Calgary, Alberta--(Newsfile Corp. - November 30, 2020) - Trican Well Service Ltd. (TSX: TCW) ("Trican" or the "Company") is pleased to provide an update on its revolving credit facility ("RCF").

Trican has entered into an agreement with a syndicate of Canadian banks which amends and extends its RCF (the "Amended RCF"). The principal changes included in the Amended RCF are as follows:

• A one-year extension of the maturity date from December 5, 2021 to December 5, 2022.
  
  
• A nominal increase in the interest rates and standby fees in the applicable pricing grid that are more than offset by the recent market reductions to the underlying Banker's Acceptance rates.
  
  
• A reduction in the commitment level from $275 million to $125 million, accompanied by an increase in the uncommitted accordion feature from $50 million to $125 million.

There is no change to the financial covenant package or permitted indebtedness terms.

Trican believes that this Amended RCF provides more than ample liquidity for its existing business, as Trican exited Q3 2020 with less than $2 million drawn on the RCF. In addition, the voluntary decrease in the commitment level will reduce the Company's ongoing banking standby fees.

The Amended RCF continues to be led by The Bank of Nova Scotia acting as lead arranger, sole bookrunner and administrative agent and is comprised of five banks - all of which were participants in the previous facility. Trican will pay customary fees and expenses at prevailing market rates to the lending syndicate as a condition of this amendment.

FORWARD-LOOKING STATEMENTS

Certain statements and other information contained in this press release constitute "forward-looking information" and/or "statements" within the meaning of applicable Canadian securities legislation (collectively "forward-looking statements"), including, but not limited to, statements concerning the Company's ability to generate sufficient cash flow to service the indebtedness or proposed use of funds under the Amended RCF. All statements in this press release other than those relating to historical facts or current conditions are forward looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "anticipate", "achieve", "estimate", "expect", "intend", "contemplate", "plan", "planned" "continue", "propose", "might", "may", "will", "shall", "project"', "should"', "could", "would", "believe", "predict", "forecast", "pursue", "potential", "capable", and other similar terms and phrases. These forward-looking statements involve known and unknown risks, uncertainties, and other factors (many of which are beyond our control) that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. We believe the expectations reflected in these forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct. Therefore, the forward-looking statements included in this press release should not be unduly relied upon.

These forward-looking statements speak only as of the date of this news release. Our actual results, performance or achievements could differ materially from those anticipated in these forward looking statements as a result of general economic, market and business conditions, as well as the risk factors set forth in the "Risk Factors" section of our most recent Annual Information Form and annual MD&A. Readers are cautioned that the foregoing lists of factors are not exhaustive. Forward-looking statements are based on a number of factors and assumptions which have been used to develop such statements and information, but which may prove to be incorrect. Although management of Trican believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because Trican can give no assurance that such expectations will prove to be correct.

Except as required under applicable Canadian securities legislation, Trican disclaims any intention or obligation to update or revise any forward-looking statements in this press release as a result of new information, future events or otherwise.

Additional information regarding Trican including Trican's most recent Annual Information Form is available under Trican's profile on SEDAR ().

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:

Bradley P.D. Fedora
President and Chief Executive Officer
E-mail:

Robert Skilnick
Chief Financial Officer
E-mail:

Phone: (403) 266-0202
Fax: (403) 237-7716
2900, 645 - 7th Avenue S.W.
Calgary, Alberta T2P 4G8

Please visit our website at

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