News Column

Trican Reports First Quarter Results for 2014

May 7, 2014

CALGARY, ALBERTA--(Marketwired - May 7, 2014) - Trican Well Service Ltd. (TSX:TCW) - Financial Review ----------------------------------- Three months ended ($ millions, except per March 31, March 31, December 31, share amounts; unaudited) 2014 2013 2013 -------------------------------------------------------------------------- Revenue $643.2$618.4$552.1 Operating income (i) 42.4 86.7 35.5 Profit / (loss) for the period (8.5) 25.4 (20.8) Earnings / (loss) per share (basic) (0.06) $0.17 ($0.14) (diluted) (0.06) $0.17 ($0.14) Adjusted profit / (loss) (i) (6.3) 27.6 (9.9) Adjusted profit / (loss) per share(i) (basic) (0.04) $0.18 ($0.07) (diluted) (0.04) $0.18 ($0.07) Funds provided by operations(i) 38.0 58.0 30.4 -------------------------------------------------------------------------- Notes: (i) Trican makes reference to operating income, adjusted profit (loss) and funds provided by operations. These are measures that are not recognized under International Financial Reporting Standards (IFRS). Management believes that, in addition to profit (loss), operating income, adjusted profit (loss) and funds provided by operations are useful supplemental measures. Operating income provides investors with an indication of earnings before depreciation, foreign exchange, taxes and interest. Adjusted profit (loss) provides investors with information on profit (loss) excluding one- time non-cash charges and the non-cash effect of stock-based compensation expense. Funds provided by operations provide investors with an indication of cash available for capital commitments, debt repayments and other expenditures. Investors should be cautioned that operating income, adjusted profit (loss), and funds provided by (used in) operations should not be construed as an alternative to profit (loss) and cash flow from operations determined in accordance with IFRS as an indicator of Trican's performance. Trican's method of calculating operating income, adjusted profit (loss) and funds provided by operations may differ from that of other companies and accordingly may not be comparable to measures used by other companies.



FIRST QUARTER HIGHLIGHTS

Consolidated revenue for the first quarter of 2014 was $643.2 million, an increase of 4% compared to the first quarter of 2013. The adjusted consolidated loss was $6.3 million compared to profit of $27.6 million, and adjusted loss per share was $0.04 compared to profit of $0.18 for the same period in 2013.

Canadian revenue increased by 4% but operating margins decreased by 880 basis points in the first quarter of 2014 compared to the first quarter of 2013. Canadian equipment utilization levels were high for most of the quarter due to an extended winter drilling season that kept pressure pumping demand strong to the end of March. Pressure pumping demand also benefitted from improving Canadian market fundamentals as Canadian commodity prices and a weakening Canadian dollar led to increased cash flows for our customers. Despite the strong demand, Canadian operating margins were below expectations due to a low pricing environment combined with increased costs. Higher diesel prices, increased sand hauling requirements and a stronger U.S. dollar have all contributed to the rising cost structure in Canada. We expect to raise prices in Canada during the second quarter of 2014 to address the recent declines in Canadian operating margins. In addition, due to an expected increase in customer demand, we plan to deploy an additional fracturing crew in Canada in late 2014. The equipment for this crew is expected to come from our existing fleet of parked equipment.

U.S. revenue for the first quarter of 2014 was relatively consistent with the first quarter of 2013 and was up 22% on a sequential basis. Although operating income increased on a sequential basis, our U.S. operations incurred an operating loss of $1.0 million in the first quarter of 2014. U.S. equipment utilization was negatively impacted by unfavorable weather conditions in January and February for our operations in the Marcellus, Permian and Oklahoma regions. The financial performance of our U.S. operations improved substantially in March as operating conditions improved. We believe the March results reflect improving fundamentals for the U.S. pressure pumping market and we expect operating margins to continue to improve sequentially for our U.S. business throughout 2014. During the second quarter, we expect to deploy a fourth fracturing crew into the Marcellus region that will be supported by customer commitments. In addition, due to underperformance in the region, we have closed our operating base in Woodward, Oklahoma, where one fracturing crew had been active. We believe these strategic decisions will improve the financial performance of our U.S. operations in the second half of 2014.

International revenue for the first quarter of 2014 increased by 12% and operating margins improved by 340 basis points compared to the first quarter of 2013. As expected, cold weather at the start of the quarter negatively impacted Russian activity levels; however, Russian activity rebounded strongly near the end of the first quarter once operating conditions improved. First quarter revenue and operating margins increased substantially for the North Sea completion tools business on both a year-over-year and sequential basis. Strong customer acceptance of the completion tools technology in this region has led to improved financial performance for this division. International operating margins in the first quarter of 2014 were negatively impacted by increased start-up costs incurred in both Saudi Arabia and Colombia. Active cementing operations were initiated in Colombia during April and we expect to begin coiled tubing operations in Saudi Arabia in the second quarter of 2014.

MANAGEMENT'S DISCUSSION AND ANALYSIS

OVERVIEW

Headquartered in Calgary, Alberta, Trican has operations in Canada, the U.S., Russia, Kazakhstan, Algeria, Australia, Norway, Saudi Arabia and Colombia. Trican provides a comprehensive array of specialized products, equipment and services that are used during the exploration and development of oil and gas reserves.

COMPARATIVE QUARTERLY INCOME STATEMENTS ($ thousands, unaudited) -------------------------------------------------------------------------- Quarter- Over- % of % of Quarter % Three months ended March 31, 2014 Revenue 2013 Revenue Change Change -------------------------------------------------------------------------- Revenue 643,217 100.0% 618,376 100.0% 24,841 4.0% Expenses Materials and operating 568,277 88.3% 502,026 81.2% 66,251 13.2% General and administrative 32,536 5.1% 29,680 4.8% 2,856 9.6% -------------------------------------------------------------------------- Operating income(i) 42,404 6.6% 86,670 14.0% (44,266) (51.1%) Finance costs 10,227 1.6% 8,488 1.4% 1,739 20.5% Depreciation and amortization 52,751 8.2% 47,059 7.6% 5,692 12.1% Foreign exchange gain (2,292) (0.4%) (1,726) (0.3%) (566) 32.8% Other income (2,604) (0.4%) (2,070) (0.3%) (534) (25.8%) -------------------------------------------------------------------------- (Loss)/ profit before income taxes (15,678) (2.4%) 34,919 5.6% (50,597) (144.9%) Income tax (recovery) / expense (6,568) (1.0%) 9,727 1.6% (16,295) (167.5%) Non-controlling interest (629) (0.1%) (171) 0% (458) 267.8% -------------------------------------------------------------------------- (Loss) / income for the period (8,481) (1.3%) 25,363 4.1% (33,844) (133.4%) -------------------------------------------------------------------------- --------------------------------------------------------------------------



CANADIAN OPERATIONS

---------------------------------------------------------------------------- ($ thousands, except revenue per job, unaudited) March 31, % of March 31, % of Dec.31, % of Three months ended, 2014 Revenue 2013 Revenue 2013 Revenue ---------------------------------------------------------------------------- Revenue 353,342 338,649 286,869 Expenses Materials and operating 283,280 80.2% 241,473 71.3% 228,533 79.7% General and administrative 7,543 2.1% 7,376 2.2% 5,244 1.8% --------- ---------- --------- Total expenses 290,823 82.3% 248,849 73.5% 233,777 81.5% Operating income(i) 62,519 17.7% 89,800 26.5% 53,092 18.5% Number of jobs 6,396 6,955 5,154 Revenue per job 55,200 48,280 55,435 ---------------------------------------------------------------------------- ----------------------------------------------------------------------------



Sales Mix

-------------------------------------------------------------------------- Three months ended, March 31, March 31, Dec. 31, (unaudited) 2014 2013 2013 -------------------------------------------------------------------------- % of Total Revenue Fracturing 67% 64% 67% Cementing 19% 20% 18% Nitrogen 6% 7% 6% Coiled Tubing 3% 4% 3% Acidizing 2% 3% 1% Other 2% 1% 1% Industrial Services 1% 1% 4% -------------------------------------------------------------------------- Total 100% 100% 100% -------------------------------------------------------------------------- --------------------------------------------------------------------------



Operations Review

Equipment utilization for our Canadian operations was strong throughout most of the first quarter of 2014. Pressure pumping demand was soft in the first half of January due to reduced drilling and completions activity at the end of 2013 that carried into early 2014; however, our Canadian equipment was fully utilized from the second half of January to the end of March. First quarter Canadian pressure pumping demand benefitted from increased customer cash flows due to higher Canadian commodity prices combined with a stronger U.S. dollar. In addition, cold temperatures throughout the quarter led to an extended winter drilling season that carried to the end of March and into early April.

The Canadian dollar weakened relative to the U.S. dollar on both a year-over-year and sequential basis. A weaker Canadian dollar negatively impacted operating margins as a portion of our product costs are denominated in U.S. dollars. In addition, sand volumes and fracturing stages per well continued to increase during the first quarter of 2014. This trend led to higher sand hauling requirements in Canada and required our Canadian operations to outsource a higher percentage of hauling services. Our Canadian cost structure was also impacted by higher first quarter diesel prices relative to the comparative periods.

Our pricing levels declined at the end of the fourth quarter of 2013 and these rates were carried throughout all of the first quarter of 2014. As a result, first quarter Canadian pricing was down slightly on a sequential basis and substantially compared to the first quarter of 2013. Lower pricing combined with higher costs led to first quarter operating margins that were 880 basis points lower in Canada on a year-over-year basis.

The Canadian completion tools division continued to show strong growth during the first quarter of 2014. We are continuing to gain customer acceptance of the technology and are focused on increasing the Canadian customer base and improving the profitability of the division.

Q1 2014 versus Q1 2013

Canadian revenue for the first quarter of 2014 increased by 4% compared to the first quarter of 2013. Revenue per job increased by 14% due to an increase in fracturing job size combined with an increase in fracturing revenue as a percentage of total revenue. Proppant used per fracturing job, a good indicator of job size, increased by 40% on a year-over-year basis. These factors were partially offset by a year-over-year decrease in Canadian pricing.

The job count decreased by 8% due largely to lower coiled tubing activity caused by increased competition in Canada for this service line. Lower coiled tubing activity also had a negative impact on our nitrogen and acidizing job count as these service lines are closely correlated with coiled tubing. Cementing and fracturing activity remained strong throughout most of the quarter and benefitted from robust demand and favorable weather conditions.

As a percentage of revenue, materials and operating expenses increased to 80.2% compared to 71.3% in the first quarter of 2013. The most significant cause of the margin decline was lower year-over-year pricing. Operating margins were also negatively impacted by higher fuel and sand hauling costs as well as a weaker Canadian dollar that led to higher U.S. denominated product costs.

General and administrative expenses increased by $0.2 million due to slightly higher overhead costs associated with the growing Canadian completion tools business.

Q1 2014 versus Q4 2013

Sequentially, Canadian revenue increased by 23% due largely to an increase in activity levels. The job count increased by 24% as equipment utilization was up for all pressure pumping service lines compared to the fourth quarter of 2013. Pressure pumping demand benefitted from favorable weather conditions and increased customer cash flows due to higher Canadian commodity prices combined with a stronger U.S. dollar. Revenue per job was down slightly as lower average pricing levels were offset by larger fracturing job sizes.

As a percentage of revenue, materials and operating expenses increased to 80.2% compared to 79.7% in the fourth quarter of 2013. Lower average pricing combined with increased product, fuel and hauling costs contributed to the reduction in operating margins. These factors were largely offset by increased operational leverage on our fixed costs due to the increase in utilization for our pressure pumping service lines.

General and administrative expenses increased by $2.3 million due largely to higher share-based and profit sharing expenses.

UNITED STATES OPERATIONS

------------------------------------------------------------------------- ($ thousands, except revenue per job, unaudited) March 31, % of March 31, % of Dec. 31, % of Three months ended, 2014 Revenue 2013 Revenue 2013 Revenue ------------------------------------------------------------------------- Revenue 211,040 210,685 173,470 Expenses Materials and operating 205,207 97.2% 186,213 88.4% 174,989 100.9% General and administrative 6,868 3.3% 6,483 3.1% 6,776 3.9% --------- --------- --------- Total expenses 212,075 100.5% 192,696 91.5% 181,765 104.8% Operating income / (loss)(i) (1,035) (0.5%) 17,989 8.5% (8,295) (4.8%) Number of jobs 3,218 2,035 2,262 Revenue per job 61,776 103,696 68,533 ------------------------------------------------------------------------- ------------------------------------------------------------------------- -------------------------------------------------------------------------- Three months ended, March 31, March 31, Dec. 31, (unaudited) 2014 2013 2013 -------------------------------------------------------------------------- % of Total Revenue Fracturing 90% 92% 88% Cementing 6% 6% 7% Coiled Tubing 4% 2% 5% -------------------------------------------------------------------------- Total 100% 100% 100% -------------------------------------------------------------------------- --------------------------------------------------------------------------



Operations Review

January and February activity levels in the U.S. were negatively impacted by cold weather and customer delays, in particular for our operations in the Marcellus, Permian and Oklahoma regions. As operating conditions improved in late February, overall equipment utilization increased for our U.S. operations. As a result, March financial results improved substantially compared to January and February for most of our U.S. operating regions.

March results were particularly strong in the Marcellus play. Our reputation for superior service quality and operational execution continued to benefit our Marcellus operations, despite the flat rig count in the region. Once weather conditions improved, our three fracturing crews operating in this region were fully utilized.

Financial and operational performance improved significantly in both the Permian and Bakken regions during the first quarter. Despite the challenging weather conditions at the start of the first quarter, improved operational execution combined with a rising horizontal rig count led to improved March financial results for our operations in the Permian region. In addition, a focused sales effort, strong operational execution, and customer acceptance of our recycled water technology led to significant sequential financial improvements for our fracturing crew operating in the Bakken play.

Improving natural gas prices led to a modest increase in activity levels in the Haynesville shale and, as a result, a fracturing crew was deployed back into this region during the first quarter of 2014. Pressure pumping demand remained steady in the Eagle Ford region with one contracted crew and one crew working in the spot market.

Our operations in the Barnett shale and Oklahoma regions performed below expectations during the first quarter. Despite the recent rise in natural gas prices, the rig count in the Barnett shale continued to decrease and led to weak first quarter utilization for our fracturing crew in this region. Despite relatively strong overall activity levels in the various Oklahoma oil and gas plays, our two Oklahoma operating regions performed below expectations. Weather impacted our Oklahoma operations early in the first quarter; however, equipment utilization did not return to acceptable levels once operating conditions improved.

Our first quarter pricing levels were relatively consistent with the fourth quarter of 2013 for all of our U.S. operating regions.

Revenue for the U.S. completion tools division decreased sequentially due to delays with one of our major customers. We continue to be pleased with customer acceptance of the completion tools technology in the U.S. and expect revenue and profitability to improve throughout 2014.

Q1 2014 versus Q1 2013

First quarter revenue for our U.S. operations was relatively stable in Canadian dollars but was down approximately 8% in U.S. dollars. The U.S. dollar strengthened by approximately 9% on a year-over-year basis. The positive impact of a stronger U.S. dollar on revenue per job was more than offset by a change in job mix as revenue per job in the first quarter of 2014 decreased by 40% compared to the first quarter of 2013. A substantial year-over-year increase in Marcellus, Bakken and Permian activity contributed to the lower revenue per job. Fracturing jobs in these regions are generally higher volume but lower revenue per job compared to other U.S. operating regions such as the Haynesville and Oklahoma. Lower year-over-year pricing also contributed to the decrease in revenue per job. The job count rose by 58% due largely to increased Marcellus, Bakken and Permian fracturing activity combined with higher coiled tubing activity.

First quarter materials and operating expenses increased to 97.2% of revenue compared to 88.4% in the first quarter of 2013. Lower pricing was the most significant cause of the reduction in operating margins. Margins were also negatively impacted by higher fuel and repairs and maintenance expenses. These factors were partially offset by decreased product costs. General and administrative expenses increased by $0.4 million due primarily to higher insurance costs and one-time professional fees.

Q1 2014 versus Q4 2013

Sequentially, U.S. revenue increased by 22% due to an increase in activity levels combined with a 5% strengthening of the U.S. dollar. The job count increased by 42% due largely to higher Marcellus, Bakken and Permian activity levels. Fracturing jobs in these plays are generally smaller, which contributed to the 10% decline in revenue per job.

As a percentage of revenue, materials and operating expenses decreased to 97.2% compared to 100.9% sequentially. Operating margins benefitted from increased operational leverage on our fixed cost structure, which was offset partially by higher fuel and repairs and maintenance expenses. General and administrative expenses were relatively consistent on a sequential basis. INTERNATIONAL OPERATIONS --------------------------------------------------------------------------- ($ thousands, except revenue per job, unaudited) March 31, % of March 31, % of Dec. 31, % of Three months ended, 2014 Revenue 2013 Revenue 2013 Revenue ---------------------------------------------------------- ---------------- Revenue 78,835 70,111 91,805 Expenses Materials and operating 73,299 93.0% 68,384 97.5% 80,556 87.7% General and administrative 5,256 6.7% 3,848 5.5% 4,434 4.8% ---------- ---------- -------- Total expenses 78,555 99.7% 72,232 103.0% 84,990 92.6% Operating income/ (loss)(i) 280 0.3% (2,121) (3.0%) 6,815 7.4% Number of jobs 966 914 1,074 Revenue per job 73,520 73,249 82,872 --------------------------------------------------------------------------- ---------------------------------------------------------------------------



Sales Mix

-------------------------------------------------------------------------- Three months ended, March 31, March 31, Dec. 31, (unaudited) 2014 2013 2013 -------------------------------------------------------------------------- % of Total Revenue Fracturing 85% 84% 84% Coiled Tubing 6% 8% 6% Cementing 5% 5% 5% Nitrogen 2% 2% 2% Other 2% 1% 3% -------------------------------------------------------------------------- Total 100% 100% 100% -------------------------------------------------------------------------- --------------------------------------------------------------------------



Operations Review

The majority of International revenue is generated from our Russian operations. Cold weather throughout January and February negatively impacted Russian activity levels, which was consistent with expectations. Operating conditions improved in March and Russian financial and operating results were strong at the end of the quarter.

The conflict between Russia and the Ukraine did not impact our Russian operations during the first quarter of 2014 and we are not anticipating any operational disruptions to our Russian business throughout 2014; however, we will continue to monitor the situation closely and react appropriately if the conflict escalates further. The potential financial impact, if any, to Trican from additional economic sanctions placed on Russia in the future is unknown at this time.

First quarter revenue and operating margins increased substantially for the North Sea completion tools business on both a year-over-year and sequential basis. We continued to expand our customer base in this region through strong acceptance of the completion tools technology.

Start-up costs were incurred in both Saudi Arabia and Colombia during the first quarter of 2014, which had a negative impact on international operating margins. We completed our first cementing job in Colombia during April 2014 and expect activity to increase in this region throughout 2014. Active operations in Saudi Arabia are expected to commence the second quarter of 2014. We are currently in discussions with Saudi Aramco to secure additional contracts in this region.

Revenue increased for our Australian operations in the first quarter of 2014 compared to the first quarter of 2013 as we improved our market share in the region. We remain optimistic about the long-term growth opportunities in the region and are committed to growing our Australian cementing business during 2014. Although financial results improved in Algeria during the first quarter, this region continued to perform below expectations due to low equipment utilization levels.

Q1 2014 versus Q1 2013

First quarter International revenue increased by 12% compared to the first quarter of 2013. Year-over-year international revenue benefited from a substantial increase in North Sea completion tools sales. In addition, the job count increased by 6% as strong March activity led to an increase in Russian pressure pumping jobs. A rise in cementing work in Australia also contributed to the increase in the job count. Revenue per job was up slightly as larger fracturing job size in Russia was offset by a devaluation of the ruble relative to the Canadian dollar.

Materials and operating expenses decreased to 93.0% of revenue compared to 97.5% in the first quarter of 2013. An increase in activity for our Russian, Australian, Algerian and North Sea operations led to improved operational leverage on our fixed cost structure. This was offset partially by increased start-up costs during the first quarter of 2014 in Saudi Arabia and Colombia compared to the first quarter of 2013. General and administrative expenses increased by $1.4 million due to higher share based employee expenses and a bad debt provision in Russia of $0.9 million recorded in the first quarter of 2014.

Q1 2014 versus Q4 2013

Sequentially, International revenue decreased by 14%. The job count decreased by 10% due to seasonal factors in Russia that led to lower activity for all Russian service lines. Low Russian activity was offset by a sequential rise in North Sea completion tools activity. Revenue per job decreased by 11% due to a decline in the value of the ruble relative to the Canadian dollar, which led to lower revenue per job in Russia. A change in job type mix also led to lower revenue per job in Russia for the fracturing and cementing service lines.

As a percentage of revenue, materials and operating expenses increased to 93.0% compared to 87.7% in the fourth quarter of 2013. Operating margins were negatively impacted by a sequential increase in start-up costs in Saudi Arabia and Colombia and lower activity levels in Russia. General and administrative costs increased by $0.8 million due primarily to a bad debt provision recorded in Russia during the first quarter of 2014.

CORPORATE

--------------------------------------------------------------------------- ($ thousands, except revenue per job, unaudited) March 31, % of March 31, % of Dec. 31, % of Three months ended, 2014 Revenue 2013 Revenue 2013 Revenue --------------------------------------------------------------------------- Expenses Materials and operating 6,491 1.0% 6,663 1.1% 6,635 1.2% General and administrative 12,869 2.0% 12,987 2.1% 9,477 1.7% ---------- ---------- --------- Total expenses 19,360 3.0% 19,650 3.2% 16,112 2.9% Operating loss(i) (19,360) (19,650) (16,112) --------------------------------------------------------------------------- ---------------------------------------------------------------------------



Q1 2014 versus Q1 2013

Corporate costs for the first quarter of 2014 decreased by $0.3 million due largely to lower profit sharing and share based expenses, offset partially by expenses incurred relating to an insolvent vendor issue.

Q1 2014 versus Q4 2013

Corporate costs increased sequentially by $3.2 million due largely to expenses incurred relating to an insolvent vendor issue, higher share based expenses and a slight increase in profit sharing expenses.

OTHER EXPENSES AND INCOME

Finance costs increased by $1.7 million on a year-over-year basis due to an increase in average debt balances. Foreign exchange gains of $2.3 million were recognized in the first quarter of 2014 compared to $1.7 million in the first quarter of 2013. The gain is due largely to the net impact of fluctuations in the U.S. dollar and Russian ruble relative to the Canadian dollar. Other income was $2.6 million compared to $2.1 million in the same period in 2013. Other income is largely comprised of net gains on disposal of property and equipment and interest income earned on cash balances.

Depreciation expense for the first quarter of 2014 increased by $5.7 million compared to the first quarter of 2013 due to an increase in depreciable property and equipment balances.

LIQUIDITY AND CAPITAL RESOURCES

Operating Activities

Funds provided by operations was $38.0 million in the first quarter of 2014 compared to $58.0 million in the first quarter of 2013. Lower profits contributed to the decline in operating cash flows, which was partially offset by less taxes paid.

Working capital at March 31, 2014 increased by $112 million compared to December 31, 2013 due to a sequential increase in Canadian activity, and to a lesser extent, an increase in U.S. activity.

Investing Activities

Property and equipment purchases were $16.7 million in the first quarter of 2014 compared to $31.0 million in the first quarter of 2013. Capital spending has decreased in response to reduced operating cash flows from our Canadian and U.S. operations as well as adequate equipment capacity in all of our operating regions.

There were no significant changes made to our 2014 capital budget during the first quarter of 2014. Remaining expenditures on approved capital budgets are expected to be approximately $65 million to $75 million.

Financing Activities

As at May 7, 2014, Trican had 149,030,739 common shares and 10,351,798 employee stock options outstanding.

Trican currently pays a semi-annual dividend of $0.15 per share. During the first quarter of 2014, $22.3 million in dividend payments were made and we expect an additional $22.3 million to be paid in July 2014.

During the quarter ended March 31, 2014, Trican withdrew $103.6 million on its revolving credit and bank facilities to fund operating, investing and financing activities. As at March 31, 2014, Trican has available unused committed bank credit facilities in the amount of $199.0 million plus cash and trade and other receivables of $95.4 million and $606.7 million respectively, for a total of $901.1 million available to fund the cash outflows relating to its financial obligations. We believe we have sufficient funding through the use of these sources to meet foreseeable borrowing requirements.

During the first quarter of 2014, Trican received approval from the Toronto Stock Exchange to purchase its own common shares, for cancellation, in accordance with a Normal Course Issuer Bid ("NCIB") that expires on March 12, 2015. There were no common shares purchased through the NCIB during the first quarter of 2014.

OUTLOOK Canadian Operations



Canadian pressure pumping demand is expected to remain strong during the second half of 2014. Increased customer cash-flows in the first quarter are expected to carry into the second half of the year, assuming that commodity prices and exchange rates remain relatively consistent with current levels.

Utilization of our Canadian equipment is expected to benefit from a Horn River project during the third quarter of 2014, which will be similar to the project completed during the third quarter of 2013. We also expect to complete a small project in the Liard basin during the third quarter of 2014. This will be the first fracturing project completed by Trican in the Liard basin and reflects potential customer interest in this region in light of Canadian LNG export opportunities. We also expect activity in the Duvernay play to continue to increase and contribute to higher year-over-year pressure pumping demand in Canada.

With strong Canadian activity levels anticipated for the second half of 2014, we expect to implement a pricing increase in the second quarter that is expected to be phased in during the second half of 2014. Rising costs combined with lower pricing have led to Canadian financial results that are below our return on capital targets and we believe that a price increase is required and justified given the current operating environment in Canada. Due to an expected increase in customer demand, we plan to deploy an additional fracturing crew in Canada in late 2014. The equipment for this crew is expected to come from our existing fleet of parked equipment.

As expected, second quarter activity in Canada will be impacted by spring break-up conditions. Second quarter operating margins are expected to be negatively impacted by lower year-over-year pricing and higher costs compared to the second quarter of 2013; however, we expect second quarter utilization to increase year-over-year due to a strong activity in early April combined with incremental multi-well projects planned for May and June.

U.S. Operations

Although the U.S. pressure pumping market remains over-supplied with equipment and very competitive, market fundamentals are continuing to improve. While these improvements are expected to benefit our U.S. operations, our focus continues to be on optimizing equipment location, adding crews to select regions from our parked fleet, improving utilization in certain regions, and reducing costs, where possible.

The Marcellus play continues to be our most profitable U.S. region, and we expect solid financial results in this area for the remainder of 2014. We expect to add a fourth fracturing crew into the Marcellus play during the latter half of the second quarter of 2014, which will be supported by new customer commitments. We will continue to explore additional expansion prospects in Marcellus throughout 2014.

Fracturing demand in the Permian region increased throughout the first quarter and we expect this trend to continue throughout 2014. We are currently operating three fracturing crews in this region and, although utilization has recently increased, continued utilization improvement and cost reduction is the focus for our Permian operations. We have recently obtained pricing improvements in the Permian region and we will look for additional opportunities to increase pricing as the year progresses.

Although natural gas prices have recently strengthened, the rig count in both the Barnett and Haynesville regions are expected to remain low for the remainder of 2014. Activity levels are up slightly in Haynesville and, as a result, we deployed one crew back into this play late in the quarter for the remainder of 2014. We expect utilization of our Longview fracturing crew to be stable for the remainder of 2014, and we are committed to maintaining our presence in this region.

Overall activity levels in the various Oklahoma oil and gas plays have remained steady. Despite stable pressure pumping demand, equipment utilization and financial results have not met expectations for our two operating bases in Oklahoma over the past several quarters. As a result, we have closed our operating base in Woodward, Oklahoma during the second quarter of 2014. We are currently looking at opportunities to deploy the Woodward fracturing crew into the Permian region. Customer commitments in Woodward will be covered by our base in Shawnee, Oklahoma, which is expected to improve the utilization for this location.

Equipment utilization has improved substantially in the Bakken region over the last several months. Our focus is to maintain these utilization levels going forward by continuing to offer innovative technology and strong service quality in this region. We will also look to add an additional crew into this region if utilization remains high.

Eagle Ford activity and demand is expected to remain stable for the remainder of 2014.

International Operations

Consistent with our previous guidance, 2014 Russian revenue is expected to increase by 5% compared to 2013 with a slight improvement in operating margins. We continue to see an increase in horizontal drilling and completions activity in Russia. We expect 30% of our 2014 Russian pressure pumping revenue to be generated from horizontal wells compared to 20% in 2013.

Customer acceptance of our completion tools technology in the North Sea has been strong and we expect the completion tools business to grow during 2014 as we increase our customer base in the region.

Although the Australian market continues to develop slowly, we will continue to focus on expanding market share through sales and marketing initiatives. We believe in the long-term potential of this market and are committed to growing our presence in the region.

Algeria continues to be a challenging market. We are currently exploring opportunities to obtain more profitable contracts in the region or redeploy the Algerian assets into a more profitable area. We expect to have more clarity on our future in Algeria once existing customer contract commitments have been completed.

We began active operations in Colombia during April 2014 and will look to expand our customer base in this region throughout 2014. We expect active operations in Saudi Arabia to commence in the second quarter of 2014.

NON-IFRS DISCLOSURE

Adjusted net income, operating income and funds provided by operations do not have any standardized meaning as prescribed by IFRS and, therefore, are considered non-IFRS measures.

Adjusted net income and funds provided by operations have been reconciled to net income and operating income has been reconciled to gross profit, being the most directly comparable measures calculated in accordance with IFRS. The reconciling items have been presented net of tax.

-------------------------------------------------------------------------- (thousands; unaudited) Three months ended -------------------------------------------------------------------------- March 31, March 31, Dec. 31, 2014 2013 2013 -------------------------------------------------------------------------- Adjusted net income (loss) ($6,330) $27,551 ($9,873) Deduct: Fluid end depreciation adjustment (net of $2.4 million tax recovery)(i) - - 7,513 Intangible amortization adjustment (net of $0.5 million tax recovery)(ii) - - 1,595 Non-cash share-based compensation expense 2,151 2,188 2,209 -------------------------------------------------------------------------- Profit (loss) for the period (IFRS financial measure) ($8,481) $25,363 ($20,830) -------------------------------------------------------------------------- -------------------------------------------------------------------------- (i) Depreciation and amortization expense for the fourth quarter of 2013 included a $14.3 million charge for accelerated depreciation on fluid ends in Canada. $9.5 million of this adjustment ($7.2 million net of tax) relates to periods prior to October 1, 2013 and has been excluded from adjusted net income for the fourth quarter of 2013. (ii) Depreciation and amortization expense for the fourth quarter included $3.1 million in amortization on the intangible assets relating to the purchase of i-TEC. The purchase price accounting was not finalized until the fourth quarter of 2013; therefore, a catch-up entry was required to ensure that adequate amortization had been recorded as of December 31, 2013. $2.1 million of this adjustment ($1.6 million net of tax) relates to periods prior to October 1, 2013 and has been excluded from adjusted net income for the fourth quarter of 2013. -------------------------------------------------------------------------- (thousands; unaudited) Three months ended -------------------------------------------------------------------------- March 31, March 31, Dec. 31, 2014 2013 2013 -------------------------------------------------------------------------- Funds provided by operations $37,999$58,127$30,380 Charges to income not involving cash Depreciation and amortization (52,751) (47,059) (70,085) Amortization of debt issuance costs (216) (216) (216) Stock-based compensation (2,151) (2,188) (2,209) Loss on disposal of property and equipment 90 460 15 Net finance costs (9,816) (7,532) (8,122) Unrealized foreign exchange (gain) / loss 2,773 3,296 (1) Income tax recovery / (expense) 6,568 (9,727) 16,431 Interest paid 5,659 2,791 12,956 Income tax paid 3,365 27,411 21 -------------------------------------------------------------------------- Profit (loss) for the period (IFRS financial measure) ($8,481) $25,363 ($20,830) -------------------------------------------------------------------------- -------------------------------------------------------------------------- -------------------------------------------------------------------------- (thousands; unaudited) Three months ended -------------------------------------------------------------------------- March 31, March 31, Dec. 31, 2014 2013 2013 -------------------------------------------------------------------------- Operating income $42,404$86,670$35,500 Add: Administrative expenses 33,989 30,282 26,064 Deduct: Depreciation expense (52,751) (47,059) (70,085) -------------------------------------------------------------------------- Gross profit (IFRS financial measure) $23,642$69,893 ($8,521) -------------------------------------------------------------------------- --------------------------------------------------------------------------



FORWARD-LOOKING STATEMENTS

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

-- The expectation to raise prices in Canada during the second quarter of 2014 to help address the recent declines in Canadian operating margins; -- The expectation that Canadian pricing increases will be phased in during the second half of 2014; -- The belief that strong March results reflect improving fundamentals for the U.S. pressure pumping market; -- The expectation that operating margins will improve sequentially for our U.S. business throughout 2014; -- The expectation that, during the latter half of the second quarter of 2014, we will deploy a fourth fracturing crew into the Marcellus play that will be supported by customer commitments; -- The belief that the closure of the Woodward base will improve the financial performance of our U.S. operations in the second half of 2014; -- The intention to begin coiled tubing operations in Saudi Arabia in the second quarter of 2014; -- The expectation that revenue and profitability will improve throughout 2014 for our U.S. completion tools division; -- The expectation that the conflict between Russia and the Ukraine will not disrupt our Russian operations throughout 2014; -- Our plan to monitor the Russian/Ukraine conflict closely and react appropriately if the conflict escalates further; -- The expectation that activity in Colombia will increase; -- The expectation that Canadian pressure pumping demand will remain strong during the second half of 2014; -- The expectation that increased Canadian customer cash-flows in the first quarter will carry into the second half of the year, assuming that commodity prices and exchange rates remain relatively consistent with current levels; -- The expectation that utilization of our Canadian equipment will benefit from a Horn River project during the third quarter of 2014, which will be similar to the project completed during the third quarter of 2013; -- The expectation that we will complete a small project in the Liard basin during the third quarter of 2014 and that this reflects potential customer interest in this region; -- The expectation that activity in the Duvernay play will continue to increase and contribute to higher year-over-year pressure pumping demand in Canada; -- The belief that a Canadian price increase is required and justified given the current operating environment in Canada; -- The plan to deploy an additional fracturing crew in Canada from our parked equipment in late 2014; -- The expectation that second quarter Canadian operating margins will be negatively impacted by lower year-over-year pricing and higher costs compared to the second quarter of 2013; -- The expectation that second quarter utilization will increase year-over- year in Canada due to a strong activity in early April combined with incremental multi-well projects planned for May and June; -- The belief that U.S. market fundamentals are continuing to improve, which will benefit our U.S. operations; -- The intention to focus on optimizing equipment location, adding crews to select regions from our parked fleet, improving utilization in certain regions, and reducing costs, where possible, for our U.S. operations; -- The expectation that the Marcellus region will continue to be our most profitable U.S. region for the remainder of 2014; -- The intention to explore additional expansion prospects in the Marcellus region throughout 2014; -- The expectation that fracturing demand in the Permian region will continue to increase throughout 2014; -- The intention to focus on improving utilization for our Permian operations. -- The intention to look for opportunities to increase pricing for our Permian fracturing crews; -- The expectation that the rig count in both the Barnett and Haynesville regions will remain low for the remainder of 2014; -- The expectation that utilization of our Longview fracturing crew will be stable for the remainder of 2014; -- The intention to maintain our presence in the Haynesville region; -- The expectation that customer commitments in Woodward will be covered by our base in Shawnee, Oklahoma, and that the utilization for this location will improve; -- The plan to add an additional crew into the Bakken play if utilization remains high in the region; -- The expectation that Eagle Ford activity and demand will remain stable for the remainder of 2014; -- The expectation that 2014 Russian revenue will increase by 5% compared to 2013 with a slight improvement in operating margins; -- The expectation that 30% of our 2014 Russian pressure pumping revenue will be generated from horizontal wells compared to 20% in 2013; -- The expectation that the North Sea completion tools business will grow during 2014 as we increase in our customer base in the region; -- The intention to expand our Australian market share through sales and marketing initiatives. -- The belief that the long-term potential of the Australian market is strong and that we are committed to growing our presence in the region; -- The plan to explore opportunities to obtain more profitable contracts in Algeria or redeploy the Algerian assets into a more profitable area; -- The expectation that we will have more clarity on our future in Algeria once existing customer contract have been completed; -- The expectation that remaining expenditures on approved capital budgets will be approximately $65 million to $75 million; -- The expectation that $22.3 million in dividends will be paid in July 2014; -- The belief that we have sufficient funding to meet foreseeable borrowing requirements.



Forward-looking information and financial outlook is based on current expectations, estimates, projections and assumptions, which we believe are reasonable but which may prove to be incorrect. Trican's actual results may differ materially from those expressed or implied and therefore such forward-looking information and financial outlook should not be unduly relied upon. In addition to other factors and assumptions which may be identified in this document, assumptions have been made regarding, among other things: industry activity; the general stability of the economic and political environment; effect of market conditions on demand for the Company's products and services; the ability to obtain qualified staff, equipment and services in a timely and cost efficient manner; the ability to operate its business in a safe, efficient and effective manner; the performance and characteristics of various business segments; the effect of current plans; the timing and costs of capital expenditures; future oil and natural gas prices; currency, exchange and interest rates; the regulatory framework regarding royalties, taxes and environmental matters in the jurisdictions in which the Company operates; and the ability of the Company to successfully market its products and services.

Forward-looking information and financial outlook is subject to a number of risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks and uncertainties include: fluctuating prices for crude oil and natural gas; changes in drilling activity; general global economic, political and business conditions; weather conditions; regulatory changes; the successful exploitation and integration of technology; customer acceptance of technology; success in obtaining issued patents; the potential development of competing technologies by market competitors; and availability of products, qualified personnel, manufacturing capacity and raw materials. The foregoing important factors are not exhaustive. In addition, actual results could differ materially from those anticipated in forward-looking information and financial outlook provided herein as a result of the risk factors set forth under the section entitled "Risks Factors" in our Annual Information Form dated March 21, 2014. Readers are also referred to the risk factors and assumptions described in other documents filed by the Company from time to time with securities regulatory authorities.

Additional information regarding Trican including Trican's most recent annual information form is available under Trican's profile on SEDAR (www.sedar.com).

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION March 31, December 31, (Stated in thousands; unaudited) 2014 2013 -------------------------------------------------------------------------- -------------------------------------------------------------------------- ASSETS Current assets Cash and cash equivalents $95,406$63,869 Trade and other receivables 606,697 459,210 Current tax assets 5,354 5,186 Inventory 236,916 232,898 Prepaid expenses 29,919 34,407 -------------------------------------------------------------------------- 974,292 795,570 Property and equipment 1,351,912 1,374,212 Intangible assets 42,370 44,285 Deferred tax assets 142,340 122,745 Other assets 15,187 17,360 Goodwill 59,475 59,475 -------------------------------------------------------------------------- $2,585,576$2,413,647 -------------------------------------------------------------------------- -------------------------------------------------------------------------- LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Bank loans $11,104 $- Trade and other payables 354,611 301,920 Deferred consideration - 650 Current tax liabilities 91 14 Current portion of loans and borrowings 82,913 79,770 -------------------------------------------------------------------------- 448,719 382,354 Loans and borrowings 698,300 593,786 Deferred tax liabilities 91,443 87,005 Shareholders' equity Share capital 560,032 559,723 Contributed surplus 65,164 63,074 Accumulated other comprehensive gain/(loss) 2,301 (1,020) Retained earnings 716,691 725,172 -------------------------------------------------------------------------- Total equity attributable to equity holders of the Company 1,344,188 1,346,949 Non-controlling interest 2,926 3,553 -------------------------------------------------------------------------- $2,585,576$2,413,647 -------------------------------------------------------------------------- -------------------------------------------------------------------------- CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (Stated in thousands, except per share amounts; unaudited) 2014 2013 Three months ended March 31, ------------------------------------------------------------------------- Revenue $643,217$618,376 Cost of sales 619,575 548,483 ------------------------------------------------------------------------- Gross profit 23,642 69,893 Administrative expenses 33,989 30,282 Other income (2,193) (1,114) ------------------------------------------------------------------------- Results from operating activities (8,154) 40,725 Finance income (411) (956) Finance costs 10,227 8,488 Foreign exchange gain (2,292) (1,726) ------------------------------------------------------------------------- (Loss) / profit before income tax (15,678) 34,919 Income tax (recovery) / expense (6,568) 9,727 ------------------------------------------------------------------------- (Loss) / profit for the period ($9,110) $25,192 ------------------------------------------------------------------------- Other comprehensive (loss) / income Unrealized (loss) / gain on hedging instruments (1,534) 100 Foreign currency translation differences 4,857 7,029 ------------------------------------------------------------------------- Total comprehensive (loss) / income for the period ($5,787) $32,321 ------------------------------------------------------------------------- (Loss) / profit attributable to: Owners of the Company (8,481) 25,363 Non-controlling interest (629) (171) ------------------------------------------------------------------------- (Loss) / profit for the period ($9,110) $25,192 ------------------------------------------------------------------------- Total comprehensive (loss) / income attributable to: Owners of the Company (5,158) 32,331 Non-controlling interest (629) (10) ------------------------------------------------------------------------- Total comprehensive (loss) / income for the period ($5,787) $32,321 ------------------------------------------------------------------------- (Loss) / earnings per share ------------------------------------------------------------------------- Basic ($0.06) $0.17 Diluted ($0.06) $0.17 ------------------------------------------------------------------------- Weighted average shares outstanding - basic 148,927 148,593 Weighted average shares outstanding - diluted 148,927 148,892 ------------------------------------------------------------------------- CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (Stated in thousands; unaudited) Three months ended March 31, 2014 2013 -------------------------------------------------------------------------- Cash Provided By / (Used In): Operations (Loss) / profit for the period ($9,110) $25,192 Charges to income not involving cash: Depreciation and amortization 52,751 47,059 Amortization of debt issuance costs 216 216 Stock-based compensation 2,151 2,188 Loss on disposal of property and equipment (90) (460) Net finance costs 9,816 7,532 Unrealized foreign exchange gain (2,773) (3,296) Income tax (recovery) / expense (6,568) 9,727 -------------------------------------------------------------------------- 46,393 88,158 Change in inventories (6,063) (13,203) Change in trade and other receivables (145,540) (101,438) Change in prepayments 5,086 2,839 Change in trade and other payables 74,650 73,020 -------------------------------------------------------------------------- Cash (used in) / provided by operating activities (25,474) 49,376 Interest paid (5,659) (2,791) Income taxes paid (3,365) (27,411) -------------------------------------------------------------------------- (34,498) 19,174 Investing Interest received 1,615 - Purchase of property and equipment (16,716) (30,986) Proceeds from the sale of property and equipment 590 929 Purchase of other assets - (4,000) Payment of deferred consideration (650) - Business acquisitions - (31,009) -------------------------------------------------------------------------- (15,161) (65,066) Financing Net proceeds from issuance of share capital 248 - Funds received from bank loans 11,104 - Funds drawn on revolving credit facility 92,449 26,354 Dividend paid (22,338) (21,968) -------------------------------------------------------------------------- 81,463 4,386 Effect of exchange rate changes on cash (267) (420) -------------------------------------------------------------------------- Increase / (decrease) in cash and cash equivalents 31,537 (41,926) Cash and cash equivalents, beginning of period 63,869 113,506 -------------------------------------------------------------------------- Cash and cash equivalents, end of period $95,406$71,580 --------------------------------------------------------------------------



LOANS AND BORROWINGS

Long term debt

March 31, December 31, 2014 2013 -------------------------------------------------------------------------- Notes payable $472,865$456,935 Finance lease obligations 23,613 25,904 Revolving credit facilities 321,047 212,625 Hedge receivable (13,134) (9,970) -------------------------------------------------------------------------- Total 804,391 685,494 Current portion of finance lease obligations (1) 12,074 11,938 Russian demand revolving credit facility 11,104 - Current portion of loans and borrowings 82,913 79,770 -------------------------------------------------------------------------- Non-current $698,300$593,786 -------------------------------------------------------------------------- -------------------------------------------------------------------------- (1) Current portion of finance lease obligations is included in trade and other payables.



Trican has a $500.0 million four-year extendible revolving credit facility ("Revolving Credit Facility") with a syndicate of banks. The Revolving Credit Facility is unsecured and bears interest at the applicable Canadian prime rate, U.S. prime rate, Banker's Acceptance rate, or at LIBOR, plus 50 to 325 basis points, dependent on certain financial ratios of the Company. On October 17, 2013 the Revolving facility was extended until 2017. The Revolving Credit Facility requires Trican to comply with certain financial and non-financial covenants that are typical for this type of arrangement. Trican was in compliance with these covenants at March 31, 2014 (2013 - in compliance).

Notes payable

The Notes payable require the Company to comply with certain financial and non-financial covenants that are typical for this type of arrangement. At March 31, 2014, the Company was in compliance with these covenants (2013 - in compliance). EARNINGS PER SHARE Three months ended March 31, Basic earnings per share 2014 2013 --------------------------------------------------------------------------- (Loss) / Income available to common shareholders ($8,481) $25,363 Weighted average number of common shares 148,927,411 148,593,420 Basic (loss) / earnings per share ($0.06) $0.17 --------------------------------------------------------------------------- Three months ended March 31, Diluted earnings per share 2014 2013 --------------------------------------------------------------------------- (Loss) / Income available to common shareholders ($8,481) $25,363 Weighted average number of common shares 148,927,411 148,593,420 Diluted effect of stock options - 298,170 --------------------------------------------------------------------------- Diluted weighted average number of common shares 148,927,411 148,891,590 Diluted (loss) / earnings per share ($0.06) $0.17 ---------------------------------------------------------------------------



At March 31, 2014, 10.5 million (2013 - 6.6 million) options were excluded from the diluted weighted average number of ordinary shares calculation as their effect would have been anti-dilutive.

INCOME TAXES

(Stated in thousands) Three months ended March 31, 2014 2013 -------------------------------------------------------------------------- Current income tax expense $3,188$12,422 Deferred income tax recovery (9,756) (2,695) -------------------------------------------------------------------------- ($6,568) $9,727 -------------------------------------------------------------------------- --------------------------------------------------------------------------



The net income tax provision differs from that expected by applying the combined federal and provincial income tax rate of 25.26% (2013 - 25.17%) to income before income taxes for the following reasons:

(Stated in thousands) Three months ended March 31, 2014 2013 -------------------------------------------------------------------------- Expected combined federal and provincial income tax ($3,960) $8,789 Statutory and other rate differences (3,221) (1,217) Non-deductible expenses 1,595 1,524 Stock based compensation 543 551 Translation of foreign subsidiaries (730) (39) Adjustments related to prior years (842) - Other 47 119 -------------------------------------------------------------------------- ($6,568) $9,727 -------------------------------------------------------------------------- --------------------------------------------------------------------------



OPERATING SEGMENTS

United Canadian States International Operations Operations Operations Corporate Total -------------------------------------------------------------------------- Three months ended March 31, 2014 Revenue $353,342$211,040$78,835 $- $643,217 Gross profit / (loss) 52,322 (19,754) (1,440) (7,486) 23,642 Finance income - - - (411) (411) Finance costs - - - 10,227 10,227 Tax expense / (recovery) 7,444 (13,094) (918) - (6,568) Depreciation and amortization 18,961 25,880 6,914 996 52,751 Assets 1,038,701 1,155,341 345,861 45,673 2,585,576 Goodwill 45,248 - 14,227 - 59,475 Property and equipment 499,545 728,905 110,891 12,571 1,351,912 Capital expenditures 4,550 2,236 8,009 1,921 16,716 -------------------------------------------------------------------------- Three months ended March 31, 2013 Revenue $338,649$209,616$70,111 $- $618,376 Gross profit / (loss) 81,341 931 (5,239) (7,140) 69,893 Finance income - - - (956) (956) Finance costs - - - 8,488 8,488 Tax expense / (recovery) 13,994 (3,247) (1,020) - 9,727 Depreciation and amortization 16,683 22,90 6,993 476 47,059 Assets 1,010,906 1,131,254 330,878 60,619 2,533,657 Goodwill 63,279 - 21,163 - 84,442 Property and equipment 554,351 769,147 110,326 15,195 1,449,019 Capital expenditures 13,314 15,563 2,109 - 30,986



The Corporate division does not represent an operating segment and is included for informational purposes only. Corporate division expenses consist of salary expenses, stock-based compensation and office costs related to corporate employees, as well as public company costs.

FOR FURTHER INFORMATION PLEASE CONTACT: Trican Well Service Ltd.Dale Dusterhoft Chief Executive Officer (403) 266-0202 (403) 237-7716 (FAX) ddusterhoft@trican.caTrican Well Service Ltd.Michael Baldwin Sr. Vice President, Finance & CFO (403) 266-0202 (403) 237-7716 (FAX) mbaldwin@trican.caTrican Well Service Ltd.Gary Summach Director of Reporting and Investor Relations (403) 266-0202 (403) 237-7716 (FAX) gsummach@trican.caTrican Well Service Ltd. 2900, 645 - 7th Avenue S.W.Calgary, Alberta T2P 4G8 www.trican.ca Source: Trican Well Service Ltd.


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