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CALGARY, March 31 – Savanna Energy Services Corp. (“Savanna”) announced today that it and its Board of Directors have been served with court documents filed on behalf of a shareholder effectively seeking a declaration of the Court of Queen’s Bench of Alberta that there are sufficient grounds to require Savanna to pursue an action against current and former directors of Savanna for damages relating to allegedly back-dated options. The action seeks specified damages of approximately $2.8 million, unspecified punitive damages and related remedies. In consultation with its counsel, and in reviewing its stock option granting practices, Savanna is of the opinion that the application for the declaration and the related claim are entirely without merit. Savanna intends to vigorously defend both the application and, if necessary, any related claim.
Headquartered in Calgary, Alberta, Savanna’s principal operations are in Canada, although Savanna also carries on operations in the United States. Savanna is a leading drilling and well servicing contractor maintaining a modern proprietary equipment offering with industry leading First Nations partnerships.
For further information: Savanna Energy Services Corp., Ken Mullen, President and CEO, Tel: (403) 503-9990, Fax: (403) 267-6749, www.savannaenergy.com
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