|By Marketwired .||
|May 30, 2014 05:01 PM EDT||
CALGARY, ALBERTA -- (Marketwired) -- 05/30/14 -- Savanna Energy Services Corp. ("Savanna") (TSX:SVY) advises that in response to comments from ISS Proxy Advisory Services in connection with the business to be presented at the annual and special meeting of Savanna shareholders to be held on June 18, 2014 (the "Meeting"), Savanna has determined to amend the amendment provision of its stock option plan to require shareholder approval for the cancellation of any option and issuance to the holder of such option a new option or other entitlement in replacement thereof. In addition, Savanna has corrected a typographical error in its option plan in respect of shareholder approval being required for any extension of the exercise period of any option. Shareholder approval is required in order to amend the amendment provision of Savanna's stock option plan. As a result, these amendments will be included in the amended option plan proposed to be considered and voted upon by shareholders at the Meeting.
In addition, Savanna's board of directors has approved an amendment to its advanced notice by-law as recommended by ISS. The amendment to By-law No. 2 has been filed on SEDAR (www.sedar.com). By-law No. 2, as amended, is subject to the approval of shareholders at the Meeting.
Savanna is a leading 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 key North American and international drilling markets and industry-leading Canadian aboriginal relationships.
Savanna Energy Services Corp.
Executive Vice-President, Corporate
(403) 267-6749 (FAX)