Savanna Energy Services Corp. Announces Changes to the Executive Management Team
Marketwired
CALGARY, ALBERTA--(Marketwired - Apr 30, 2015) - The Board of Directors of Savanna Energy Services Corp. (SVY.TO) ("Savanna") has determined to make the following changes to Savanna's management team:
Christopher Strong has been appointed President and Chief Executive Officer;
Dwayne LaMontagne has been appointed Executive Vice President and Chief Financial Officer;
Rick Torriero has been appointed Vice President, Finance;
Darcy Draudson has resigned as Executive Vice President, Finance and Chief Financial Officer; and
George Chow has resigned as Executive Vice President, Corporate.
Christopher Strong has served as a director of Savanna since October, 2013 and has been the Chairman of the Special Committee of the Board of Directors overseeing the operations of the Company since February 4, 2015. Prior to joining Savanna's board, he was President and CEO of Union Drilling, Inc., a NASDAQ listed company, from April 2004 until it was successfully sold in November 2012. Union Drilling owned and operated a fleet of 53 premium drilling rigs which operated throughout the United States. Chris is a graduate of Vassar College, has an MA from the University of Pennsylvania and an MBA from the Wharton School of Business. Prior to his graduate studies, he served as an officer in the U.S. Navy.
Dwayne LaMontagne most recently served as Savanna's Interim President and Chief Executive Officer. Prior to that time he was Savanna's Executive Vice President and Chief Development Officer. Dwayne joined Savanna in 2006 through the merger with Western Lakota Energy Services Inc. where he served as Vice President Finance and Chief Financial Officer since November 2002. Dwayne graduated from the University of Regina in 1989 and has been a Chartered Accountant since 1993.
Rick Torriero has served as Savanna's Director of Accounting and Finance since August, 2011. Rick also joined Savanna through the 2006 merger with Western Lakota Energy Services Inc. where he was their Controller. Rick graduated from Simon Fraser University in 2001 and has been a Chartered Accountant since 2004.
Jim Saunders, Chairman of the Board, stated, "As chairman of the special committee, Chris Strong has been involved in the day-to-day operations of Savanna for almost three months. The overall reduction of the executive staff from six to two is the most visible sign of what will be a leaner, more efficient operation in the future."
Chris Strong commented, "I'd like to thank the other members of the board for this opportunity and look forward to working with them and the entire Savanna team. On behalf of the entire board, I'd like to thank Dwayne for serving as Interim President and CEO and congratulate Rick on his appointment to Vice President, Finance. I also would like to thank Darcy and George for their many years of service to Savanna."
"Whether the current downturn will be similar to the several cycles over the past 15 years I've managed through as a drilling company executive or something quite different and more prolonged remains to be seen. In order for Savanna to be successful, we need to be in the right places with the right equipment and the right people at a price that is beneficial to both our customers and shareholders. The company has done many of these things well in the past and will need to do them even better in the future."
"The employee reductions made to date reflect many tough decisions to respond quickly to lower utilization in the industry. It is imperative that we continue to position the company so it can prosper in a low commodity price environment for the foreseeable future. This means continuing to work on our cost structure while improving the quality of services to our customers so our shareholders can see above average upside in owning the stock. Going forward, Dwayne will have finance and most of the support functions in the company report to him. Dwayne as well as the operations leadership in drilling and well servicing from Canada, the U.S. and Australia, will report directly to me. "
Cautionary Statement Regarding Forward-Looking Information and Statements
Certain statements and information contained in this press release 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. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends", "might" and similar expressions are intended to identify forward-looking information or statements.
These statements are based on certain assumptions and analyses made by Savanna in light of its experience, as well as other factors it believes are appropriate in the circumstances. However, whether actual results or events will conform to Savanna's expectations and predictions is subject to a number of known and unknown risks and uncertainties which could cause actual results and events to differ materially from Savanna's expectations including, without limitation: 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 and contract drilling; the effects of weather conditions on operations and facilities; the existence of competitive operating risks inherent in well servicing 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 Savanna's Annual Report and under the heading "Risk Factors" in Savanna's Annual Information Form; and other unforeseen conditions.
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 events anticipated by Savanna will be realized or, even if substantially realized, that they will have the expected effects on Savanna or its business or operations. Except as may be required by law, Savanna assumes no obligation to update publicly any such forward looking information and statements, whether as a result of new information, future events, or otherwise.
