Mr. Lyle Whitmarsh reports

STAMPEDE DRILLING INC. ANNOUNCES CREDIT AGREEMENT EXTENSION

Stampede Drilling Inc. has entered into an amending agreement to its amended and restated credit agreement with Royal Bank of Canada and the Toronto-Dominion Bank originally made as of Sept. 20, 2023, and amended and restated as of Aug. 21, 2024, extending the term of the credit agreement from Sept. 20, 2026, to Sept. 20, 2028. Under the credit agreement, Stampede has an available limit of $20-million under a non-revolving term loan, $15-million under a revolving credit facility (the syndicated facility) and $15-million under an additional revolving credit facility.

The extended credit agreement provides Stampede financial flexibility and supports the execution of its strategic priorities, including disciplined growth and capital returns to shareholders.

"We are encouraged by the ongoing confidence and robust support from our lending syndicate," said Lyle Whitmarsh, president, chairman and chief executive officer. "In a constantly changing market environment, this extension strengthens our balance sheet and equips us with the necessary resources to pursue our disciplined capital allocation strategy. Additionally, it grants us valuable flexibility as we adapt to evolving conditions and explore opportunities to generate long-term value for our shareholders."

The principal amount outstanding under the credit facilities shall be repaid on or before Sept. 20, 2028 (or such later dates as to which the maturity dates of each credit facility may be extended from time to time in accordance with the terms of the credit agreement), at an annual interest rate determined in connection with the performance of the company in respect to certain financial covenants. The credit agreement provides for customary positive and negative covenants, including limitations and permitted dealings in respect of debt, acquisitions, dispositions, distributions and capital expenditures.

We seek Safe Harbor.