Mr. David Mullen reports

CORDY ENTERS INTO AMENDED AND RESTATED CREDIT FACILITY

Cordy Oilfield Services Inc. has entered into an amended and restated loan and security agreement with Nations Equipment Finance LLC, effective Friday May, 22, 2015.

The amended and restated facility is an amendment and restatement of the original loan and security agreement with the lender effective June 9, 2014, the particulars of which are disclosed in a news release filed on June 9, 2014, on the corporation's SEDAR profile.

All amounts outstanding under the original loan agreement were consolidated under a single loan, the new outstanding amount being $2,356,981.58. No new funds were advanced to Cordy under the amended and restated facility. Pursuant to the terms of the amended and restated facility, the new amount is payable in 60 consecutive monthly instalments of principal and interest in the amount of $52,500, commencing June 22, 2015, subject to earlier repayment. The new amount bears interest at a rate of 12 per cent per annum, and its repayment is secured against certain collateral provided in respect of the original loan agreement.

The amount of $600,000 held back as additional collateral pursuant to the terms of the original loan agreement remains deposited with Cordy's legal counsel, as escrow agent. The holdback is releasable to Cordy upon the satisfaction of certain conditions related to Cordy's fixed-charge coverage ratio.