Mr. Brad Fedora reports

TRICAN WELL SERVICE LTD. ANNOUNCES RENEWAL OF ITS NORMAL COURSE ISSUER BID

Trican Well Service Ltd. has successfully completed its 2021/2022 normal course issuer bid (NCIB) that was announced on Oct. 1, 2021. Pursuant to the NCIB, Trican purchased and cancelled 18,868,144 common shares, which is 76 per cent of the maximum allowable under the 2021/2022 NCIB (24,706,290 common shares), for total consideration of $64.7-million at a weighted average price per share of $3.42 (before broker commissions). Since initiating its NCIB program in October, 2017, Trican has repurchased almost 120 million common shares or approximately 35 per cent of the company's issued and outstanding shares at that time.

Additionally, the company is pleased to announce that the Toronto Stock Exchange has accepted its application to renew its NCIB program and make an NCIB to purchase, from Oct. 5, 2022, to Oct. 4, 2023 (or until such earlier time as the NCIB is completed or terminated at the option of Trican), certain of its common shares. The company intends to enter into an automatic purchase plan as part of this year's NCIB program. All purchases will be made through the facilities of the TSX or Canadian alternative trading systems at the prevailing market price at the time of such transaction.

As at Sept. 29, 2022, there were 232,609,772 common shares issued and outstanding. The number of common shares which may be purchased during the period of the 2022/2023 NCIB will not exceed 23,083,554 common shares, which is approximately 10 per cent of the public float for the common shares. The public float for the company's common shares as at Sept. 29, 2022, was 230,835,542. Under the TSX rules, the company will not purchase on any given trading day under the NCIB more than 277,415 common shares, being 25 per cent of the average daily trading volume of the common shares on the TSX for the six calendar months ended Aug. 31, 2022, of 1,109,661 common shares. Nonetheless, the company may make one block purchase per calendar week which exceeds the daily repurchase restriction. All common shares purchased through the NCIB will be returned to treasury for cancellation.

Providing returns to shareholders remains core to Trican's strategy. Trican continues to view investment in the NCIB program as an effective method to providing shareholder returns. Trican believes that the repurchase of common shares is a solid, risk-adjusted investment for the company in the context of market conditions, the company's strong financial position and available strategic investment alternatives. Trican is committed to maintaining a financially prudent capital structure and managing the NCIB program in accordance with this objective. As the company's financial position and financial results dictate, management will evaluate and adjust the company's investment into the NCIB.

About Trican Well Service Ltd.

Headquartered in Calgary, Alta., Trican supplies oil and natural gas well servicing equipment and solutions to its customers through the drilling, completion and production cycles. Its team of technical experts provide state-of-the-art equipment, engineering support, reservoir expertise and laboratory services through the delivery of hydraulic fracturing, cementing, coiled tubing, nitrogen services and chemical sales for the oil and gas industry in Western Canada. Trican is the largest pressure pumping service company in Canada.

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