CALGARY, ALBERTA–(Marketwired – Nov. 8, 2017) – Total Energy Services Inc. (“Total Energy” or the “Company”) (TSX:TOT)announces its consolidated financial results for the three and nine months ended September 30, 2017.

Total Energy’s financial results for the three and nine months ended September 30, 2017 include the financial results for Savanna Energy Services Corp. (“Savanna”) from April 5, 2017. For the first time in Total Energy’s 21-year corporate history, a majority of quarterly revenues were generated outside of Canada. The Company also returned to profitability during the quarter for the first time since the third quarter of 2015. Negatively impacting the Company’s financial results for the third quarter of 2017 was approximately $1.2 million of non-recurring costs included in selling, general and administrative expenses that relate to the acquisition and integration of Savanna. Excluding these expenses, EBITDA for the third quarter of 2017 would have been $28.6 million.

Total Energy’s Contract Drilling Services segment (“CDS”) achieved 29% utilization during the third quarter of 2017, recording 3,153 operating days (spud to rig release) with a fleet of 119 drilling rigs, compared to 230 operating days, or 14% utilization, during the third quarter of 2016 with a fleet of 18 drilling rigs. Revenue per operating day for the third quarter of 2017 was $18,596. For the third quarter of 2017, the CDS segment generated 1,913 operating days in Canada with a fleet of 86 rigs (24% utilization), 1,009 days in the United States with a fleet of 28 rigs (39% utilization) and 231 days in Australia with a fleet of 5 rigs (50% utilization).

The Rental and Transportation Services segment (“RTS”) achieved a utilization rate on major rental equipment of 24% during the third quarter of 2017 as compared to 15% during the third quarter of 2016. Segment revenue per utilized rental piece decreased 2% for the third quarter of 2017 compared to the same period in 2016 due primarily to a change in the mix of equipment utilized. This segment exited the third quarter of 2017 with approximately 11,700 pieces of major rental equipment and 125 heavy trucks as compared to 10,000 rental pieces and 112 heavy trucks at September 30, 2016.

Revenue in the Compression and Process Services segment (“CPS”) increased 107% to $67.7 million for the three months ended September 30, 2017 compared to $32.8 million for the same period in 2016. This segment exited the third quarter of 2017 with a $160.7 million backlog of fabrication sales orders as compared to $62.0 million at September 30, 2016 and $149.3 million at June 30, 2017. At September 30, 2017, there was 39,800 horsepower in the compression rental fleet, of which approximately 20,200 horsepower was on rent as compared to 11,400 horsepower on rent at September 30, 2016 and 19,000 horsepower at June 30, 2017. The gas compression rental fleet operated at an average utilization rate of 46% during the third quarter of 2017 as compared to 30% during the third quarter of 2016.

Total Energy’s Well Servicing segment (“WS”) generated $39.3 million of revenue during the third quarter of 2017 on 41,092 billable hours, or $882 per billable hour, with a fleet of 87 service rigs located in Canada (57 rigs), the United States (18 rigs) and Australia (12 rigs). Service rig utilization for the three months ended September 30, 2017 was 35% in Canada, 37% in the United States and 49% in Australia.

During the third quarter, Total Energy declared a quarterly dividend of $0.06 per share to shareholders of record on September 29, 2017. This dividend was paid on October 31, 2017. For Canadian income tax purposes, all dividends paid by Total Energy on its common shares are designated as “eligible dividends” unless otherwise indicated.

Outlook

Despite competitive and uncertain industry conditions, particularly in Canada, with the exception of the CDS segment all of the Company’s business segments were profitable during the third quarter of 2017. In such environment, Total Energy remains focused on the integration of Savanna, which is expected to be substantially completed by the end of 2017. Integration synergies and efficiencies are expected to result in at least $10 million of operating and selling, general and administrative cost savings during 2018.

While wet weather conditions have recently hampered field operations in Canada, current indications are that drilling and completion activity levels will increase during the upcoming winter season as ground conditions permit the movement of heavy equipment. Drilling and completion activity within the United States is expected to remain relatively stable near term despite recent modest declines in certain regions. Activity levels in Australia are expected to remain stable with an upward bias.

The Company’s CPS segment continues to grow its international business, with a majority of its record fabrication sales backlog at September 30, 2017 consisting of orders from outside of Canada. Such backlog provides good visibility for this business segment through the first half of 2018.

Capital expenditures of $34.1 million have been made to September 30, 2017, including $11.8 million expended by Savanna prior to April 5, 2017 when the Board of Directors of Savanna was re-constituted. The Company expects 2017 capital expenditures to be approximately $40 million, or about 10% lower than the aggregate of the stand-alone 2017 capital budgets previously approved by the Boards of Total Energy and Savanna prior to the acquisition of Savanna by Total Energy.

At September 30, 2017, the Company’s total debt amounted to $328.2 million and consisted of $195.3 million drawn on the Company’s $225 million revolving primary credit facility (3.66% interest rate), $62.0 million of mortgage debt (3.56% weighted average interest rate), $67.5 million of senior unsecured notes (7.0% interest rate) and $3.3 million of limited partnership debt (5.45% weighted average interest rate).

Total Energy’s working capital position at September 30, 2017 was $37.1 million, including $7.8 million of cash and marketable securities. Such working capital position reflects the classification of $67.5 million of senior unsecured notes as a current liability given their maturity in May of 2018. In addition to the Company’s $225 million revolving credit facility, Savanna has a $5.0 million revolving line of credit that was undrawn at September 30, 2017. The Company was in compliance with all debt covenants at September 30, 2017 and able to fully draw on the remaining amounts available under its revolving credit facilities. The primary credit facility also provides the Company with the option to increase such facility by $75 million subject to certain terms and conditions including the agreement of the lenders to increase their commitments.

Conference Call

At 9:00 a.m. (Mountain Time) on November 9, 2017 Total Energy will conduct a conference call and webcast to discuss its third quarter financial results. Daniel Halyk, President & Chief Executive Officer, will host the conference call. A live webcast of the conference call will be accessible on the Company’s website at www.totalenergy.ca by selecting “Webcasts”. Persons wishing to participate in the conference call may do so by calling (800) 478-9326 or (416) 340-2219. Those who are unable to listen to the call live may listen to a recording of it on Total Energy’s website. A recording of the conference call will also be available until December 9, 2017 by dialing (800) 408-3053 (passcode 9889306#).

Selected Financial Information

Selected financial information relating to the three and nine months ended September 30, 2017 and 2016 is attached to this news release. This information should be read in conjunction with the interim condensed consolidated financial statements of Total Energy and the attached notes to the interim condensed consolidated financial statements and management’s discussion and analysis to be issued in due course and reproduced in the Company’s 2017 third quarter report.

Segmented Information

The Company provides a variety of products and services in the oil and natural gas industry through five reporting segments, which operate substantially in three geographic segments. These reporting segments are Contract Drilling Services, which includes the contracting of drilling equipment and the provision of labour required to operate the equipment, Rentals and Transportation Services, which includes the rental and transportation of equipment used in drilling, completion and production operations, Compression and Process Services, which includes the fabrication, sale, rental and servicing of natural gas compression and oil and natural gas process equipment and Well Servicing, which includes the contracting of service rigs and the provision of labour required to operate the equipment. Corporate includes activities related to the Company’s corporate and public issuer affairs.

Headquartered in Calgary, Alberta, Total Energy provides contract drilling services, rentals and transportation services, well servicing and compression and process equipment and service to oil and natural gas producers operating in North America, Australia and other international markets. The common shares of Total Energy are listed and trade on the TSX under the symbol TOT.

Certain statements contained in this press release, including statements which may contain words such as “could”, “should”, “expect”, “believe”, “will” and similar expressions and statements relating to matters that are not historical facts are forward-looking statements. Forward-looking statements are based upon the opinions and expectations of management of Total Energy as at the effective date of such statements and, in some cases, information supplied by third parties. Although Total Energy believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions and that information received from third parties is reliable, it can give no assurance that those expectations will prove to have been correct.

In particular, this press release contains forward-looking statements concerning industry activity levels, expectations regarding Total Energy’s market share and future compression and process production activity, Total Energy’s expectations of future interest rates and its corresponding ability to realize substantial interest expense savings, expectations as to the Company’s ability to realize cost efficiencies and synergies arising from the acquisition of Savanna as well as other expected benefits of the acquisition. Such forward-looking statements are based on a number of assumptions and factors including fluctuations in the market for oil and natural gas and related products and services, political and economic conditions, central bank interest rate policy, the demand for products and services provided by Total Energy, Total Energy’s ability to attract and retain key personnel and other factors. Such forward-looking statements involve known and unknown risks and uncertainties which may cause the actual results, performances or achievements of Total Energy to be materially different from any future results, performances or achievements expressed or implied by such forward-looking statements. Reference should be made to Total Energy’s most recently filed Annual Information Form and other public disclosures (available at www.sedar.com) for a discussion of such risks and uncertainties.

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

CALGARY, ALBERTA–(Marketwired – Oct. 17, 2017) – Total Energy Services Inc. (“Total”) (TSX:TOT) is pleased to announce that Glenn Dagenais has been appointed to the Board of Directors effective today. Mr. Dagenais will replace Randy Kwasnicia, who is retiring after 11 years of service as a director of Total.

“On behalf of Total’s shareholders, we thank Randy for his significant contributions to our company since joining our Board in 2006 and wish him the very best in his retirement,” said Bruce Pachkowski, Chairman of the Board. “We are pleased to welcome Glenn as a director. His extensive executive experience in the global energy service industry will be of significant value to Total as we continue to grow our Company.”

Mr. Dagenais is a chartered accountant with over 30 years of experience in the energy industry, including over 25 years of management experience within energy services. Mr. Dagenais most recently served as Executive Vice President Finance and Chief Financial Officer of a Calgary-based energy services company with global operations until his retirement in 2015.

Headquartered in Calgary, Alberta, Total provides contract drilling services, rentals and transportation services, well servicing and compression and process equipment and service to oil and natural gas producers operating in North America, Australia and other international markets. The common shares of Total are listed and trade on the TSX under the symbol TOT.

For further information, please visit our website at www.totalenergy.ca.

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

CALGARY, ALBERTA–(Marketwired – Oct. 12, 2017) – Total Energy Services Inc. (“Total”) (TSX:TOT) will conduct a conference call and webcast following the release of its financial results for the three months ended September 30, 2017. The financial results will be released prior to the conference call. Daniel Halyk, President and CEO, will host the call.

A live webcast of the conference call will be accessible on Total’s website at www.totalenergy.ca by selecting “Webcasts”.

Shortly after the live webcast, an archived version will be available on Total’s website. A recording of the conference call will also be available until December 9, 2017 by dialling (800) 408-3053, passcode 9889306#.

Headquartered in Calgary, Alberta, Total provides contract drilling services, rentals and transportation services, well servicing and compression and process equipment and service to oil and natural gas producers operating in North America, Australia and other international markets. The common shares of Total are listed and trade on the TSX under the symbol TOT.

For further information, please visit our website at www.totalenergy.ca.

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

CALGARY, ALBERTA–(Marketwired – Sept. 28, 2017) – Total Energy Services Inc. (“Total”) (TSX:TOT) announced today that it has filed a Notice with the Toronto Stock Exchange (the “TSX”) to undertake a normal course issuer bid that will expire on October 1, 2018. Total has been informed that the TSX has accepted its notice to make the normal course issuer bid. All purchases of common shares (the “Shares”) will be effected through the facilities of the TSX and one or more of the Canadian alternative trading systems and all Shares purchased will be cancelled by Total.

As of today, there are 46,238,354 Shares issued and outstanding. In connection with the normal course issuer bid, which will commence on October 2, 2017, Total may purchase up to 500,000 Shares, being 1.1% of the total number of outstanding Shares, during the period from October 2, 2017 to October 1, 2018, subject to a maximum daily purchase limit of 10,625 Shares based on an average daily trading volume for the last six calendar months of 42,502 Shares.

From time to time, purchases of Shares may be undertaken at prices that represent an attractive investment opportunity for Total. Total expects that the purchase of Shares will benefit the remaining shareholders of Total by increasing their proportionate equity investment in Total.

On September 27, 2016, Total announced its intention to undertake a normal course issuer bid, which remained in effect during the 12-month period ending September 30, 2017. Under that normal course issuer bid, as of September 23, 2016, Total purchased a total of 20,000 Shares, at an average price of $13.32 per Share.

Total Energy Services Inc. is a growth oriented energy services corporation involved in contract drilling services, rentals and transportation services and the fabrication, sale, rental and servicing of natural gas compression and process equipment. The common shares of Total are listed and trade on the TSX under the symbol TOT.

CALGARY, ALBERTA–(Marketwired – Sept. 6, 2017) – Total Energy Services Inc. (“Total”) (TSX:TOT) announces that its Board of Directors has declared a quarterly dividend of $0.06 (Cdn.) per common share for the quarter ending September 30, 2017 on Total’s outstanding common shares. The dividend is payable on October 31, 2017 to shareholders of record at the close of business on September 29, 2017. The ex-dividend date is September 28, 2017.

Headquartered in Calgary, Alberta, Total provides contract drilling services, rentals and transportation services, well servicing and compression and process equipment and service to oil and natural gas producers operating in North America, Australia and other international markets. The common shares of Total are listed and trade on the TSX under the symbol “TOT”.

The Toronto Stock Exchange has neither approved nor disapproved of the information contained herein.

CALGARY, ALBERTA–(Marketwired – Sept. 5, 2017) – Total Energy Services Inc. (“Total”) (TSX:TOT) announces that its Board of Directors has declared a quarterly dividend of $0.06 (Cdn.) per common share for the quarter ending September 30, 2017 on Total’s outstanding common shares. The dividend is payable on October 31, 2017 to shareholders of record at the close of business on September 29, 2017. The ex-dividend date is September 27, 2017.

Headquartered in Calgary, Alberta, Total provides contract drilling services, rentals and transportation services, well servicing and compression and process equipment and service to oil and natural gas producers operating in North America, Australia and other international markets. The common shares of Total are listed and trade on the TSX under the symbol “TOT”.

The Toronto Stock Exchange has neither approved nor disapproved of the information contained herein.

CALGARY, ALBERTA–(Marketwired – Aug. 10, 2017) – Total Energy Services Inc. (“Total Energy” or the “Company”) (TSX:TOT) announces its consolidated financial results for the three and six months ended June 30, 2017.

Notes 1 through 4 please refer to the Notes to the Financial Highlights set forth at the end of this release.

Total Energy’s financial results for the three and six months ended June 30, 2017 include the financial results for Savanna Energy Services Corp. (“Savanna”) from April 5, 2017 when the Company acquired control of Savanna upon the reconstitution of the board of directors of Savanna. Negatively impacting the Company’s financial results for the second quarter of 2017 was approximately $4.0 million of non-recurring expenses that relate to completion of the acquisition of Savanna and the subsequent integration and rationalization of Savanna’s operations and a $4.5 million unrealized foreign exchange loss included in cost of services that relates primarily to intercompany working capital balances. Excluding these expenses, EBITDA for the second quarter of 2017 was $15.1 million.

Finance costs for the second quarter of 2017 included $2.9 million of non-recurring costs, notably $1.6 million of penalty interest paid on Savanna’s debt following the change of control (including the one-percent premium paid on the redemption of $39.6 million of Savanna’s 7% senior unsecured notes), $0.5 million of non-recurring fees associated with the establishment of Total Energy’s $225 million revolving syndicated credit facilities (the “Credit Facility”) and an unrealized loss on other assets of $0.8 million.

Total Energy’s Contract Drilling Services segment (“CDS”) achieved 20% utilization during the second quarter of 2017, recording 2,021 operating days (spud to rig release) with a fleet of 119 drilling rigs, compared to 52 operating days, or 3% utilization, during the second quarter of 2016 with a fleet of 18 drilling rigs. Revenue per operating day for the second quarter of 2017 was $20,437. The acquisition of Savanna added 101 drilling rigs to the CDS segment. During the second quarter of 2017, the CDS segment had 972 operating days in Canada with a fleet of 86 rigs (13% utilization), 890 days in the United States with a fleet of 28 rigs (37% utilization) and 159 days in Australia with a fleet of 5 rigs (37% utilization).

The Rental and Transportation Services segment (“RTS”) achieved a utilization rate on major rental equipment of 18% during the second quarter of 2017 as compared to 10% during the second quarter of 2016. Segment revenue per utilized rental piece increased 12% for the second quarter of 2017 compared to the same period in 2016 due to a modest increase in pricing. This segment exited the second quarter of 2017 with approximately 11,700 pieces of major rental equipment (excluding access matting) and 125 heavy trucks as compared to 10,000 rental pieces and 112 heavy trucks at June 30, 2016. The acquisition of Savanna added approximately 1,700 major rental pieces, four heavy trucks and a significant inventory of small rental equipment to the RTS equipment fleet as well as three full service branch locations in Fort MacKay, Lloydminster and Swift Current.

Revenue in the Compression and Process Services segment (“CPS”) increased 76% to $65.4 million for the three months ended June, 2017 compared to $37.1 million for the same period in 2016. This segment exited the second quarter of 2017 with a $149.3 million backlog of fabrication sales orders as compared to $35.9 million at June 30, 2016 and $75.2 million at March 31, 2017. At June 30, 2017, there was 40,000 horsepower in the compression rental fleet, of which approximately 19,000 horsepower was on rent as compared to 12,000 horsepower on rent at June 30, 2016 and 16,500 horsepower at March 31, 2017. The gas compression rental fleet operated at an average utilization rate of 46% during the second quarter of 2017 as compared to 30% during the second quarter of 2016.

Total Energy’s Well Servicing segment (“WS”) was established with the acquisition of Savanna. This segment generated $34.9 million of revenue during the second quarter of 2017 on 34,850 billable hours, or $918 per billable hour, with a fleet of 87 service rigs located in Canada (57 rigs), the United States (18 rigs) and Australia (12 rigs). Service rig utilization for the three months ended June 30, 2017 was 27% in Canada, 38% in the United States and 64% in Australia.

Total Energy issued 15.32 million common shares from treasury in connection with the acquisition of Savanna resulting in 46.2 million common shares outstanding at June 30, 2017. During the second quarter, Total Energy declared a quarterly dividend of $0.06 per share to shareholders of record on June 30, 2017. This dividend was paid on July 31, 2017. For Canadian income tax purposes, all dividends paid by Total Energy on its common shares are designated as “eligible dividends” unless otherwise indicated.

Outlook

Despite continuing volatility and uncertainty in global energy markets, North American oil and natural gas drilling and completion activity levels continued the recovery which began in the fourth quarter of 2016. While modest gains in pricing have been achieved in North America, pricing remains low by historical comparisons and operating margins remain challenged.

The record fabrication backlog enjoyed by the CPS segment at June 30, 2017 provides good visibility for the remainder of 2017 and into early 2018. With the majority of the current sales backlog constituted by orders from outside of Canada, this division continues to gain traction in the international gas compression market. In June 2017, production commenced in a newly established 100,000 square foot gas compression fabrication facility located in Weirton, West Virginia and subsequent to June 30, 2017 the Weirton facility received its first direct order.

Total Energy remains focused on carefully managing its cost structure and realizing efficiencies through the integration and rationalization of Savanna’s operations. A significant proportion of the $5.1 million of Savanna-related non-recurring costs incurred by Total Energy during the first half of 2017 relates to operational and overhead rationalization and the Company currently expects that its target of $10.0 million of go-forward annualized cost savings arising from the combination of Savanna and the Company, excluding interest expense savings, will be achieved by year end.

The Company’s capital expenditure budget for 2017 is currently $44.8 million, which includes a $22.0 million budget approved by the previous board of Savanna. To June 30, 2017, $25.2 million of 2017 capital expenditures have been made by the Company and Savanna (excluding $26.8 million related to the acquisition of Savanna). Total Energy is currently reviewing its capital plans for the remainder of 2017 in order to high-grade opportunities and maximize synergies and economies of scale.

With the acquisition of Savanna on April 5, 2017, Total Energy assumed approximately $281.3 million of Savanna debt. During the second quarter, the Company utilized the Credit Facility to refinance $205.9 million of such debt, thereby lowering the effective interest rate on this debt from approximately 7.16% to 3.45% as at June 30, 2017. While the applicable interest rate on the Credit Facility is variable and tied to the Canadian prime rate of interest as well as subject to a pricing grid based on financial ratios, the Company expects to realize substantial interest expense savings going forward. At June 30, 2017, the Company’s total debt amounted to $326.3 million and consisted of $192.5 million drawn on the Credit Facility (3.45% interest rate), $62.6 million of mortgage debt (3.57% weighted average interest rate), $67.5 million of senior unsecured notes (7.0% interest rate) and $3.7 million of limited partnership debt (5.45% interest rate).

Total Energy’s working capital position at June 30, 2017 was $21.3 million, including $20.1 million of cash and marketable securities. Such working capital position reflects the classification of $67.5 million of 7% notes as a current liability given their maturity in May of 2018. In addition to the $225 million Credit Facility, Savanna has a $5.0 million revolving line of credit that was undrawn at June 30, 2017. Total Energy was in compliance with all debt covenants at June 30, 2017 and able to fully draw on the remaining amounts available under its credit facilities. The Credit Facility also provides the Company with the option to increase such facility by $75 million subject to certain terms and conditions including the agreement of the lenders to increase their commitments.

Conference Call

At 9:00 a.m. (Mountain Time) on August 11, 2017 Total Energy will conduct a conference call and webcast to discuss its second quarter financial results. Daniel Halyk, President & Chief Executive Officer, will host the conference call. A live webcast of the conference call will be accessible on Total’s website at www.totalenergy.ca by selecting “Webcasts”. Persons wishing to participate in the conference call may do so by calling (800) 806-5484 or (416) 340-2217 (passcode 7958945#). Those who are unable to listen to the call live may listen to a recording of it on Total Energy’s website. A recording of the conference call will also be available until September 11, 2017 by dialing (800) 408-3053 (passcode 5805165#).

Selected Financial Information

Selected financial information relating to the three and six months ended June 30, 2017 and 2016 is attached to this news release. This information should be read in conjunction with the interim condensed consolidated financial statements of Total Energy and the attached notes to the interim condensed consolidated financial statements and management’s discussion and analysis to be issued in due course and reproduced in the Company’s 2017 second quarter report.

Segmented Information

The Company provides a variety of products and services in the oil and natural gas industry through five reporting segments, which operate substantially in three geographic segments. These reporting segments are Contract Drilling Services, which includes the contracting of drilling equipment and the provision of labour required to operate the equipment, Rentals and Transportation Services, which includes the rental and transportation of equipment used in drilling, completion and production operations, Compression and Process Services, which includes the fabrication, sale, rental and servicing of natural gas compression and oil and natural gas process equipment and Well Servicing, which includes the contracting of service rigs and the provision of labour required to operate the equipment. Corporate includes activities related to the Company’s corporate and public issuer affairs.

Total Energy Services Inc. is a growth oriented energy services corporation involved in contract drilling services, rentals and transportation services, the fabrication, sale, rental and servicing of natural gas compression and oil and natural gas process equipment and well servicing. The common shares of Total Energy are listed and trade on the TSX under the symbol TOT.

For further information, please visit our website at www.totalenergy.ca

Certain statements contained in this press release, including statements which may contain words such as “could”, “should”, “expect”, “believe”, “will” and similar expressions and statements relating to matters that are not historical facts are forward-looking statements. Forward-looking statements are based upon the opinions and expectations of management of Total Energy as at the effective date of such statements and, in some cases, information supplied by third parties. Although Total Energy believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions and that information received from third parties is reliable, it can give no assurance that those expectations will prove to have been correct.

In particular, this press release contains forward-looking statements concerning industry activity levels, expectations regarding Total Energy’s market share and future compression and process production activity, Total Energy’s expectations of future interest rates and its corresponding ability to realize substantial interest expense savings, expectations as to the Company’s ability to realize cost efficiencies and synergies arising from the acquisition of Savanna as well as other expected benefits of the acquisition. Such forward-looking statements are based on a number of assumptions and factors including fluctuations in the market for oil and natural gas and related products and services, political and economic conditions, central bank interest rate policy, the demand for products and services provided by Total Energy, Total Energy’s ability to attract and retain key personnel and other factors. Such forward-looking statements involve known and unknown risks and uncertainties which may cause the actual results, performances or achievements of Total Energy to be materially different from any future results, performances or achievements expressed or implied by such forward-looking statements. Reference should be made to Total Energy’s most recently filed Annual Information Form and other public disclosures (available at www.sedar.com) for a discussion of such risks and uncertainties.

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

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.

CALGARY, ALBERTA–(Marketwired – June 20, 2017) – Total Energy Services Inc. (“Total Energy“) (TSX:TOT) and Savanna Energy Services Corp. (“Savanna“) (TSX:SVY) announced today that Total Energy has completed its acquisition of Savanna.

Earlier today, at a special meeting held in Calgary, Alberta, the holders (“Savanna Shareholders“) of common shares of Savanna (“Savanna Shares“) overwhelmingly approved the amalgamation (the “Amalgamation“) of Savanna and 2043324 Alberta Ltd. (“Subco“), a wholly-owned subsidiary of Total Energy, with 99.99% of shares voted cast in favor of the Amalgamation. Articles of Amalgamation and supporting documentation were subsequently filed, on behalf of Savanna and Subco, in accordance with the Business Corporations Act (Alberta) and a Certificate of Amalgamation has been issued by the Registrar of Corporations. No dissent rights were validly exercised in relation to the Amalgamation.

The amalgamated corporation (named “Savanna Energy Services Corp.”), is a wholly-owned subsidiary of Total Energy. The Amalgamation constituted the subsequent acquisition transaction proposed by Total Energy to permit it to become the sole owner of Savanna. Savanna Shareholders other than Total Energy owned approximately 14% of the outstanding Savanna Shares as of the expiry of Total Energy’s offer to purchase all of the outstanding Savanna Shares on April 27, 2017.

Daniel Halyk, President and CEO of Total Energy stated: “We are pleased with the exceptional support demonstrated by independent shareholders for the completion of this combination. With the acquisition of Savanna behind us, management can now focus on bringing our two companies together so as to achieve the efficiencies and economies of scale necessary to effectively compete in the marketplace. Thus far, I am encouraged by the positive attitude of employees of both Savanna and Total Energy, whose input and support will contribute to a stronger and more efficient organization that will benefit all stakeholders. We also welcome Savanna’s Aboriginal partners and look forward to engaging with them to enhance these relationships.”

Savanna Shareholders (other than Total Energy and Savanna Shareholders resident in certain U.S. states) have been issued 0.1300 of a common share of Total Energy (each whole share a “Total Share“) and one redeemable preferred share of Total (each, a “Preferred Share“) for each Savanna Share held prior to the Amalgamation. Immediately following the Amalgamation, each Preferred Share issued by Total Energy was automatically redeemed for $0.20 cash.

Following completion of the Amalgamation, there are approximately 46.2 million common shares of Total Energy issued and outstanding. The interest rate on Total Energy’s recently announced $225 million revolving bank credit facilities is currently 3.45% Total Energy has utilized such credit facilities to fund the repayment by Savanna of $104.5 million (plus accrued and unpaid interest) that was owing to Alberta Investment Management Corp. (the “AIMCo Debt“). The AIMCo Debt bore interest at the rate of 7.15% per annum plus an additional 2% per annum change of control penalty from the date Total Energy acquired control of Savanna to the date of repayment.

The Savanna Shares are expected to be delisted from the TSX effective immediately following the close of trading on June 20, 2017. In addition, Savanna has made an application to the Alberta Securities Commission, as principal regulator, and to the securities regulatory authorities in each of the other provinces in Canada in which it is a reporting issuer (or equivalent) for an order that Savanna cease to be a reporting issuer (or equivalent) under applicable securities laws.

Savanna Shareholders in the United States who either reside in the State of New York or who reside in the State of Utah and are not “exempt institutional investors” under the laws of the State of Utah (together, “Non-Exempt Shareholders“) were not entitled to receive Total Shares or Preferred Shares under the Amalgamation. Arrangements have been made for Computershare Investor Services Inc. (“Computershare“), as depository under the Amalgamation and agent for the Non-Exempt Shareholders, to sell, or cause to be sold (through a broker in Canada and on the Toronto Stock Exchange), the Total Shares that a Non-Exempt Shareholder would otherwise be entitled to upon completion of the Amalgamation. After completion of such sales of Total Shares, Computershare will distribute the aggregate net proceeds of sale, after expenses, commissions and applicable withholding taxes, pro rata, among the Non-Exempt Shareholders, together with the aggregate Preferred Share redemption amount to which each Non-Exempt Shareholder is entitled. Computershare has been instructed to effect sales of Total Shares on behalf of Non-Exempt Shareholders as soon as practicable and in a manner intended to maximize the proceeds of sale and minimize any adverse impact on the market for the Total Shares.

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.

This news release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of the applicable securities in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.

Forward-Looking Information Cautionary Statement

This news release contains certain forward-looking information (referred to herein as “forward-looking statements“). Forward-looking statements are often, but not always, identified by the use of words such as “anticipate”, “believe”, “plan”, “scheduled”, “intend”, “objective”, “continuous”, “ongoing”, “estimate”, “expect”, “may”, “will”, “project”, “should”, or similar words suggesting future events, circumstances or outcomes. In particular, this news release contains forward-looking information concerning information concerning the anticipated delisting of the Savanna Shares from the Toronto Stock Exchange and the treatment of Non-Exempt Shareholders.

Forward-looking statements are based upon the opinions and expectations of management of Total Energy as at the effective date of such statements. Although Total Energy believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that those expectations will prove to have been correct. Forward-looking statements are subject to certain risks and uncertainties that could cause actual events or outcomes to differ materially from those anticipated or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, such things as fluctuations in market prices for the publicly traded securities of Total Energy and new laws and regulations (domestic and foreign).

Having regard to the various risk factors, readers should not place undue reliance upon the forward-looking statements contained in this news release and such forward-looking statements should not be interpreted or regarded as guarantees of future outcomes.

The forward-looking statements contained in this news release are made as of the date hereof and Total Energy does not undertake any obligation to update or to revise any of the included forward-looking statements, except as required by applicable securities laws in force in Canada. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

CALGARY, ALBERTA–(Marketwired – June 19, 2017) – Total Energy Services Inc. (“Total” or the “Company“) (TSX:TOT) announced today that it has agreed to terms on $225 million of revolving credit facilities (collectively, the “Credit Facility“) with a syndicate of lenders led by HSBC Bank Canada. The Credit Facility is expected to become effective on June 20, 2017, at which time it will replace the Company’s existing $65 million credit facility and the $150 million credit facility previously established by Savanna Energy Services Corp. (“Savanna“). The Credit Facility will have a term to maturity of three years and, subject to certain terms and conditions including the agreement of existing lenders to increase their commitments, Total may elect to increase amounts available to it under the Credit Facility, at any time during the term, by up to $75 million (to a maximum borrowing of $300 million).

Total negotiated and is establishing the Credit Facility to enable it to address various obligations of Savanna incurred prior to the Company’s acquisition of outstanding Savanna common shares under the Total takeover bid that expired in April 2017. Total plans to complete a subsequent acquisition transaction involving Savanna following a special meeting of Savanna shareholders scheduled for June 20, 2017, which is expected to result in all of the outstanding common shares of Savanna (as amalgamated in connection with the subsequent acquisition transaction) being owned by Total. In addition to supporting Total’s consolidated business financing requirements going forward, the Company intends to utilize the Credit Facility to fund: (i) the repayment by Savanna of $104.5 million owing to Alberta Investment Management Corp., plus accrued and unpaid interest; and (ii) the purchase by Savanna of any 7% senior unsecured notes (the “7% Notes“) tendered to Savanna’s change-of-control offer made to the holders of outstanding 7% Notes on April 24, 2017 (the “Purchase Offer“). Savanna has entered into an agreement with Phillips, Hager & North Investment Management (“PH&N“), which holds $60 million aggregate principal amount of 7% Notes, in which PH&N agreed that it will not tender the 7% Notes held by it to the Purchase Offer; as a result, the maximum principal amount of 7% Notes to be repurchased by Savanna under the Purchase Offer is not expected to exceed $47.1 million.

Total is a growth oriented energy services corporation involved in contract drilling services, rentals and transportation services and the fabrication, sale, rental and servicing of natural gas compression and process equipment. The common shares of Total are listed and trade on the TSX under the symbol “TOT”.

The Toronto Stock Exchange has neither approved nor disapproved of the information contained herein.

Forward-Looking Information Cautionary Statement

This news release contains certain forward-looking information (referred to herein as “forward-looking statements”). Forward-looking statements are often, but not always, identified by the use of words such as “anticipate”, “believe”, “plan”, “scheduled”, “intend”, “objective”, “continuous”, “ongoing”, “estimate”, “expect”, “may”, “will”, “project”, “should”, or similar words suggesting future events, circumstances or outcomes. In particular, this news release contains forward-looking information concerning: (i) the proposed subsequent acquisition transaction involving Savanna; (ii) the effective date of the Credit Facility; (iii) the availability of credit under the Credit Facility and the use of the Credit Facility to fund outstanding obligations of Savanna; and (iv) the estimated maximum principal amount of 7% Notes to be repurchased by Savanna under the Purchase Offer. Forward-looking statements are based upon the opinions and expectations of management of Total as at the effective date of such statements and, in some cases, information supplied by third parties. Although Total believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions and that information received from third parties is reliable, it can give no assurance that those expectations will prove to have been correct. Forward-looking statements are subject to certain risks and uncertainties that could cause actual events or outcomes to differ materially from those anticipated or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, such things as changes in general economic and credit market conditions in Canada, the United States and elsewhere, the volatility of prices for oil and natural gas and other commodities, fluctuations in currency and interest rates, availability of financial resources or third-party financing, defaults by counterparties under commercial arrangements to which Total (or any of its respective affiliates) is a party, new laws and regulations (domestic and foreign), failure to complete a subsequent acquisition transaction with Savanna in the manner contemplated by the parties or at all, the principal amount of 7% Notes tended to the Purchase Offer exceeding Total’s expectations, and other risks and uncertainties as described in Total’s filings made with Canadian securities regulators and available at www.sedar.com. Forward-looking statements concerning the effective date of the Credit Facility and the use of the Credit Facility to fund outstanding obligations of Savanna are based upon various assumptions and factors, including the terms of the escrow arrangements providing for the release and delivery of definitive documentation governing the Credit Facility and the assumption that there will be no material adverse changes affecting Total or Savanna prior to the anticipated effective date of the Credit Facility.

Having regard to the various risk factors, readers should not place undue reliance upon the forward-looking statements contained in this news release and such forward-looking statements should not be interpreted or regarded as guarantees of future outcomes.