Mr. Bradley Fedora reports

TRICAN WELL SERVICE LTD. AMENDS AND EXTENDS REVOLVING CREDIT FACILITY

Trican Well Service Ltd. has provided an update on its revolving credit facility (RCF).

Trican has entered into an agreement with a syndicate of Canadian banks which amends and extends its RCF. The principal changes included in the Amended RCF are as follows:

• a two-year extension of the maturity date from December 5, 2024 to December 4, 2026;
• updates to certain pricing metrics reflecting current bank market conditions and the Company's strong financial position; and
• an increase in available borrowing capacity to $150 million from $125 million to provide additional liquidity and credit availability throughout the extended term of the agreement.

There were no changes to the financial covenant package or permitted indebtedness terms.

Trican believes that this Amended RCF provides ample liquidity for its existing business, as Trican exited Q3 2023 with available cash of $44.5 million and no amounts drawn on the RCF.

The Amended RCF continues to be led by The Bank of Nova Scotia acting as lead arranger, sole bookrunner and administrative agent and is comprised of five banks - all of which were participants in the previous facility. Trican will pay customary fees and expenses at prevailing market rates to the lending syndicate as a condition of this amendment.

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.