An anonymous director reports

ELEMENT TECHNICAL SERVICES COMPLETES ACQUISITION OF ESSENTIAL ENERGY SERVICES

Essential Energy Services Ltd. has closed its previously announced amalgamation with 2544592 Alberta Ltd. (Subco, with the amalgamated entity being referred to as Amalco), a wholly owned subsidiary of Element Technical Services Inc. pursuant to the amalgamation agreement dated Sept. 15, 2023, among Essential, Element and Subco.

Upon completion of the amalgamation, each holder of common shares of Essential received one redeemable preferred share of Amalco for each Essential share held by such holder of Essential shares and the Amalco redeemable preferred shares were automatically redeemed for 40 cents in cash per Amalco redeemable preferred share. The amalgamation was approved at a meeting of holders of Essential shares held on Nov. 7, 2023.

For information on how former holders of Essential shares can receive the consideration they are entitled to pursuant to the amalgamation, holders should review Essential's management information circular dated Oct. 3, 2023, which is available under Essential's profile on SEDAR+. For further information regarding the amalgamation, readers should review the amalgamation agreement and Essential's news releases dated Sept. 15, 2023, Oct. 5, 2023, and Nov. 7, 2023, all of which are available under Essential's profile on SEDAR+.

About Essential Energy Services Ltd.

Essential provides oil field services to oil and natural gas producers, primarily in Western Canada. Essential offers completion, production and well-site restoration services to a diverse customer base. Services are offered with coiled tubing, fluid and nitrogen pumping, and the sale and rental of downhole tools and equipment. Essential offers one of the largest active coiled tubing fleets in Canada.