In light of the significant uncertainty in respect of commodity pricing and activity levels for all of Savanna Energy Services Corp.'s services, Savanna has adopted a conservative capital spending program for 2015. This is intended to protect Savanna's balance sheet and net asset value.
These reductions represent a $30 million, or 29% reduction from the capital program previously announced. However, Savanna will continue to evaluate the 2015 capital program in light of further changes to anticipated activity levels as 2015 unfolds.
Additionally, Savanna's management and board have also reassessed the level of the Company's dividend in the context of unfolding market conditions.