Mr. Bradley Fedora reports

TRICAN WELL SERVICE LTD. ANNOUNCES THE SUCCESSFUL COMPLETION OF ITS CURRENT NORMAL COURSE ISSUER BID AND RENEWAL OF THE PROGRAM FOR 2024-2025

Trican Well Service Ltd. has completed its 2023-2024 normal course issuer bid program. Trican purchased the maximum amount of shares allowable under the completed program, which totalled 21,004,897 common shares for aggregate consideration of $94.7-million at a weighted-average price per share of $4.50. The completed program was in place from Oct. 4, 2023, to Oct. 2, 2024.

Since initiating its normal course issuer bid strategy in 2017, Trican has repurchased 164.2 million common shares or approximately 47 per cent of the company's issued and outstanding shares at that time.

Trican is also pleased to announce that the Toronto Stock Exchange has accepted its application to renew its NCIB. The NCIB allows for Trican to purchase up to 19,010,793 common shares, representing 10 per cent of the company's public float, as defined by the TSX, as of Sept. 30, 2024. The NCIB will be in place from Oct. 5, 2024, to Oct. 4, 2025, or until such earlier time as the NCIB is completed or terminated at the option of Trican. As at Sept. 30, 2024, there were 191,945,129 common shares of Trican issued and outstanding, and the public float for the company's common shares was 190,010,793.

Under TSX rules, the company is subject to a daily purchase limit of 157,951 common shares, representing 25 per cent of the average daily trading volume of 631,806 common shares on the TSX for the six calendar months ended Sept. 30, 2024. However, the company may make one block purchase per calendar week which exceeds such daily purchase restrictions. All common shares purchased through the NCIB will be returned to treasury for cancellation. 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.

The company intends to enter into an automatic securities purchase plan with a designated broker whereby common shares may be repurchased at times when such purchases would otherwise be prohibited pursuant to regulatory restrictions or self-imposed blackout periods.

Providing returns to shareholders remains core to Trican's strategy. Trican continues to view investment in the NCIB program as an effective method of providing shareholder returns, and 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 in 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 provides 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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