CALGARY, ALBERTA--(Marketwired - Jun 2, 2017) - Trican Well Service Ltd. ("Trican") (TSX:TCW) and Canyon
Services Group Inc. ("Canyon") (TSX:FRC) are pleased to announce the closing of the previously announced plan of
arrangement under the Business Corporations Act (Alberta) (the "Transaction").
Pursuant to the Transaction, Trican has acquired all of the issued and outstanding common shares ("Canyon
Shares") of Canyon and holders ("Canyon Shareholders") of Canyon Shares received 1.70 common shares
("Trican Shares") in the capital of Trican for each Canyon Share held. The Canyon Shares are expected to be
delisted from the Toronto Stock Exchange within approximately two days of the closing of the Transaction.
Effective upon closing of the Transaction, Bradley Fedora, President and Chief Executive Officer of Canyon, has
been appointed to the board of directors of Trican. In addition, David Westlund, VP Sales and Marketing and Robert Skilnick, VP
and Corporate Controller as well as a number of Canyon's senior operations personnel will be joining Trican's management team.
Brad, Dave and Rob are expected to strengthen an already strong Trican management team and board of directors with their wealth
of industry experience, capital markets knowledge and strategic thinking.
The Transaction, which was announced on March 22, 2017, was approved by Canyon Shareholders at Canyon's annual and
special meeting of shareholders held on May 31, 2017 and Canyon obtained a final order in respect thereof from the Court of
Queen's Bench of Alberta on June 1, 2017.
Holders of Trican Shares approved the issuance of Trican Shares to Canyon Shareholders in connection with the
Transaction at Trican's annual and special meeting held on May 31, 2017.
"We are pleased with the approval of the Transaction by the shareholders of each company," said Dale Dusterhoft,
President and Chief Executive Officer of Trican. "The overwhelming support by each shareholder base demonstrates the confidence
in the future direction of Trican as a combined entity."
"The combination of the two companies creates a Western Canadian based leading energy services firm that owns the
premier asset base in Canadian pressure pumping and related services. We expect to continue Trican's and Canyon's focus on
customer needs and provide best-in-class safety performance, service quality and technology that each company has become known
for in the pressure pumping industry. In addition, this combination provides the opportunity to drive meaningful value to all of
our stakeholders as we further our focus on cost efficiencies expected to be produced by our combined supply chain efforts and
other efficiency initiatives."
"We also believe the combined company provides a long-term platform for continued growth. We are encouraged by the
growing demand for our services and expect to bring a significant volume of parked equipment back to work during the second half
of the year. Our strong balance sheet, access to capital and attractive capital markets position is expected to provide Trican
with additional opportunities to grow in the future."
"I would like to thank all of the Trican and Canyon employees for their efforts during the pre-closing period. A
significant amount of planning and work has been performed and we have already made significant progress on the integration plan
for the two companies. I am confident that we have a solid plan that will allow for seamless service to our customers and will
prepare our operations to function as one company as soon as is practical. We are excited by the prospects of the combined
company and are looking forward to welcoming the Canyon employees to the Trican family."
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.
Forward-Looking Statements
This news release contains forward-looking statements and forward-looking information within the meaning of
applicable securities laws and is based on the expectations, estimates and projections of management of Trican and Canyon as of
the date of this news release unless otherwise stated. The use of any of the words "expect", "may", "will", "believe" and similar
expressions are intended to identify forward-looking statements or information. More particularly and without limitation, this
news release contains forward-looking statements and information concerning the anticipated benefits of the anticipated for
post-Transaction Trican and the delisting of the Canyon Shares from the TSX.
Forward-looking statements in this news release are based on certain key expectations and assumptions made by
Trican and Canyon, including among other things, timing for delisting of the Canyon Shares, customer demand for post-Transaction
Trican's services, the availability and cost of labour and services, that future results of operations will be consistent with
past performance and management expectations in relation thereto, counterparties to material agreements will continue to perform
their obligations in a timely manner. Although Trican and Canyon believe that the expectations and assumptions on which such
forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements
because the parties can give no assurance that they will prove to be correct. Accordingly, readers should not place undue
reliance on the forward-looking statements and information contained in this news release.
Since forward-looking statements and information address future events and conditions, by their very nature they
involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number
of factors and risks.
Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on other factors
that could affect the operations or financial results of the parties, and the combined company, are included in reports on file
with applicable securities regulatory authorities, including but not limited to Trican's Annual Management's Discussion and
Analysis for the year ended December 31, 2016 and Canyon's Annual Management's Discussion and Analysis for the year ended
December 31, 2016, each of which may be accessed on Trican's and Canyon's respective SEDAR profiles, at www.sedar.com.
The forward-looking statements and information contained in this news release are made as of the date hereof and
Trican and Canyon undertake no obligation to update publicly or revise any forward-looking statements or information, whether as
a result of new information, future events or otherwise, unless so required by applicable securities laws.