
servicing is in the early stages of a long-term upturn.  
In the U.S., the outlook for the remainder of the year also remains
uncertain. Savanna has most of its drilling rigs under contract.
While these contracts will expire over the next 18 months, they
should mitigate any further drilling market deterioration.
Additionally, Savanna's U.S. drilling and well servicing fleets are
positioned in markets where activity is expected to remain relatively
stronger, and Savanna believes it has strong operating positions in
those markets. As a result, Savanna does not expect to encounter any
difficulties in utilizing the three additional North Dakota service
rigs anticipated to be completed in Q2 and early Q3 2013. In fact,
Savanna anticipates increasing its fleet in North Dakota further in
2013, beyond these three rigs.  
Finally, in Australia, drilling utilization continues to improve and
recent quarterly operating margins generated are expected to continue
as well. Oilfield services activity in Australia sharply improved in
Q1 2013 relative to prior quarters. However, wet weather in the
quarter impacted these operations more than drilling. Savanna has now
established sufficient scale in Australia to take advantage of the
expected sharp increase of activity levels in that country. With
eight rigs operating in Australia, all under long-term contract,
Savanna is well positioned to continue generating improved returns
from this division. Savanna remains very optimistic on the future
prospects of Australia. With looming liquefied natural gas deliveries
for 2014 in sight, activity levels continue to increase in the region
overall and support a further ramp-up in activity, and resulting
equipment and service requirements as well.  
Savanna's focus on right-sizing it's operating and general and
administrative costs, to better align with anticipated volatility and
base levels of activity, is underway. It is anticipated that cost
management will improve in forward quarters relative to Q1 2013 and
Q4 2012.  
The oilfield service market faces a high degree of uncertainty in the
near-term. Commodity pricing, particularly heavy oil, and tight
credit markets in North America are impacting customer demand for
services, and this volatility has created significant uncertainty
regarding activity levels for the remainder of 2013. In Australia,
long-term prospects appear strong, however activity swings arising
from weather and development have historically impacted short-term
utilization, and initial start-up costs have impacted cash flows.
Despite these factors, Savanna remains confident in the long-term
prospects for every region in which the Company operates, and in
Savanna's ability to deliver the safest, most effective drilling,
completion and workover services possible to its customers. 
Cautionary Statement Regarding Forward-Looking Information and
Statements  
Certain statements and information contained in this press release
including statements related to the Company's expectation of the
timing of delivery of new service rigs, the expectation of increasing
the number of service rigs in North Dakota, the expectation of
increased activity levels, increased utilization, improved operating
margins, and improved returns from Savanna's Australian operations,
the expectation of overall cost management improvements, the
expectation of continued uncertainty in North American activity
levels and the Company's ability to mitigate the effect of such, the
expectation of a long-term increase in well servicing activity, and
statements that contain words such as "could", "should", "can",
"anticipate", "expect", "believe", "will", "may", "likely",
"estimate", "predict", "potential", "continue", "maintain", "retain",
"grow", and similar expressions and statements relating to matters
that are not historical facts 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 the Company in light of its experience and its perception of
historical trends, current conditions and expected future
developments as well as other factors it believes are appropriate in
the circumstances. In particular, the Company's expectation of the
timing of delivery of new service rigs is premised on current advice
from its suppliers on the progress of the rig builds. The Company's
expectation of increasing the number of service rigs in North Dakota
is premised on the Company's current outlook for industry activity in
that region. The Company's expectation of increased activity levels,
increased utilization, improved operating margins, and improved
returns from Savanna's Australian operations is premised on actual
results experienced to date in 2013, the contracts in place and
communications with its customers in the region, and the general
expectation that coal seam gas activity will increase in that country
as plans for liquefied natural gas plants move forward.
The Company's expectation of overall cost management improvements, is
premised on cost management and process improvement initiatives
currently underway. The Company's expectation of its ability to
mitigate the effect of continued uncertainty in North American
activity levels is premised on actual results experienced to date in
2013, customer contracts and commitments, the Company's expectations
for its customers' capital budgets and geographical areas of focus,
the status of current negotiations with its customers, and the focus
of its customers on oil directed drilling opportunities in the
current natural gas pricing environment in North America. The
Company's expectation of a long-term increase in well servicing
activity in North America is premised on the increase in the number
of oil and gas liquids based wells that have been drilled over the
last several years and the required maintenance through the life of
such wells compared to natural gas wells. Whether actual results,
performance or achievements will conform to the Company's
expectations and predictions is subject to a number of known and
unknown risks and uncertainties which could cause actual results to
differ materially from the Company's expectations. Such risks and
uncertainties include, but are not limited to: fluctuations in the
price and demand for oil and natural gas; fluctuations in the level
of oil and natural gas exploration and development activities;
fluctuations in the demand for well servicing, oilfield rentals and
contract drilling; the effects of weather conditions on operations
and facilities; the existence of competitive operating risks inherent
in well servicing, oilfield rentals and contract drilling; general
economic, market or business conditions; changes in laws or
regulations, including taxation, environmental and currency
regulations; the lack of availability of qualified personnel or
management; the other risk factors set forth under the heading "Risks
and Uncertainties" in the Company's Annual Report and under the
heading "Risk Factors" in the Company's Annual Information Form; and
other unforeseen conditions which could impact on the use of services
supplied by the Company.  
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 developments
anticipated by the Company will be realized or, even if substantially
realized, that they will have the expected consequences to or effects
on the Company or its business or operations. Except as may be
required by law, the Company assumes no obligation to update publicly
any such forward-looking information and statements, whether as a
result of new information, future events, or otherwise. 
Other  
Savanna's full Q1 2013 report, including its management's discussion
and analysis and condensed consolidated financial statements, is
available on Savanna's website (www.savannaenergy.com) under the
investor relations section and has also been filed on SEDAR at
www.sedar.com.  
Savanna will host a conference call for analysts, investors and
interested parties on Tuesday, May 7, 2013 at 10:00 a.m. Mountain
Time (12:00 p.m. Eastern Time) to discuss the Company's first quarter
results. The call will be hosted by Ken Mullen, Savanna's President
and Chief Executive Officer and Darcy Draudson, Executive Vice
President, Finance and Chief Financial Officer.  
If you wish to participate in this conference call, please call
1-888-892-3255 (for participants in North America). Please call 10
minutes ahead of time.  
A replay of the call will be available until May 14, 2013 by dialing
1-800-937-6305 and entering passcode 436282.  
Savanna is a Canadian-based drilling and oilfield services provider
with operations in Canada, the United States and Australia, focused
on providing fit for purpose equipment and technologies. 
Contacts:
Savanna Energy Services Corp.
Ken Mullen
President and Chief Executive Officer
(403) 503-9990 
Savanna Energy Services Corp.
Darcy Draudson
EVP Finance and Chief Financial Officer
(403) 503-9990
www.savannaenergy.com
 
 
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