Calfrac closes $35-million rights offering

Mr. Mike Olinek reports CALFRAC ANNOUNCES CLOSING OF OVERSUBSCRIBED RIGHTS OFFERING Calfrac Well Services Ltd. has closed its previously announced offering of rights to the holders of common shares of the company as of the close of business (Toronto time) on Nov. 21, 2025. The rights offering period expired at 5 p.m. Toronto time on Dec. 19, 2025. The company issued an aggregate of 13,011,153 common shares at a subscription price of $2.69 per common share for aggregate gross proceeds of approximately $35-million. As of the closing date of the rights offering, there are 98,900,612 common shares issued and outstanding. The rights offering was more than twice oversubscribed, with 96.7 per cent of the rights exercised under the basic subscription privilege. As a result, the rights offering closed without requiring the issuance of any common shares pursuant to the standby purchase agreement the company executed. To Calfrac's knowledge, after reasonable inquiry and subject to rounding, insiders of the company, including directors and officers, acquired an aggregate of approximately 8.2 million common shares, representing approximately 63 per cent of the rights offering. The net proceeds of the rights offering, combined with a drawdown of the company's $120-million delay-draw term facility and additional proceeds available to the company under its existing syndicated facility, will be used together with cash on hand to redeem all outstanding $120,000,100 (U.S.) aggregate principal amount of 10.875 per cent second-lien secured notes issued by the company's subsidiary, Calfrac Holdings LP. The redemption is expected to be completed today. Calfrac's chief financial officer, Mike Olinek, commented: "Closing this oversubscribed rights offering with the support of a focused group of long-time shareholders is a strong endorsement of the company's outlook and improved financial position. The repayment of the second-lien notes is a meaningful milestone as it extends the company's long-term debt maturities to July 1, 2028, and provides certainty surrounding Calfrac's deleveraging strategy. The company is on track to exit the year with long-term debt at the lower end of the previously announced guidance of between $200- to $215-million, which is a year-over-year reduction of more than $100-million." We seek Safe Harbor.