Mr. Tyler Dahlseide reports

CALFRAC ANNOUNCES NORMAL COURSE ISSUER BID

Calfrac Well Services Ltd. has received approval from the Toronto Stock Exchange (the TSX) to commence a normal course issuer bid (the NCIB).

The company believes that the market price of its shares does not fully reflect the underlying value of its business and future prospects. The NCIB provides the company with the flexibility to pursue share repurchases on a prudent and opportunistic basis, where appropriate, while maintaining its focus on debt repayment and capital investment.

Under the NCIB, the company may purchase for cancellation up to 5,023,580 common shares, representing approximately 5 per cent of the company's 100,471,603 issued and outstanding common shares as of May 22, 2026. Purchases under the NCIB may commence on or about June 1, 2026, and will terminate on or about May 31, 2027, or such earlier date on which the company has acquired the maximum number of shares permitted under the NCIB or terminates the NCIB at its option.

Purchases under the NCIB will be made through the facilities of the TSX and/or alternative Canadian trading systems at prevailing market prices at the time of acquisition, in accordance with applicable securities laws and TSX requirements. Daily purchases will be limited to 29,947 shares, other than block purchase exceptions, in accordance with the rules of the TSX. All shares purchased by the company under the NCIB will be cancelled.

The company has entered into an automatic securities purchase plan (ASPP) with its designated broker in connection with the NCIB to facilitate the purchase of common shares during times when the company would ordinarily not be permitted to purchase shares due to regulatory restrictions or self-imposed blackout periods. Before entering a blackout period, the company may, but is not required to, instruct the broker to make purchases under the NCIB based on parameters set by the company in accordance with the ASPP, TSX rules and applicable securities laws. The ASPP has been precleared by the TSX. Outside of predetermined blackout periods, common shares may be purchased under the NCIB based on management's discretion, in compliance with TSX rules and applicable securities laws. All purchases made under the ASPP will be included in computing the number of common shares purchased under the NCIB.

Calfrac's common shares are publicly traded on the Toronto Stock Exchange under the trading symbol CFW.

Calfrac provides specialized oil field services to exploration and production companies designed to increase the production of hydrocarbons from wells drilled throughout North America and Argentina.

We seek Safe Harbor.