In the last 12 months, independent of this Transaction, Trican has monetized more than $30 million of assets, approximating their net book value, that were either non-core, or not expected to contribute cash flow to the future business of Trican. As with the prior asset sales, Trican intends to use the net cash proceeds from the Transaction to initially reduce its outstanding debt and will evaluate all opportunities for alternative reinvestment, including continued allocation to share repurchases under the previously announced NCIB.

About Trican

Headquartered in Calgary, Alberta, Trican provides a comprehensive array of specialized products, equipment and services that are used during the exploration and development of oil and gas reserves.

Requests for further information should be directed to:

Dale Dusterhoft
President and Chief Executive Officer
E-mail: investors@trican.ca

Robert Skilnick
Chief Financial Officer
E-mail: investors@trican.ca

Phone: (403) 266-0202
Fax: (403) 237-7716
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/51520