Savanna Energy closes rental business acquisition

    CALGARY, Sept. 12 /CNW/ - Savanna Energy Services Corp. ("Savanna") (TSX:
SVY) is pleased to announce the closing of the acquisition of the assets of a
privately-held oilfield services rental company for aggregate cash proceeds of
approximately $20 million.
    All of the key management principals have agreed to remain with Savanna
in their present roles, and all have executed independent employment and
non-competition agreements. In addition, $2.5 million of the proceeds will be
utilized by key management to acquire shares of Savanna in the open market
over the next 90 days.

    Savanna Energy Services Corp. is a leading North American contract
drilling and oilfield services company providing a broad range of drilling,
well servicing and related services with a focus on fit for purpose
technologies for the North American market and industry-leading aboriginal
relationships. With the closing of this transaction, and committed capital
expenditures previously announced, Savanna will operate 108 drilling rigs,
64 well servicing rigs, 8 coil service units and a broad drilling and workover
rental fleet in Canada and the United States.

    This Report contains forward looking statements which reflect
management's expectations regarding Savanna's future growth, results of
operations, performance and business prospects and opportunities. Wherever
possible, words such as "believe", "expect" and similar expressions have been
used to identify these forward looking statements. The statements reflect
management's current beliefs and are based on information currently available
to management. Forward looking statements involve significant risk,
uncertainties and assumptions. A number of factors could cause actual results,
performance or achievements to differ materially from the results discussed or
implied in the forward looking statements. Although the forward looking
statements contained in this Report are based upon what management believes to
be reasonable assumptions, Savanna cannot assure readers that actual results
will be consistent with these forward looking statements. These forward
looking statements are made as of the date hereof and Savanna assumes no
obligation to update or revise them to reflect new events or circumstances.

For further information:

For further information: Ken Mullen, President and Chief Executive
Officer, Dwayne LaMontagne, Vice-President, Finance, Telephone: (403)

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Savanna Energy Services Corp.

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