Mr. Bradley Fedora reports

TRICAN TO ACQUIRE COMPLEMENTARY PRIVATE COMPLETIONS SERVICES COMPANY AND ANNOUNCES 10% INCREASE TO BASE DIVIDEND

Trican Well Service Ltd. has entered into an agreement to acquire all of the issued and outstanding shares of Iron Horse Energy Services for approximately $77.35-million in cash and approximately 33.76 million common shares of Trican. Iron Horse is a privately owned fracturing and coiled tubing services provider operating primarily in the Cardium, Charlie Lake, Mannville Stack, Viking, Montney and Shaunavon plays in the Western Canadian sedimentary basin (WCSB).

With a demonstrated record of financial and operational excellence spanning over 20 years, Iron Horse extends Trican's fracturing footprint and adds industry-leading coiled tubing integrated fracturing expertise. In addition to the acquisition, Trican is pleased to announce that the board of directors of Trican has approved a 10-per-cent increase to Trican's dividend following and pending the closing of the acquisition.

The acquisition enhances Trican's position as a leading energy services company, expanding its operational expertise in coiled tubing integrated fracturing in Alberta and Saskatchewan. The acquisition will add over four fracturing spreads and 10 coiled tubing units, which will augment Trican's leading services offering throughout the WCSB across the drilling, completion and production life cycles.

Iron Horse has long been recognized as a premium provider of fracturing services, with a history of operational and financial results that align with Trican. As a result, the acquisition is expected to deliver immediate and significant accretion to Trican shareholders, as well as support an increase to Trican's dividend.

"Iron Horse is one of few North American fracturing companies that has consistently demonstrated operational and financial performance that aligns with Trican. The acquisition will provide significant EBITDA [earnings before interest, taxes, depreciation and amortization], free cash flow and earnings accretion to Trican shareholders. It will also expand Trican's customer base into both conventional and unconventional plays in Alberta and Saskatchewan," said Brad Fedora, Trican's president and chief executive officer.

Tom Coolen, chairman and chief executive officer of Iron Horse, commented: "I would like to thank my partners Brendon Hamilton, Danny Meier, Todd Garman and the entire Iron Horse team for their tremendous dedication in growing Iron Horse into a successful Canadian energy services company. Trican is widely considered among the top completions services providers in North America and has developed this reputation through a focus on the same core values that Iron Horse has demonstrated for two decades. Together, we will continue to deliver exceptional service to existing and prospective clients and create new career opportunities for both Iron Horse and Trican employees."

"Mr. Coolen and his partners have built their company into a trusted and innovative services provider, and we look forward to welcoming him to the board and benefiting from his 20-plus years of industry experience to create incremental value for Trican shareholders," Mr. Fedora commented.

Following the acquisition, Iron Horse will operate as a wholly owned division of Trican. It is expected that Trican will retain all of the existing management and employees of Iron Horse, with the objective that Iron Horse will continue to deliver premium solutions to its existing customers under the Iron Horse banner and increase its presence through the support of Trican's resources, including its idle equipment, facilities and balance sheet.

Acquisition highlights:

• Strategically aligned acquisition increases Trican's scale and competitiveness among North American completions services providers:
  • Provides opportunity to expand complementary completions services lines (cementing and coiled tubing);
• Geographic expansion and diversifies commodity exposure, increasing operational resilience:
  • Expands footprint to service customers in central/eastern Alberta and Saskatchewan;
  • Diversifies Trican's commodity exposure by adding portfolio of clients operating in conventional and unconventional, oil weighted and liquids rich plays;
• Attractive acquisition multiple (less than 3.0 times EBITDA based on July 2, 2025, closing share price) drives immediate, significant, accretion to EBITDA, free cash flow and earnings for Trican shareholders:
  • Acquisition expected to provide Trican shareholders with double-digit accretion across key metrics, with ability to drive further accretion through leveraging basin expertise and realizing commercial and cost synergies;
• Supplements Trican's organic growth profile:
  • Increases exposure to customers pursuing coil activated completion methods;
  • Opportunities to leverage idle assets to support increased utilization;
• Maintain strong leverage profile and capital flexibility:
  • Pro forma business will be less than 0.5 times on net-debt-to-EBITDA basis, with sufficient available liquidity on the current credit facility;
  • Acquisition of high-quality asset base with limited capital requirements expected in near term, adding material free cash flow to the pro forma business and allowing Trican to return to current leverage position by year-end 2026 while continuing to deliver dividends and execute share repurchases.

Dividend increase

Following and pending closing of the acquisition, Trican's board has approved a 10-per-cent increase to the quarterly base dividend to 5.5 cents per share, from five cents per share previously, which equates to 22 cents per share on an annual basis (previously 20 cents per share). The first distribution of the increased dividend will be made on Sept. 30, 2025, to shareholders of record as of the close of business on Sept. 12, 2025.

The increase in Trican's base dividend will be financed utilizing a portion of the free cash flow from the acquisition. Trican expects to use the additional free cash flow provided by the acquisition to execute strategic growth, repay the credit facility, and/or return to shareholders through share repurchases and future dividend growth.

Terms of the acquisition

Under the terms of the acquisition, Trican has entered into an agreement to acquire all of the issued and outstanding shares of Iron Horse in exchange for approximately $77.35-million in cash consideration, before closing adjustments, and approximately 33.76 million common shares of Trican. Following closing of the acquisition, Mr. Coolen, chairman and chief executive officer of Iron Horse, will be appointed to the board of directors of Trican.

The acquisition is expected to close in the second half of 2025. Other than Competition Act approval and Toronto Stock Exchange listing approval of the common shares of Trican to be issued pursuant to the acquisition, no approval, order, consent of or filing with any governmental authority is required on the part of Iron Horse or Trican in connection with completing the acquisition.

In connection with the acquisition, the major shareholders of Iron Horse are required to enter into shareholder lock-up agreements at closing prohibiting the sale of the Trican shares received for a period of 12 months.

Advisers

RBC Capital Markets is acting as financial adviser to Trican. Osler Hoskin & Harcourt LLP is acting as Trican's legal adviser. Peters & Co. Ltd. is acting as financial adviser to Iron Horse. Torys LLP is acting as Iron Horse's legal adviser.

Conference call and webcast details

The company will host a conference call on Thursday, July 3, 2025, at 2 p.m. MT (4 p.m. ET) to discuss the acquisition.

To participate in the question-and-answer session, please call the conference call operator at 1-833-752-3868 (North America) or 1-647-849-3056 (outside North America) 10 minutes prior to the call's start time and ask for the Trican acquisition and investor update call.

The conference call will be archived on Trican's website.

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. Trican's 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.

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