Mr. Pat Powell reports

CALFRAC ANNOUNCES CONTINUATION OF MULTI-YEAR FRACTURING FLEET MODERNIZATION PLAN

Calfrac Well Services Ltd. is planning a 2024 capital program for continuing operations of approximately $210-million, subject to market conditions, as compared with approximately $165-million of planned capital expenditures in 2023. The year-over-year increase in the Company's capital program is primarily due to an acceleration of its fracturing fleet modernization plan in North America as well as approximately $40.0 million to support its Argentinian operations, and to a lesser extent, the implementation of companywide field-based technologies. The North American capital expenditures will continue to progress Calfrac's transition to Tier IV dual-fuel capable dynamic gas blending ("DGB") fracturing equipment as well as improve the quality of its auxiliary support equipment, most notably its sand handling capabilities. With the completion of the 2024 capital program, the Company anticipates having approximately seven Tier IV DGB fracturing fleets deployed in North America by the end of the third quarter in 2024. The planned 2024 capital expenditures in Argentina are expected to be fully funded by cash on-hand and locally generated free cash flow.

This level of capital investment accelerates Calfrac's Tier IV DGB fleet modernization program in North America allowing the Company to meet the increasing customer demand for next generation, lower emission dual-fuel equipment and keep pace with the evolving fracturing market. Calfrac expects that its significantly improved asset base in North America and the strong customer demand for its services will allow it to further execute on its debt reduction strategy in 2024, in addition to the $70 to $80 million of net debt reduction that is anticipated for 2023.

Pat Powell, Calfrac's Chief Executive Officer, commented, "We are taking these steps to improve Calfrac's position in the North American pressure pumping market by accelerating its transition to Tier IV DGB technology, which will help us to generate long-term, sustainable returns for our shareholders. We are excited that by the end of the third quarter of 2024, nearly half of our North American fracturing fleets will be Tier IV DGB, which will improve our performance in the field and help our clients' meet their operational objectives by lowering diesel-fuel consumption and emissions. Our outlook for 2024 remains consistent year-over-year based on the current demand for our services with our established customer base in North America and Argentina."

NON-IFRS MEASURES

This press release contains references to "net debt" which is a performance measure commonly used in the oilfield services industry that does not have any standardized meaning under International Financial Reporting Standards (IFRS). Presentation of net debt is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The Company's definition and calculation of net debt may not be comparable to the same or similar measures presented by other issuers. This non-IFRS measure should be read in conjunction with Calfrac's interim and annual financial statements and the accompanying notes thereto.

As used in this press release, "net debt" is equal to (i) long-term debt net of debt issuance costs and debt discounts, plus (ii) lease obligations calculated in accordance with IFRS 16, less (iii) cash and cash equivalents. A table presenting the Company's composition and calculation of net debt can be found in Note 11 to Calfrac's unaudited, interim financial statements for the three and nine months ended September 30, 2023, which are available on SEDAR+ (www.sedarplus.ca) and incorporated herein by reference.

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