Calgary, Alberta--(Newsfile Corp. - August 27, 2025) - Trican Well Service Ltd. (TSX: TCW) ("Trican") is pleased to announce the closing of the previously announced acquisition of Iron Horse Energy Services ("Iron Horse") (the "Acquisition"). Iron Horse is a premium provider of fracturing and coiled tubing services with operations in the Western Canadian Sedimentary Basin.

Pursuant to the Acquisition, Trican has acquired all of the issued and outstanding common shares of Iron Horse. Under the terms of the Acquisition, Iron Horse shareholders received approximately $77.35 million in cash and approximately 33.76 million common shares of Trican. Following the successful closing of the Acquisition, Trican is pleased to announce the appointment of Tom Coolen, Chairman and CEO of Iron Horse, to its Board of Directors.

The Trican common shares issued pursuant to the Acquisition are expected to be listed on the TSX on or about August 29, 2025, upon receipt of TSX final approval.

FORWARD-LOOKING STATEMENTS

This document contains certain forward-looking information based on Trican's current expectations, estimates, projections and assumptions that were made by Trican in light of information available at the time the statement was made. Forward-looking information that addresses expectations or projections about the future, and other statements and information about Trican's strategy for growth, expected and future expenditures, costs, operating and financial results, future financing and capital activities are forward-looking statements. Forward-looking information in this press release is identified by the use of terms and phrases such as "expect" and other similar terms and phrases. This forward-looking information speaks only as of the date of this document, and we do not undertake to publicly update this forward-looking information except in accordance with applicable securities laws. This forward-looking information includes, among others:

• expected listing date of Trican common shares issued pursuant to the Acquisition; and

• the anticipated benefits of the Acquisition.

Readers are cautioned not to place undue reliance on forward-looking information as Trican's actual results may differ materially from those expressed or implied. Developing forward-looking information involves reliance on a number of assumptions and consideration of certain risks and uncertainties, some of which are specific to Trican and others that apply to the industry generally. Material factors or assumptions on which the forward-looking information in this press release is based include, among others, the ability of Trican to satisfy the TSX conditions for the listing of the Trican common shares to be issued pursuant to the Acquisition within expected timelines.

Additional information about assumptions, risk factors, uncertainties on which the forward-looking information is based and that could cause Trican's actual results to differ materially from any estimates or projects of future performance or results expressed or implied by such forward-looking statements, including, but not limited to, ability of Trican to satisfy the TSX conditions for the listing of the Trican common shares to be issued pursuant to the Acquisition, the failure to achieve the anticipated benefits of the Acquisition. Readers are also referred to the risk factors and assumptions described in other documents filed by Trican from time to time with securities regulatory authorities.

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.

Requests for further information should be directed to:

Bradley P.D. Fedora
President and Chief Executive Officer

Scott E. Matson
Chief Financial Officer

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/264221