Mr. Don Caron reports

BRI-CHEM CLOSES REFINANCING OF ITS SUBORDINATED DEBT AND AMENDMENTS TO ITS SENIOR BANKING FACILITY

Bri-Chem Corp. has reached an agreement with Canadian Western Bank (CWB) to refinance its current subordinated debt loan with a new 20-year mortgage term loan. The financing consists of a $6 million term loan with monthly blended payments of principal and interest each in an amount sufficient to amortize the loan, at the interest rate of 5.10%, over a 20 year period. The interest rate is fixed for a 5 year period and subject to renewal thereafter. Additionally, the Company has also entered into an amending agreement with the Canadian Imperial Bank of Commerce ("CIBC"), to amend its senior credit facilities ("ABL Facility") which includes a new inter-lender agreement between CIBC and CWB and provision to have a fixed charge coverage ratio covenant starting effective in fiscal 2023. The ABL Facility is now committed until October 31, 2024.

Don Caron, Chief Executive Officer of Bri-Chem, commented, "We are extremely pleased with the new mortgage term loan with CWB as we have replaced an 11% interest sub debt loan with a longer term 5.10% interest term loan. The interest and principal savings for us will amount to approximately $1M per annum which will considerably strengthen our financial position and provide us additional free cash flow to take advantage of the increased drilling activity due to the recent surge in commodity prices."

About Bri-Chem

Bri-Chem has established itself, through a combination of strategic acquisitions and organic growth, as the North American industry leader for wholesale distribution and blending of oilfield drilling, completion, stimulation and production chemical fluids. We sell, blend, package and distribute a full range of drilling fluid products from 25 strategically located warehouses throughout Canada and the United States. Additional information about Bri-Chem is available at www.sedar.com or at Bri-Chem's website at www.brichem.com.

We seek Safe Harbor.