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Savanna Energy Services Corp. Purchases $39.6 Million of Senior Unsecured Notes


FOR: TOTAL ENERGY SERVICES INC.
TSX SYMBOL: TOT

Date issue: June 23, 2017
Time in: 11:53 AM e

Attention:

CALGARY, ALBERTA--(Marketwired - June 23, 2017) - Total Energy Services Inc. ("Total Energy") (TSX:TOT) announces that Savanna Energy Services Corp. ("Savanna"), a wholly-owned subsidiary of Total Energy, has purchased $39.6 million aggregate principal amount of 7 percent senior unsecured notes of Savanna due May 2018 (the "SVY Notes") that were tendered to Savanna's change of control offer made on April 24, 2017 at a price of 101% of the aggregate principal amount tendered. Including accrued and unpaid interest, the total consideration paid for the tendered SVY Notes was $40.2 million. Total Energy utilized its existing revolving credit facilities to fund the purchase of the tendered SVY Notes and $67.5 million aggregate principal amount of SVY Notes remain outstanding.

About Total Energy

Total Energy is a growth oriented energy services corporation involved in contract drilling services (Savanna Drilling), rentals and transportation services (Total Oilfield Rentals), well servicing (Savanna Well Servicing) and the fabrication, sale, rental and servicing of natural gas compression (Bidell Gas Compression) and process equipment (Spectrum Process Systems).

The TSX has neither approved nor disapproved of the information contained herein.

- END RELEASE - 23/06/2017

For further information:
Total Energy Services Inc.
Yuliya Gorbach
Vice President, Finance and CFO
(403) 216-3920
investorrelations@totalenergy.ca
www.totalenergy.ca

COMPANY:
FOR: TOTAL ENERGY SERVICES INC.
TSX SYMBOL: TOT

INDUSTRY: Energy and Utilities - Equipment, Energy and Utilities -
Oil and Gas
RELEASE ID: 20170623CC0034

Press Release from Marketwired 1-866-736-3779

All press releases are written by the client and have NO affiliation with the news copy written by The Canadian Press. Any questions that arise due to the content or information provided in the press release should be directed to the company/organization issuing the release, not to The Canadian Press.



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