Mr. Bradley Fedora reports

TRICAN REPORTS FIRST QUARTER RESULTS FOR 2023 AND DECLARES QUARTERLY DIVIDEND

Trican Well Service Ltd. has released its first quarter results for 2023. The following news release should be read in conjunction with Management's Discussion and Analysis ("MD&A"), the unaudited interim consolidated financial statements and related notes of Trican for the three months ended March 31, 2023, as well as the Annual Information Form ("AIF") for the year ended December 31, 2022. All of these documents are available on SEDAR at www.sedar.com.

FIRST QUARTER HIGHLIGHTS

• Trican's results for the quarter were significantly improved with continued strong industry and moderating inflation leading to a more sustainable margin profile resulting in improvements in all major financial categories:
• Revenue was $297.0 million for the three months ended March 31, 2023, a 36% increase compared to $218.9 million for the three months ended March 31, 2022.
• Adjusted EBITDAS1 and adjusted EBITDA1 for the three months ended March 31, 2023 were $82.9 million and $81.6 million, compared to $42.0 million and $38.9 million, respectively, for the three months ended March 31, 2022.
• Free cash flow1 for the three months ended March 31, 2023 was $69.5 million compared to $30.4 million for the three months ended March 31, 2022.
• Profit for the three months ended March 31, 2023 was $46.0 million compared to $13.3 million for the three months ended March 31, 2022.
• The Company's balance sheet remains in excellent shape with positive working capital, including cash, of $180.6 million at March 31, 2023 compared to $169.4 million at December 31, 2022, providing significant financial flexibility.
• Trican operates the newest, most technologically advanced fleet of fracturing equipment in Canada and successfully deployed Canada's first next generation fracturing fleets in 2022. This was accomplished by significantly upgrading existing equipment and incorporating CAT Tier 4 Dynamic Gas Blending ("DGB") engine technology. The Tier 4 DGB engine displaces up to 85% of the diesel used in a conventional pumper with cleaner burning and less expensive natural gas resulting in lower overall fuel cost and reduced carbon dioxide and particulate matter emissions. The upgrades also include industry leading continuous duty pumps (3,000 HHP) and idle reduction technology packages which enable longer pumping times and improved operating efficiencies.
• Trican began the year operating three fleets of Tier 4 DGB equipment for a total of 126,000 HHP and is extremely pleased with the operational and financial performance of these assets.
• During the first quarter of 2023, Trican's fourth Tier 4 DGB fleet (42,000 HHP) was deployed into the field bringing Trican's total Tier 4 DGB fleet to 168,000 HHP.
• Upgrades to Trican's fifth Tier 4 DGB fleet (42,000 HHP) are underway with equipment anticipated to be field ready by early 2024 which will bring Trican's total tier 4 DGB fleet to 210,000 HHP.
• Tier 4 upgrades are a key component of Trican's Environmental, Social and Governance ("ESG") strategy. Our ongoing ESG initiatives, including fleet upgrades, will reduce our environmental impact, improve efficiency and reduce our emissions profile thereby improving the sustainability of our operations and supporting our key customers in achieving their ESG goals.

RETURN OF CAPITAL

• The Company continues to be active in its normal course issuer bid ("NCIB") program as a key component of its return of capital strategy:
  • During the three months ended March 31, 2023, Trican repurchased and cancelled 9,844,000 common shares, at a weighted average price of $3.31 per share, equating to approximately 4% of 229,776,553 outstanding shares at December 31, 2022.
  • On October 3, 2022, the Company announced the renewal of its NCIB program, commencing October 5, 2022, to purchase up to 23.1 million common shares for cancellation before October 4, 2023, subject to the TSX NCIB rules. All common shares repurchased under the NCIB are returned to treasury for cancellation. As at March 31, 2023, the Company had repurchased and cancelled 12,867,900 common shares under the 2022-2023 program. Subsequent to March 31, 2023, the Company repurchased an additional 1,667,700 common shares.
  • Since the initiation of our NCIB programs in 2017, Trican has repurchased 134,679,999 common shares, equating to approximately 39% of total shares outstanding at the start of the NCIB programs.
• The Company has added an additional component to its return of capital strategy by instituting a quarterly dividend program:
  • During the three months ended March 31, 2023, the Company paid a cash dividend of $0.04 per share, or approximately $8.9 million in aggregate to shareholders.
  • On May 11, 2023, the Company's board of directors approved a dividend of $0.04 per share with distribution to be made on June 30, 2023 to shareholders of record as of the close of business on June 15, 2023. The dividends are designated as eligible dividends for Canadian income tax purposes.

OPERATING HIGHLIGHTS

Capital Expenditures

Capital expenditures for the three months ended March 31, 2023, totaled $19.5 million ($21.1 million for the three months ended March 31, 2022) related primarily to maintenance capital and our Tier 4 DGB fleet upgrade program. The Company's preliminary 2023 growth, maintenance, and infrastructure capital budget has been set at $113.8 million. Capital expenditures are funded with available cash resources and free cash flow.

Financial Position

We continue to focus on maintaining a strong balance sheet with significant positive working capital including cash. Our ability to generate strong free cash flow and our financial flexibility will allow us to execute our strategic plans including investment in our Tier 4 DGB upgrade program, continued participation in our NCIB program, and the payment of a quarterly dividend as a part of our disciplined capital allocation strategy which includes a consistent return of capital to our shareholders.

OUTLOOK

Our outlook for the industry remains consistent with our views outlined in Trican's fourth quarter 2022 MD&A. Global demand for oil and natural gas is expected to remain strong and will likely grow as the world's major economies continue to rely on petroleum products for many products that people use for modern day life. Oil and natural gas derivatives are used as the basis for a variety of products including mobile phones, life-saving medical supplies, fuel for cars and trucks, energy to power factories, heat homes and buildings. Ongoing geopolitical tensions have driven many countries to focus on securing reliable sources of energy that are developed in an environmentally sustainable manner. Given our high environmental and regulatory standards, Canada will play an increasingly important role as a supplier of choice for both oil and natural gas. Additional export capacity is in the late stages of construction through the Trans Mountain pipeline, the Coastal GasLink Pipeline and several LNG export facilities on the west coast of Canada to ensure that Canada is well positioned to provide a long-term supply of sustainably developed oil and natural gas to the world. These factors serve to provide a positive backdrop for oil and natural gas development activity in Western Canada and the associated oilfield services required as we move through 2023 and beyond.

Despite significant commodity price volatility, activity levels in the first quarter of 2023 were very strong. Financial sector stresses and perceived recessionary risk factors were somewhat mitigated by a proactive supply cut of oil from OPEC+ members coupled with issues involving Russian oil supply. Some customers were not able to complete their anticipated first quarter programs due to cold weather delaying operations at the beginning of 2023 and the relatively rapid onset of spring break-up conditions. In recent years, our customers have moved to completing more of their drilling and completions activity in the second quarter due to larger multi-well pad designs. As a result, we anticipate second quarter activity to be steady as work expected to be performed in the first quarter carries forward and is completed in Q2 2023.

Trican is closely monitoring the forest fires active in Alberta. At this time, Trican's operations have not been significantly impacted by fire interruptions. We will continue to monitor forest fire activity as there is the potential for ongoing fire activity to cause work planned for Q2 2023 to be moved into Q3 2023.

Canadian market fundamentals remain strong for fracturing, cementing and coiled tubing services for the remainder of the year. Based on our estimates for activity in 2023, we expect the Canadian fracturing market to effectively be in balance for the first half of 2023. Recent announcements from certain First Nations in Northeastern British Columbia have provided more certainty around sustainable access for our customers. This has resulted in a rebound in well licensing that should lead to an increase in development activity starting in the second half of 2023. The Montney reservoir in Northeastern British Columbia and Northwest Alberta remains one of the premier resource plays in North America and we expect that the combination of attractive economics, future demand from LNG export facilities and improved relations with First Nations will lead to ongoing and growing activity in the play. Montney development requires large, high-pressure fracturing, cementing and coiled tubing services which should directly benefit Trican.

Trican has invested significantly in our equipment fleet over the last two years to ensure that we are on the forefront of pressure pumping technology and design in Canada. Demand for our Canadian market leading low emissions Tier 4 DGB fracturing fleets is very robust and expected to grow in 2023 as more equipment is deployed in the field. We are currently in the process of upgrading our fifth fleet of Tier 4 DGB fracturing equipment containing high pressure pumps and is anticipated to be field ready in early 2024.

To further reduce emissions and fuel costs from diesel consumption, we continue to invest and enhance our equipment offering and have recently developed fully electric versions of certain ancillary equipment required for onsite fracturing operations and are deploying them into our operations going forward. This equipment includes sand handling, fracturing blending equipment and equipment used on-site for chemical blending. We believe these ongoing technological advancements will augment our differentiation strategy and add value for our customers. Our ability to generate strong free cash flow1 as well as our financial flexibility allows for continued progress in our Tier 4 DGB and electrification upgrade program.

Industry pricing fundamentals have improved significantly over the past 12 - 18 months and we have worked hard to offset significant inflation in our cost structure. We will work diligently to ensure that we mitigate supply chain challenges such as long lead times on key parts and components. We continue to experience inflationary pressures throughout our supply chain but at a much lower rate of change than experienced in 2022. Demand for Canadian pressure pumping services remains strong, we face significant challenges in attracting and retaining qualified personnel to the oilfield services industry which has increased our operating costs.

We will continue to serve our customers with state-of-the-art equipment and generate industry-leading returns in an environmentally and socially responsible manner. In turn, this will allow Trican to focus on returning capital to our shareholders both through our ongoing NCIB program and our quarterly dividend program. We believe our ability to deliver a multi-layered return of capital strategy while maintaining a strong balance sheet will lead to long-term value creation for our shareholders.

CONFERENCE CALL AND WEBCAST DETAILS

The Company will host a conference call on Friday, May 12, 2023 at 10:00 a.m. MT (12:00 p.m. ET) to discuss its results for the First Quarter 2023.

To listen to the webcast of the conference call, please enter the following URL in your web browser: http://www.gowebcasting.com/12487.

You can also visit the "Investors" section of our website at www.tricanwellservice.com/investors and click on "Reports".

To participate in the Q&A session, please call the conference call operator at 1-800-319-4610 (North America) or 1-403-351-0324 (outside North America) 10 minutes prior to the call's start time and ask for the "Trican Well Service Ltd. First Quarter 2023 Earnings Results Conference Call."

The conference call will be archived on Trican's website at www.tricanwellservice.com/investors.

ABOUT TRICAN

Headquartered in Calgary, Alberta, Trican supplies oil and natural gas well servicing equipment and solutions to our customers through the drilling, completion and production cycles. Our 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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