CALGARY, ALBERTA--(Marketwired - March 16, 2017) -
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Western Energy Services Corp. ("Western") (TSX:WRG), wishes to address five additional matters concerning its recently announced proposed plan of arrangement ("Arrangement") with Savanna Energy Services Corp. ("Savanna") (TSX:SVY). This new communication strives to "cut through the noise" being generated by an increasingly petulant, competing hostile bidder, Total Energy Services Inc. ("Total") and emphasize the significant premium in the Western offer, which will be of benefit to both Western and Savanna shareholders through the successful completion of the Arrangement.
As in prior communications, these comments also address certain subjects that have either been reported in the media or have been otherwise publicly-discussed by that competing hostile bidder.
While there have been various other misstatements and mischaracterizations in Total's disclosure and press releases, Western is deliberately opting to stay with the important points and to emphasize the key issues of strategy, expertise, fit and the overall value of its offer to Savanna shareholders.
Western looks forward to continuing to communicate its perspective on the exceptional proposed business combination of Western and Savanna.
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.
Forward-Looking Statements and Information
This press release contains certain statements or disclosures relating to Western that are based on the expectations of Western as well as assumptions made by and information currently available to Western which may constitute forward-looking information under applicable securities laws. All such statements and disclosures, other than those of historical fact, which address activities, events, outcomes, results or developments that Western anticipates or expects may, or will occur in the future (in whole or part) should be considered forward-looking information. In some cases forward-looking information can be identified by terms such as "forecast", "future", "may", "will", "expect", "anticipate", "believe", "potential", "enable", "plan", "continue", "contemplate", "pro forma", "prospective" or other comparable terminology.
In particular, forward-looking information in this press release includes, but is not limited to, information about the potential Arrangement between Western and Savanna, including without limitation, the anticipated closing of the Arrangement, the anticipated impact of the Arrangement on Western and Savanna, the anticipated operational and strategic benefits of the Arrangement, the impact of the Total offer on Savanna and the impact of the acceptance of the Total offer by Franklin Bissett, Invesco and Foyston on the shareholders of Savanna.
The forward-looking information provided in this press release is based upon a number of material factors and assumptions including without limitation: (a) that all necessary Toronto Stock Exchange ("TSX"), court and regulatory approvals will be obtained on the timelines and in the manner currently anticipated; (b) that all necessary Western and Savanna shareholder approvals will be obtained; and (c) general assumptions respecting the business and operations of both Western and Savanna, including that each business will continue to operate in a manner consistent with past practice and pursuant to certain industry and market conditions.
Forward-looking information is subject to a number of risks and other factors that could cause actual results and events to vary materially from that anticipated by such forward-looking information. In particular, the completion of the Arrangement is subject to a number of risks including, without limitation: (a) TSX, court and regulatory approvals may not be obtained in the timelines or on the terms currently anticipated or at all; (b) Western and/or Savanna shareholder approvals may not be obtained; (c) the Arrangement is subject to a number of closing conditions and no assurance can be given that all such conditions will be met or will be met in the timelines required by the arrangement agreement; and (d) the business, operational and/or financial performance or achievements of Western or Savanna may be materially different from that currently anticipated. In particular, the synergies and benefits anticipated in respect of the Arrangement are based on the current business, operational and financial position of each of Western and Savanna, which are subject to a number of risks and uncertainties. Readers are cautioned that the foregoing list of risks, uncertainties and assumptions are not exhaustive. Additional information on these and other risk factors that could affect Western's operations and financial results are included in Western's annual information form which may be accessed through the SEDAR website at www.sedar.com. The forward-looking statements and information contained in this press release are made as of the date hereof and Western does not undertake any obligation to update publicly or revise any forward-looking statements and information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
Western Energy Services Corp.
Alex R.N. MacAusland
President and CEO
403.984.5917
403.984.5916
www.wesc.ca
Western Energy Services Corp.
Jeffrey K. Bowers
Senior VP Finance and CFO
403.984.5917
403.984.5916
www.wesc.ca