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Savanna Energy Signs Contracts for Additional Drilling Rigs; Shares Off 2 Cents

Savanna Energy Services Corp. (SVY.TO) has entered into a long term drilling rig contract to deploy an additional hybrid drilling rig to Queensland, Australia. It will provide ancillary equipment and services to coincide with the drilling services. The contract is based on a 365 day (24 hour) take or pay basis for a term of 3 years.

The company has also entered into a similar 3-year contract to supply an additional workover rig to the same customer. These equipment additions will bring Savanna's fleet in Australia to 10 rigs, 5 drilling and 5 workover.

The company updated its capital program for 2013, increasing the budget to $118 million.

SVY edged off by 2 cents to $7.16, with 52-week range of $6.30 - $$8.39.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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