The Financial Post reports in its Saturday edition heavily indebted Savanna Energy is eliminating its dividend, laying off 200 people, rolling back salaries and closing field offices to survive the oil price collapse. The Post's Geoffrey Morgan quotes Dwayne LaMontagne, interim president and chief executive officer of the drilling company, as saying by e-mail Friday, "We are structuring the company to prepare us to operate in a low commodity price environment as efficiently as possible." Mr. LaMontagne added the company is looking at selling real estate, equipment and other assets "that we don't feel will work economically in the future." Benchmark oil prices have fallen 50 per cent since June, 2014, which has caused the demand for Savanna's services to drop precipitously. The company said Thursday night that the number of days it was actively drilling or servicing wells in the first quarter of this year had fallen 40 to 50 per cent compared with the same period a year earlier. AltaCorp analyst Dana Benner said the move will save Savanna about $8-million this year, which will not make a big dent in its $337-million net debt. Mr. Benner thinks the market will ultimately reward Savanna for the cut.