Iron Horse Acquisition Receives Clearance Pursuant to the Competition Act

Rhea-AI Summary

Trican Well Service (TSX: TCW) has received Competition Bureau clearance for its acquisition of Iron Horse Energy Services. The transaction, valued at $77.35 million in cash plus 33.76 million Trican common shares, is expected to close around August 27, 2025.

Iron Horse is a premium provider of fracturing and coiled tubing services across major plays in the Western Canadian Sedimentary Basin, including Cardium, Charlie Lake, Mannville Stack, Viking, Montney, and Shaunavon. Post-acquisition, Iron Horse's Chairman and CEO Tom Coolen will join Trican's board of directors.

The acquisition's completion remains subject to customary closing conditions and TSX listing approval for the new Trican shares to be issued.

Positive

• Strategic expansion into key Western Canadian Sedimentary Basin plays
• Acquisition received Competition Bureau clearance via No-Action Letter
• Addition of experienced leadership with Iron Horse CEO joining Trican's board
• Enhanced service capabilities in fracturing and coiled tubing services

Negative

• Significant share dilution with issuance of 33.76 million new common shares
• Substantial cash payment of $77.35 million required for the acquisition
• Integration risks with combining two service providers

Calgary, Alberta--(Newsfile Corp. - August 20, 2025) - Trican Well Service Ltd. (TSX: TCW) ("Trican") is pleased to announce that it has received clearance from the Competition Bureau, in the form of a No-Action Letter, with respect to the previously announced acquisition of all of the issued and outstanding shares of Iron Horse Energy Services ("Iron Horse") (the "Acquisition"). Iron Horse is a premium provider of fracturing and coiled tubing services in the Cardium, Charlie Lake, Mannville Stack, Viking, Montney and Shaunavon plays in the Western Canadian Sedimentary Basin.

Under the terms of the Acquisition, Iron Horse shareholders will receive approximately $77.35 million in cash and approximately 33.76 million common shares of Trican. Following closing of the Acquisition, Tom Coolen, Chairman and CEO of Iron Horse, will be appointed to the board of directors of Trican.

"We are delighted to have received a no-action letter from the Competition Bureau, completing a critical stage of our acquisition process. This acquisition augments our strategy and aligns with our long-term vision for growth and innovation in Canada. We look forward to better serving customers in all areas of the basin and creating meaningful value for our shareholders," said Brad Fedora, Trican's President and Chief Executive Officer.

The Acquisition is expected to close on or about August 27, 2025, subject to the satisfaction or waiver of customary closing conditions and TSX listing approval of the common shares of Trican to be issued pursuant to the Acquisition.

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 "anticipate", "achieve", "estimate", "expect", "intend", "plan", "planned", 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:

• statements as to the proposed Acquisition;

• the anticipated benefits of the Acquisition; and

• the anticipated completion of the Acquisition and timing thereof.

Forward-looking information is based on current expectations, estimates, projections and assumptions, which we believe are reasonable but which may prove to be incorrect. 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 successful closing of the Acquisition, including obtaining necessary stock exchange approvals and satisfying all other conditions to closing, 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 are set forth under the section entitled "Risks Factors" in Trican's Annual Information Form for the year ended December 31, 2024, and under the section entitled "Business Risks" in Trican's management's discussion and analysis for the year ended December 31, 2024, which are each available on Trican's SEDAR+ profile at www.sedarplus.com. 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. The reader is cautioned not to place undue reliance on forward looking information.

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

Phone: (403) 266-0202
2900, 645 - 7th Avenue S.W. Calgary, Alberta T2P 4G8
Please visit our website at www.tricanwellservice.com.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/263281

FAQ

What is the total value of Trican's acquisition of Iron Horse Energy Services?

The acquisition consists of $77.35 million in cash and approximately 33.76 million common shares of Trican.

When is Trican's acquisition of Iron Horse expected to close?

The acquisition is expected to close on or about August 27, 2025, subject to closing conditions and TSX listing approval.

What services does Iron Horse Energy Services provide?

Iron Horse provides premium fracturing and coiled tubing services in major Western Canadian plays including Cardium, Charlie Lake, Mannville Stack, Viking, Montney, and Shaunavon.

Who will join Trican's board after the Iron Horse acquisition?

Tom Coolen, Chairman and CEO of Iron Horse, will be appointed to Trican's board of directors following the acquisition's closing.

What regulatory approval has Trican received for the Iron Horse acquisition?

Trican has received clearance from the Competition Bureau in the form of a No-Action Letter for the acquisition.