Trican Well Service Ltd. Announces Renewal of its Normal Course Issuer Bid and Provides Operations Update

CALGARY, Alberta, Oct. 01, 2018 (GLOBE NEWSWIRE) -- Trican Well Service Ltd. ("Trican" or the "Company") (TSX: TCW) is pleased to announce the successful completion of its 2017-2018 normal course issuer bid ("NCIB") that was announced on September 28, 2017. Pursuant to the NCIB, Trican purchased and canceled the maximum allowable number of common shares ("Common Shares") of the Company under the bid, totaling 34,274,375 Common Shares for total consideration of $119 million at a weighted average price per share of $3.47 (before broker commissions).

Additionally, the Company announces that the Toronto Stock Exchange (the "TSX") has accepted its application to renew this program and make a NCIB to purchase, from October 3, 2018 to October 2, 2019 (or until such earlier time as the NCIB is completed or terminated at the option of Trican), certain of its Common Shares. All purchases will be made through the facilities of the TSX or Canadian alternative trading systems at the prevailing market price at the time of such transaction.

As at September 21, 2018, there were 313,094,349 Common Shares issued and outstanding. The number of Common Shares which may be purchased during the period of the NCIB will not exceed 30,923,345 Common Shares, which is approximately 10% of the public float for the Common Shares. The public float for the Company's Common Shares as at September 21, 2018 was 309,233,454. Except as permitted under the TSX rules, the Company will not purchase on any given trading day under the NCIB more than 645,952 Common Shares, being 25% of the average daily trading volume of the Common Shares on the TSX for the six calendar months ended August 31, 2018 of 2,583,808 Common Shares. All Common Shares purchased through the NCIB will be returned to treasury for cancellation.

As the Company outlined in its Q2-2018 Management’s Discussion & Analysis (MD&A) and discussed during its Q2-2018 quarterly earnings call, the NCIB has been put in place because Trican believes, in the context of equity market conditions, that purchasing Common Shares is a superior investment for the Company. Management continually evaluates all alternatives to maximize this investment. Previously, the Company had indicated it would allocate $70 million towards share repurchases for the period commencing August 3, 2018 to November 7, 2018, of which $30 million has been spent completing the 2017-2018 NCIB.