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Revenue was down significantly in the quarter due to reduced drilling and completion activity caused by low commodity prices, lower pricing, and a longer than usual spring breakup. In addition, a number of customer work programs that were scheduled in June were delayed into the third quarter. In response to the lower activity levels, the company parked additional equipment during the quarter. We are currently operating 50% of our equipment fleet and continue to monitor activity and pricing levels and will adjust our active equipment fleet and cost structure accordingly as activity and pricing changes.

Pricing has been negatively affected by market conditions, and as a result, Q2 2016 pricing is down approximately 7% sequentially and 22% when compared to Q2 2015. Trican chose not to submit bids on certain jobs due to pricing falling to a level that would have generated negative field margins on these jobs.

The operating loss without adjustments for the quarter was $29.2 million. The Company incurred significant costs related to severance payments of $8.4 million associated with workforce reductions which largely contributed to this operating loss variance. Funds used in operations were $30.0 million compared to funds used in operations of $30.9 million in the second quarter of 2015.

Trican closed the sale of its completions tools business on July 13, 2016 to National Oilwell Varco, Inc. ("NOV"). The transaction involves the sale of all material assets of Trican Completion Solutions Ltd. and Trican Completion Solutions, LLC and the sale of all of Trican's direct and indirect equity interest in each of Petro Tools Holding AS and Trican Completion Solutions LLC, as well as certain assets related to the completions tools business held by Trican and certain affiliates for a total gross proceeds of $53.5 million. The gross proceeds consist of $30 million in cash consideration and share consideration totaling $23.5 million. All shares of NOV common stock received in connection with the sale will be subject to a six month holding period from the date of issuance.

During the second quarter, Trican also successfully closed a public offering of an aggregate of 43,125,000 common shares at a price of $1.60 per common share for aggregate gross proceeds of $69 million including overallotments (the "Equity Offering"). The net proceeds were used to reduce outstanding debt.

In conjunction with the above Equity Offering, Trican's previously announced amendment to its agreement with its bank lenders under its revolving credit facility ("RCF") and the holders of its senior notes ("Senior Notes") came into effect on receipt of funds from the Equity Offering on June 21, 2016 ("Second 2016 Amended Credit Agreements"). The Second 2016 Amended Credit Agreements includes the removal of covenants for the remainder of 2016 and a 5.0 times leverage ratio and 2.0 times interest coverage ratio commencing in Q1 2017. An equity cure of $20 million is also available to the Company as a result of the closing of the Equity Offering. Please refer to the "Covenant" section of this press release for further covenant details.

Sales Mix

Operations Review

Low commodity prices continued to have a significant impact on the demand for Trican's pressure pumping services in the second quarter of 2016, as revenue decreased by 59% on a year-over-year basis. Canadian rig count decreased approximately 50% as customers continued to reduce capital spending. As demand remains low, Canadian pricing levels continued to be negatively impacted. During the second quarter of 2016 pricing decreased on average by 22% compared to the same period in 2015.

The Canadian operations' revenue decreased year-over-year by $47.8 million and adjusted operating loss increased $1.1 million due to pricing reductions and a lower level of activity largely due to reduced demand for services as a result of low oil and gas prices. The financial impact of the pricing reductions and lower activity levels was largely mitigated by further headcount reductions and temporary salary rollbacks implemented during the second quarter.

Q2 2016 versus Q2 2015

Canadian operations revenue for the second quarter of 2016 decreased by 59% compared to the second quarter of 2015. Low demand for our services as a result of low commodity prices led to a significant decrease in demand for our services as reflected in the 32% year-over-year decline in the job count. Revenue per job decreased by 42% due to a 22% year-over-year drop in overall Canadian pricing and a decrease in fracturing job size which was largely due to customer mix in the second quarter. A shift in sales mix also contributed to the decrease in revenue per job as the number of cementing jobs increased year over year while the number of fracturing jobs significantly decreased.

Materials and operating expenses increased to 138% of revenue compared to 109% for the same period in 2015. This increase is largely a result of the reduction in fixed costs such as personnel and base expenses only partially offsetting the significant decline in revenue. The operating loss for the second quarter of 2016 was 47% of revenue compared to the operating loss of 14% for the same period in 2015. These results include expenses related to workforce reductions of $4.4 million during Q2 2016 and $0.9 million for the same period last year.

General and administrative costs were down 17% or by $0.7 million. This reduction includes a meaningful reduction in employee and other G&A expenses partially offset by severance related to workforce reductions.

Corporate expenses for the second quarter were $13.8 million; and included $5.4 million of costs associated with severance and non-cash expenses during the quarter. Non-cash expenses include equity-settled share based compensation expenses and the amortization of debt issuance costs. Once these expenses are excluded, adjusted corporate expenses totaled $8.4 million which is lower than Q2 2015 corporate expenses of approximately $11.5 million adjusted for the same amounts. This $3.1 million reduction is largely the result of lower personnel expenses, lower professional and legal expenses partially offset by an increase in cash-settled share based compensation, which includes restricted share units expenses, deferred share units expenses and performance share unit expenses. Cash-settled share based compensation largely increased due to the increase in Trican's share price during the quarter.

Q2 2016 versus Q1 2016

Canadian operations revenue in the second quarter decreased 67% compared to the first quarter of 2016. Q2 activity levels were affected by early spring break up conditions in combination with continued reductions to capital spending that led our customers to request further price concessions. As a result, job count decreased by 47%. Revenue per job also decreased by 39% due to a higher ratio of smaller cement jobs as compared to fracturing jobs and an average decline in pricing of 7% from Q1 2016 levels.

As a percentage of revenue, second quarter materials and operating expenses increased to 138% compared to 111% during the first quarter of 2016. This decrease was largely due to lower activity levels and lower pricing resulting in a decrease of operating leverage on our fixed cost structure.

Q1 2016 corporate expenses of $12.1 million included $3.6 million of severance and non-cash expenses. As noted above, Q2 2016 corporate expenses adjusted for severance and non-cash expenses totaled $8.4 million, which is similar to Q1 2016 corporate expenses of approximately $8.4 million when adjusted for the same expenses. Personnel expenses and professional and legal expenses in Q2 2016 reduced by approximately $1.8 million, which was offset by an increase in cash-settled share based expenses of $1.8 million. Cash-settled share based expenses largely increased due to the increase in Trican's share price during the quarter.

Operating loss as a percentage of revenue was 47% during the second quarter compared to an operating loss as a percentage of revenue of 14% in the first quarter of 2016.

Discontinued Operations

Discontinued operations include the results of regional operations in the United States, Russia, Algeria, Australia, Colombia, Kazakhstan, and Saudi Arabia, which were suspended throughout 2015 and the first half of 2016. Additionally, discontinued operations include the completions tools business which was sold in July, subsequent to the end of the second quarter. The completions tools business had operations in Canada, the United States, Norway and Russia. The decisions to discontinue pressure pumping operations in the United States, Russia, other international regions, and the completions tools business are not anticipated to have a significant effect on the continuing operations of the Company.

Discontinued operations for the second quarter of 2016 include revenues from discontinued operations of $13.0 million compared to $150.3 million for the same period of 2015. The operating loss from discontinued operations was $4.1 million in the second quarter of 2016, compared to an operating loss of $16.4 million for the three months ended June 30, 2015.

During the first half of 2016, management committed to a plan to sell its international operating assets in Saudi Arabia, Kazakhstan, and Colombia, and continued its sales efforts in Australia, resulting in assets being classified as held for sale. At June 30, 2016, the carrying value of these assets was $69.9 million. The Company also had liabilities held for sale of $10.6 million.

Results from discontinued operations have not been included in the tables above. For information related to Trican's discontinued operations, please see the quarterly consolidated financial statements, as at and for the three and six months ended June 30, 2016.

⁽¹⁾ see first page of this report

Canadian revenue for the six months ended June 30, 2016, was 56% lower than the same period in 2015. Low commodity prices over the first half of 2016 has led to substantial declines in activity for the majority of our Canadian service lines. Average rig count in Canada has decreased approximately 50% over the first half of 2016 compared to the first half of 2015, which compares to the 32% decline in our job count. Revenue per job decreased by 36% as a result of changes in the sales mix towards lower revenue per job service lines and a 8.8% reduction in pricing.

As a percentage of revenue, materials and operating expenses increased to 117% from 98% compared to the same period in 2015, which led to an increase in the operating loss. In addition, the gross loss as a percentage of revenue was 45% compared to gross loss as a percentage of revenue of 13% in 2015. Operating and gross loss increased due largely to the 56% decrease in revenue that led to lower operational leverage on our fixed structure. This decline was partially offset by further pricing concessions from our vendors and strict cost control measures carried throughout the first half of 2016.

Corporate expenses for the six months ended June 30, 2016 were $25.9 million, and included severance costs and non-cash expenses of $9.0 million during the period. Non-cash expenses are equity-settled share based compensation expense and the amortization of debt issuance costs. 2016 year-to-date corporate expenses adjusted for severance costs and non-cash expenses equal $16.9 million and was $5.1 million lower than 2015 year-to-date adjusted corporate expenses of approximately $22.0 million. This decrease is largely due to lower personnel expenses and lower professional and legal expenses partially offset by an increase in cash-settled share based compensation expense.

LIQUIDITY, CAPITAL RESOURCES AND FUTURE OPERATIONS

Operating Activities

Funds used in continuing operations were $30.0 million during Q2 2016, compared to funds used in continuing operations of $30.9 million for the three month period ending on June 30, 2015. The decrease in funds used in continuing operations was largely due lower interest and taxes paid, partially offset by an increase in the cash loss generated by operations caused by low activity levels in Q2 2016 when compared to the same period in 2015.

At June 30, 2016, Trican had working capital of $118.8 million compared to $203.1 million at the end of 2015. The decrease is largely due to the sale of the U.S. pressure pumping operations in combination with lower levels of activity in Canada, which has led to a significant decrease in trade accounts receivable and inventory, offset partially by a decrease in trade payables. Cash flow generated by the reduction in working capital from continuing operations was $13.9 million during the 2016 second quarter and was a significant source of cash flow for the Company during this period.

On June 21, 2016 Trican closed the Equity Offering. Concurrently, Trican became subject to amended terms of the Second 2016 Amended Credit Agreements with its bank lenders under its RCF and the holders of its Senior Notes whereby prior financial covenants were waived until Q1 2017.

On July 13, 2016, Trican closed its previously announced agreement with certain subsidiaries of NOV for the sale of its completions tools business with operations in Russia, Norway, the United States and Canada for aggregate gross proceeds of $53.5 million. The cash consideration received on closing by Trican consists of cash consideration of $30 million and working capital, net debt and other adjustments of $2.1 million with the final working capital amounts to be determined. The share consideration received on closing totaled $23.5 million, consisting of 558,221 NOV shares. Trican used the net cash proceeds from the transaction to reduce its debt.

Investing Activities

Trican closed the sale of its United States pressure pumping business on March 16, 2016 to Keane Group, a privately-held U.S.-based well completion services company ("Keane"). The transaction involved the sale of all of the pressure pumping and select related assets, and the assumption of certain liabilities, of Trican Well Service, L.P., Trican's wholly-owned subsidiary, for a purchase price of U.S. $200 million, or approximately $267 million, with working capital adjustments to be finalized. Trican applied the net cash proceeds from this transaction to reduce its outstanding debt.

Capital expenditures from continuing operations for the first six months of 2016 totaled $0.2 million, compared with $8.5 million for the same period in 2015. Proceeds from the sale of Property and Equipment totaled $4.7 million during the first half of 2016, compared with proceeds of $2.6 million for the same period in 2015. With the decline in commodity prices and North American demand, capital expenditures will be kept to a minimum until operating conditions improve. A substantial amount of equipment has been parked in Canada, which will reduce the amount of maintenance capital needed throughout the current downturn. In addition, capital expansion initiatives will not be considered during the current economic environment in order to preserve current liquidity levels. Based on existing capital budget commitments, we expect to continue to minimize capital spending during 2016 with this spending expected to be funded primarily through cash flow from operations and our Revolving Credit Facility. Trican regularly reviews its capital equipment requirements and will continue to follow its policy of adjusting the capital budget on a quarterly basis to reflect changing operating conditions and capital equipment needs.

Financing Activities

On June 21, 2016 Trican closed the Equity Offering of an aggregate of 43,125,000 common shares for aggregate gross proceeds of $69 million. Concurrently, Trican became subject to amended terms of the Second 2016 Amended Credit Agreements with its bank lenders under its revolving credit facility and the holders of its senior notes whereby prior financial covenants were waived until Q1 2017.

Key terms under the Second 2016 Amended Credit Agreements include:

• a reduction in the availability of the RCF from $303 million to $250 million;

• a temporary cap of $175 million on the RCF until Trican has achieved EBITDA (excluding the application of the equity cure) of at least $25 million in any quarter ended on or after September 30, 2016;

• a removal of all prior financial covenants until the first quarter of 2017;

• new leverage and interest covenant calculations as described below - the covenant thresholds remain unchanged.

Senior Notes

On July 6, 2016, Trican repaid U.S. $21.1 million, retiring in advance portions of its Series A, F, and G Senior Notes from funds of the Equity Offering. Trican also repaid a further U.S. $1.6 million and CAD $3.7 million on August 5, 2016 to Senior Noteholders who deferred their portion of the payout, retiring in advance portions of its Series D, G, and H Senior Notes.

Trican will repay U.S. $8.5 million and CAD $1.9 million during the third quarter to the Senior Notes as their portion of the proceeds from the completions tools business sale.

Revolving Credit Facility

As at June 30, 2016, Trican has a $250 million four-year extendible RCF with a syndicate of banks, in place until October 31, 2018. The RCF is secured and bears interest at the applicable Canadian prime rate, U.S. prime rate, Banker's Acceptance rate, or at LIBOR, plus 350 to 625 basis points, dependent on certain financial ratios of the Company.

Trican made payments to the RCF on June 30^th, 2016 and July 6^th, 2016 as proceeds from the Equity Offering of CAD $27 million and CAD $6 million respectively. On July 20, 2016, the Company repaid CAD $18 million to the RCF from the proceeds of the completions tools business sale.

As at June 30, 2016, Trican had U.S. $3.8 million in letters of credit outstanding.

In the second quarter of 2016, the Company incurred $0.2 million in transaction costs related to the Second 2016 Amended Credit Agreements and $3.0 million in transaction costs related to the Equity Offering.

Covenants

The Company is required to comply with certain covenants under the terms of the Second 2016 Amended Credit Agreements. These covenants are applicable to the RCF and to the Senior Notes:

• no financial covenants are applicable until the first quarter of 2017;

• Trican is required to comply with the following leverage and interest coverage ratio covenants:

The leverage ratio is defined as long-term debt excluding Make Whole Notes (net of the mark to market value of the cross currency swaps) minus cash divided by adjusted EBITDA. The interest coverage ratio is defined as adjusted EBITDA divided by interest expense minus payable in-kind interest. Certain expenses such as severance and equity-settled share-based compensation expenses are permitted to be added back to EBITDA to arrive at adjusted EBITDA for covenant calculation purposes. As noted above, no financial covenants are applicable to the Company for the remainder of 2016. However, for illustrative purposes, adjusted EBITDA for covenant calculation purposes for the second quarter of 2016 would have been a loss of $13.0 million. This amount is calculated by taking the adjusted consolidated operating loss of $19.1 million adjusted for realized foreign exchange gain of $5.6 million and finance and other income of $0.6 million. These amounts do not include the $20 million equity cure that may be applied to this calculation.

OUTLOOK

The rig count and well completion activity have started to trend upwards in the third quarter and we are now running at full utilization on the 50% of our fleet that is active with only weather related delays. Visibility is limited to a few months and although our customers are becoming more optimistic in their views on a recovery this has not yet translated into firm programs and uncertainty still remains around what activity levels will be during the second half of the year. Despite this uncertainty, management believes the steps taken by the Company have prepared Trican for the remainder of the downturn. Further cost reductions have been implemented, including base closures, temporary layoffs, salary rollbacks, reductions in our workforce and the implementation of a variable pay structure. The salary rollbacks reduced quarterly employee costs by approximately $5.3 million, and remained in place until the end of Q2 2016. We parked additional equipment late in the first quarter, increasing our parked equipment to approximately 50% of the Canadian fleet and do not plan to re-activate equipment until operating margins improve. We realized a reduction of approximately $16.5 million in quarterly fixed costs during the second quarter relative to the first quarter fixed cost structure and expect to continue to realize these savings for the remainder of the year. In addition, we are expecting a reduction in variable costs of approximately 4 to 6 percentage points during the second half of the year relative to the first quarter variable cost structure.

Service intensity continues to increase as our sand per well is up 79% and stages per well are up 19% year over year. Activity remains strong in the Montney, Deep Basin, Duvernay and other liquids rich gas plays. As the price of oil improves we anticipate an increase in Cardium, Viking and other oil related plays.

The Company experienced pricing degradation during the second quarter and we expect pricing to slowly improve from the Q2 bottom during the 2016 third quarter. We believe that we have seen the bottom of pricing levels and do not anticipate any further degradation in pressure pumping pricing. We believe that pressure pumping pricing is at an unsustainable level and we will work to slightly increase prices in the second half of the year if utilization remains high. We expect that improvements in utilization from further right-sizing our fleet combined with reductions in our cost structure will lead to improved margins and cash flow in the second half of 2016. Management will continue to be vigilant in monitoring customer activity levels and profitability and will continue to quickly adjust as operating conditions change throughout the remainder of 2016.

We expect equipment utilization to increase during Q3 2016 due to additional equipment being parked at the end of the first quarter combined with an expected increase in well completion activity, but still anticipate that Q3 activity will be down 30-35% from Q1 2016 levels as the rig count is expected to remain low. Our customer base has remained strong and still has relatively active programs planned for the remainder of 2016 and into 2017. We believe that our customers are becoming increasingly more comfortable with current commodity price expectations and may gradually increase completion programs during the remainder of 2016 and into 2017; however, they are cautious on ramping up their plans at this point in time. As a result, Trican will remain focused on efficiencies and costs to ensure that the Company optimizes its cost structure to the revenue generated in order to optimize profitability and cash flow for the remainder of the year.

We will continue to reduce our costs in all areas and we are committed to taking the steps necessary to generate positive cash flow going forward despite this difficult operating environment. Trican has committed to strengthening its balance sheet throughout this downturn and we believe that we are well positioned to remain a segment leader in the Canadian market and thrive when the commodities return to a more stable position.

Amendment to Debt Agreements

The closing of the Equity Offering occurred on June 21, 2016. Details of the event can be found in the "Financing Activities" section of this document.

The funds, after transaction costs, from the Equity Offering were allocated to the RCF lenders and holders of the Senior Notes on a 50-50 basis as required by the terms of the Second 2016 Amended Credit Agreements. As a result, Trican's net debt (long-term debt, net of cash, restricted cash, and cross-currency swaps) totals $168.4 million as at June 30, 2016. An additional $30 million reduction will occur during the third quarter once the proceeds from the completions tools sale are applied to the outstanding long-term debt balances.

Trican has committed to reducing its debt levels throughout the industry downturn and after the latest application of the Equity Offering and completions tool sale proceeds, its outstanding debt balance will have decreased by approximately $620 million since December 31, 2014. As detailed in the Covenants section, no financial covenants are applicable to the Company for the remainder of 2016. Beginning in the first quarter of 2017 an interest coverage and leverage ratio covenant will be applicable. Trican expects that its debt reduction efforts, combined with the equity cure provision of the Second 2016 Amended Credit Agreements and the Company's continuing focus on cost controls will allow Trican to meet its revised financial covenants during 2017.

NON-GAAP DISCLOSURE

Operating income / (loss), adjusted operating income / (loss) and funds provided by / (used in) operations do not have any standardized meaning as prescribed by IFRS and, therefore, are considered non-GAAP measures.

Funds provided by / (used in) operations has been reconciled to profit / (loss). Operating income / (loss) and adjusted operating income / (loss) have been reconciled to gross profit / (loss), being the most directly comparable measures calculated in accordance with IFRS. The reconciling items have been presented net of tax, where applicable.

(3) Exclusive of corporate expenses

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", "estimate", "expect", "intend", "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 include, among others:

• Anticipated adjustments to our active equipment fleet, and related adjustments to cost structure;

• Anticipated industry activity levels in jurisdictions of the Company's operations for the remainder of 2016, as well as customer work programs and equipment utilization levels;

• Anticipated commodity price levels and rig count information;

• Anticipated compliance with debt and other covenants under the Second 2016 Amended Credit Agreements;

• Expectations regarding reduction of the Company's debt, and success of its cost control measures and further cost reductions;

• Expectations regarding capital spending during 2016;

• Expectations regarding the Company's financial results, working capital levels, liquidity and profits;

• Expectations regarding the seasonal uptick in activity following spring breakup;

• Expectations regarding pricing of the Company's services;

• Expectations regarding the impact of discontinued operations in various international regions on the Company going forward;

• Anticipated ability of the Company to meet foreseeable funding 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; Trican's ability to continue its operations for the foreseeable future and to realize its assets and discharge its liabilities and commitments in the normal course of business; Trican being compliant with debt and other covenants; industry activity levels, including its effect of reducing the Company's capital and maintenance expenditures; the completion of currently planned work activities by our customers; the general stability of the economic and political environment; effect of market conditions on demand for the Company's products and services and pricing that can be obtained for those products and services; the ability to achieve planned cost reductions; 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; future oil and natural gas prices; currency, exchange and interest rates; the regulatory framework regarding royalties, taxes and environmental matters; changes in competition and pricing in the oilfield service business; and unanticipated costs and liabilities.

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: failure to meet the agreed upon covenants with the Company's lenders; fluctuating prices for crude oil and natural gas; changes in drilling activity; general global economic, political and business conditions; changes in interest rates; competitive and business conditions in the markets where the Company operates; weather conditions; regulatory changes; the successful exploitation and integration of technology; customer acceptance of technology; success in obtaining and defending 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 provided herein as a result of the risk factors set forth under the section entitled "Risks Factors" in our Annual Information Form dated March 29, 2016, and under the section entitled "Business Risks" in our management's discussion and analysis for the year ended December 31, 2015. 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.

Trican undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward looking information.

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

INCOME TAXES

The net income tax provision differs from that expected by applying the combined federal and provincial income tax rate of 26.90% (2015 - 26.09%) to income before income taxes for the following reasons:

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.

Please visit our website at www.tricanwellservice.com