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TRICAN News Release TSX - TCW October 26 , 2021 TRICAN REPORTS THIRD QUARTER RESULTS FOR 2021 Calgary , Alberta - October 26 , 2021 - Trican Well Service Ltd. ( " Trican ” or the “ Company ” ) is pleased to announce its third quarter results for 2021. The following news release should be read in conjunction with Management's Discussion and Analysis ( " MD & A " ) , the unaudited interim consolidated financial statements and related notes of Trican for the three and nine months ended September 30 , 2021 , as well as the Annual Information Form ( " AIF " ) for the year ended December 31 , 2020. All of these documents are available on SEDAR at www.sedar.com . HIGHLIGHTS Consolidated revenue from continuing operations was $ 164.5 million in Q3 2021 , a 122 % increase compared to Q3 2020 . Adjusted EBITDA for the three months ended September 30 , 2021 , was $ 32.1 million , compared to nil for the three months ended September 30 , 2020. Adjusted EBITDA for the three months ended September 30 , 2021 , was positively affected by higher activity levels as a result of stronger commodity pricing and continued focus on maintaining a lower cost structure . Net profit from continuing operations for Q3 2021 was $ 9.1 million ( Q3 2020 operations of $ 23.8 million ) . Financial position and liquidity : net loss from continuing " Positive working capital of $ 104.0 million ( December 31 , 2020 - $ 67.5 million ) . Cash and cash equivalents of $ 37.6 million ( December 31 , 2020 - $ 22.6 million ) . • " At September 30 , 2021 the Company had no bank debt outstanding ( December 31 , 2020 - nil ) . The Company's strong balance sheet and liquidity provides significant financial flexibility to improve its competitive position and invest in profitable growth opportunities to deliver shareholder value . At September 30 , 2021 , the outstanding share balance was 248,810,070 ( December 31 , 2020 - 255,735,611 ) , which reflects the repurchase and cancellation of 8,106,800 shares for the nine months ended September 30 , 2021 at a weighted average price per share of $ 2.49 pursuant to the Company's TSX approved normal course issuer bid ( " NCIB " ) program . In Q3 2021 , the Company announced that it would be building a second low emissions fracturing fleet in Canada following a successful trial in Q1 2021. The expansion of the next generation fleet involves upgrading existing pumping equipment with CAT Tier 4 Dynamic Gas Blending ( " DGB " ) engines that displace up to 85 % of the diesel used in a conventional pumper with clean burning natural gas . These upgrades in