Trican Well Service Ltd.
TSX : TCW

Trican Well Service Ltd.

May 11, 2009 19:58 ET

Trican-2009 First Quarter Results

CALGARY, ALBERTA--(Marketwire - May 11, 2009) - Trican Well Service Ltd. (TSX:TCW):



Financial Review
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Three months ended
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($ millions, except per share amounts; March 31, March 31, December 31,
unaudited) 2009 2008 2008
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Revenue $ 266.9 $ 244.2 $ 322.8
Operating income (1) 38.1 44.9 73.2
Adjusted net income (1) 12.7 23.7 39.6
Adjusted net income per share(1) (basic) $ 0.10 $ 0.19 $ 0.32
(diluted) $ 0.10 $ 0.19 $ 0.31
Net income (loss) 9.6 20.3 (95.3)
Net income (loss) per share (basic) $ 0.08 $ 0.16 $ (0.76)
(diluted) $ 0.08 $ 0.16 $ (0.76)
Funds provided by operations(1) 11.6 21.5 79.9
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Notes:
(1) Trican makes reference to operating income, adjusted net income,
adjusted net income per share and funds from operations. These are
measures that are not recognized under Canadian Generally Accepted
Accounting Principles (GAAP). Management believes that, in addition to
net income, operating income, adjusted net income, adjusted net income
per share and funds from operations are useful supplemental measures.
Operating income provides investors with an indication of earnings
before depreciation, taxes and interest. Adjusted net income provides
investors with information on net income excluding the non-cash affect
of stock-based compensation expense and one-time impairment charges.
Funds provided by operations provides investors with an indication of
cash available for capital commitments, debt repayments and other
expenditures. Investors should be cautioned that operating income,
adjusted net income, adjusted net income per share and funds from
operations should not be construed as an alternative to net income, net
income per share or net cash provided by operations determined in
accordance with GAAP as indicators of Trican's performance. Trican's
method of calculating operating income, adjusted net income, adjusted
net income per share and funds from operations may differ from that of
other companies and accordingly may not be comparable to measures used
by other companies. Refer to the table in the Non-GAAP Disclosure
section for a reconciliation of adjusted net income.


FIRST QUARTER HIGHLIGHTS

Trican's consolidated revenue increased 9% to $266.9 million for the three months ended March 31, 2009 compared to the same period in 2008. Net income for the period was $9.6 million compared to $20.3 million recorded in the first quarter of 2008. Similarly, diluted earnings per share were $0.08 down from $0.16 for the comparable period in 2008. Funds from operations decreased 46% to $11.6 million from the comparable period of 2008.

Operating results for the quarter reflect a significant reduction in North American drilling activity and reduced drilling activity in Russia, albeit with less of an impact on fracturing related services as our customers focus efforts on fracturing wells rather than drilling new wells to optimize production. In Canada, the average number of active drilling rigs decreased 36% from the same quarter last year and 17% from the fourth quarter of 2008. In the US, the average number of active drilling rigs decreased 24% from the same quarter last year and 30% from the fourth quarter of 2008. In Russia, our activity, as measured by job count, was up from the first quarter of 2008 due to the addition of coiled tubing and nitrogen services. Activity in Russia was down from the fourth quarter of 2008 due to reduced drilling activity which negatively impacted cementing activity as well as a reduction in the number of coiled tubing and nitrogen jobs as we relocated equipment during the quarter.

Revenue in Canada decreased only 4% compared to the first quarter of 2008, in spite of a 36% reduction in the average number of active drilling rigs over the same period. Trican benefited from a 61% increase in the amount of work performed in unconventional natural gas and oil plays, which require more fracturing services than traditional Western Canadian Sedimentary Basin well completions.

Russian revenue decreased 7% from the first quarter of 2008 mainly as a result of a 10% weakening in the ruble relative to the Canadian dollar. Demand for our services in Russia was favourable even though we could not operate for approximately two weeks due to extremely cold weather in February and typical delays at the beginning of the year due to seasonal holidays.

US revenue increased 169% from the first quarter of 2008, reflecting the sand supply disruption issues that impacted the first quarter of 2008. However, revenue decreased 20% from the fourth quarter of 2008 due to a reduction in rig count levels in our areas of operations that reduced utilization and resulted in increased competition for work.

Operating income was 14.3% of revenue in the first quarter of 2009 versus 18.4% for the same period last year. In Canada, activity levels were lower than last year and lower than we expected, resulting in lost operational leverage on our fixed cost structure. In Russia, operating income improved due to cost control measures initiated last year as well as a reduction in the price of fuel. In the US, operating margins improved as our job count levels increased over last year; however, a sharp decline in industry activity had negative impacts on our operating margins due to increased competition for work.

The Board of Directors of Trican Well Service Limited is pleased to announce the following changes within our Executive Team effective August 1, 2009. Murray Cobbe will step down from his position of President and Chief Executive Officer and will assume the role of Executive Chairman. Dale Dusterhoft will assume the role of Chief Executive Officer and Don Luft will assume the role of President and Chief Operating Officer. Each of Messrs. Dusterhoft and Luft have been with Trican since it became a public company in December 1996 and have a combined 60 years in the oilfield services business.

Mr. Ken Bagan, Lead Director of the Board of Directors of Trican noted that "These changes reflect natural succession planning at Trican. Mr. Cobbe has provided extraordinary leadership, establishing a pattern of growth through several industry cycles, and we are pleased that he will continue to provide guidance in the role of Executive Chairman. The Board of Directors has worked with both Mr. Dusterhoft and Mr. Luft for many years. We are confident that they are well prepared for larger leadership roles and will lead the Company through the current market challenges and on to future growth".



COMPARATIVE QUARTERLY INCOME STATEMENTS ($ thousands, unaudited)

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Quarter-
Over-
Three months ended % of % of Quarter %
March 31, 2009 Revenue 2008 Revenue Change Change
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Revenue 266,903 100.0% 244,182 100.0% 22,721 9%
Expenses
Materials and
operating 215,173 80.6% 185,396 75.9% 29,777 16%
General and
administrative 13,659 5.1% 13,888 5.7% (229) -2%
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Operating income (1) 38,071 14.3% 44,898 18.4% (6,827) -15%
Interest expense 3,218 1.2% 3,395 1.4% (177) -5%
Depreciation and
amortization 25,606 9.6% 19,242 7.9% 6,364 33%
Foreign exchange
(gain)/loss 1,972 0.7% (6,530) -2.7% 8,502 -130%
Other (income)/loss (2,275) -0.9% 288 0.1% (2,563) -890%
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Income before income
taxes and
non-controlling
interest 9,550 3.6% 28,503 11.7% (18,953) -66%
Provision for income
taxes 44 0.0% 8,448 3.5% (8,404) -99%
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Income before
non-controlling
interest 9,506 3.6% 20,055 8.2% (10,549) -53%
Non-controlling
interest (127) 0.0% (217) -0.1% 90 -41%
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Net Income 9,633 3.6% 20,272 8.3% (10,639) -52%
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(1) see first page of this report


Our operating divisions include Canada, Russia, United States and Corporate. Algerian and Kazakhstan operations are included in the results for the Russian operations.



CANADIAN OPERATIONS

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Three months ended,
($ thousands, March 31, % of March 31, % of December 31, % of
unaudited) 2009 Revenue 2008 Revenue 2008 Revenue
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Revenue 149,731 156,565 175,194
Expenses
Materials and
operating 117,613 78.6% 108,969 69.6% 120,867 69.0%
General and
administrative 5,616 3.8% 5,525 3.5% 7,498 4.3%
--------- --------- ---------
Total expenses 123,229 82.3% 114,494 73.1% 128,365 73.3%
Operating income(1) 26,502 17.7% 42,071 26.9% 46,829 26.7%
Number of jobs 5,325 7,879 6,028
Revenue per job 27,820 19,520 29,193
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(1) see first page of this report

Sales Mix
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Three months ended, March 31, March 31, December 31,
($ thousands, unaudited) 2009 2008 2008
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% of Total Revenue
Fracturing 57% 45% 58%
Cementing 23% 31% 20%
Coiled Tubing 6% 7% 6%
Nitrogen 6% 6% 6%
Acidizing 3% 3% 4%
Other 5% 8% 6%
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Total 100% 100% 100%
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Operations Review

Canadian industry activity, as measured by the average number of active drilling rigs, was 320 rigs or 37% utilization in the first quarter of 2009. The rig count was down 36% from the first quarter of 2008 and 17% from the fourth quarter of 2008. A significant reduction in commodity prices, in particular natural gas prices, has reduced drilling activity in Canada to levels not seen in the first quarter of the year since 1999.

Although reduced drilling activity had a negative impact on our financial and operating results, continued industry interest in unconventional gas and oil activity partially mitigated this impact. Unconventional reserves require large amounts of fracturing services and have lower development costs on a per unit of production basis, improving their economics relative to conventional gas and oil plays in Canada. As a result, activity in the unconventional oil and gas plays has been impacted by low natural gas and oil prices far less than conventional activity. Our focus throughout 2008 to solidify a strong market position in the unconventional plays served us well in the first quarter of 2009, as the steep decline in the price of natural gas had a less severe impact on Trican's operating and financial results.

Activity levels were lower than expected in the quarter, as the price of natural gas declined sharply towards the end of 2008 and over the first quarter of 2009. This significant change in the price of natural gas resulted in revised customer work plans. As a result, our staffing levels were higher than required to meet customer demand for our services in the quarter.

Accordingly, we undertook a program to significantly reduce costs late in the first quarter, reducing staffing levels approximately 20% in March and implementing a wage roll-back effective April 2009. The impact of these measures will not be realized until the second quarter of 2009 given the associated severance costs and the timing of these actions.

Our focus on unconventional plays fits well with both our technical strength and our approach with customers to find innovative operational solutions to the challenges that arise in the more technical basins in Canada and around the world. We believe our ability to meet the technical requirements of the more economical unconventional plays will enable us to weather the impact of the economic recession.

Current Quarter versus Q1 2008

Revenue for the quarter decreased 4% to $149.7 million. The increase in fracturing related services performed on unconventional gas and oil wells almost entirely offset the reduced industry activity brought on by lower commodity prices.

Job count decreased 32%, consistent with the reduction in the average number of active drilling rigs in the quarter. Revenue per job increased 43% due to the much larger fracturing jobs performed in unconventional oil and gas plays in western Canada as well as a significant increase in the proportion of total revenue from fracturing services which has historically higher revenue per job than other services.

Materials and operating expenses for Canadian operations increased as a percentage of revenue to 78.6% compared to 69.6% for the same period in 2008. The increase was due mainly to a salary increase implemented in July 2008, higher staffing levels in anticipation of activity levels that did not materialize, severance costs associated with right-sizing efforts made late in the first quarter and higher repairs and maintenance costs. General and administrative expenses increased slightly from last year due to salary increases in July 2008 which were almost entirely offset by reduced stock-based compensation costs.

Current Quarter versus Q4 2008

Revenue decreased 15%, or $25.5 million, from the fourth quarter of 2008 as a direct result of reduced industry activity. Job count decreased 12% which is below the 17% reduction in overall industry activity as measured by the average number of active drilling rigs. Revenue per job decreased by 5% as a marked decline in commodity prices resulted in an increasingly competitive pricing environment.

Materials and operating expenses increased as a percentage of revenue to 78.6% compared to 69.0% for the fourth quarter of 2008. The increase is due to higher discounts that negatively impacted margins, an increase in repairs and maintenance costs, and increased benefit costs which are typically highest in the first quarter of the year and lowest in the last quarter of the year. In dollar terms, general and administrative expenses decreased $1.9 million, reflecting a reduction in our bad debt provision relative to the fourth quarter of 2008.



RUSSIAN OPERATIONS
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Three months ended,
($ thousands, March 31, % of March 31, % of December 31, % of
unaudited) 2009 Revenue 2008 Revenue 2008 Revenue
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Revenue 63,082 67,542 79,997
Expenses
Materials and
operating 50,440 80.0% 58,650 86.8% 60,924 76.2%
General and
administrative 1,634 2.6% 1,884 2.8% 3,356 4.2%
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Total expenses 52,074 82.5% 60,534 89.6% 64,280 80.4%
Operating income
(1) 11,008 17.5% 7,008 10.4% 15,717 19.6%
Number of jobs (2) 850 728 1,093
Revenue per job (2) 72,985 92,904 72,716
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(1) see first page of this report
(2) prior period figures have been adjusted to reflect our revised
methodology for determining job count and revenue per job data for
coiled tubing and nitrogen.


Sales Mix
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Three months ended, March 31, March 31, December 31,
($ thousands, unaudited) 2009 2008 2008
----------------------------------------------------------------------------
% of Total Revenue
Fracturing 84% 90% 80%
Cementing 5% 5% 8%
Coiled Tubing 8% 3% 10%
Nitrogen 3% 2% 2%
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Total 100% 100% 100%
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Operations Review

The majority of the work we perform in Russia is on oil wells, and therefore our activity in Russia is driven by the price of oil. The price of oil declined significantly from highs in the middle of last year to the end of 2008, but recovered moderately by the end of the first quarter. As the ruble weakened over the quarter, the price of oil recovered more in ruble terms than in dollar terms. Our customers have indicated to us that they plan on executing their 2009 work plans as specified in their contracts as long as oil prices remain above US$40/bbl. Activity levels during Q1 2009 in Russia were consistent with our expectations based on the work plans specified in the 2009 contracts.

As anticipated, operations in the quarter began slowly as a result of holiday celebrations in Russia. February results were impacted by extreme weather conditions that caused almost two weeks of down time in the month. March saw no weather delays and a partial recovery in the price of oil in ruble terms, enabling us to reach our previous record for fracturing jobs performed in a month. With the decline in oil prices since last year, our customers are drilling fewer wells and increasing their focus on fracturing existing wells to optimize production. As the number of wells drilled fell in the quarter, our cement job count also declined. Our coiled tubing and nitrogen job count was also down, as we were relocating equipment to Vankor.

The cost control program that we implemented in 2008 and a reduction of fuel prices drove stronger operating margins for the quarter when compared to the previous year.

Current Quarter versus Q1 2008

Revenue for the quarter decreased 7% to $63.1 million due mainly to a 10% weakening of the ruble relative to the Canadian dollar. Job count increased 17% compared to last year, reflecting an increase in the number of coiled tubing and nitrogen jobs performed this year (these service lines were still in their start up phase during the first quarter of 2008). The greater proportion of coiled tubing and nitrogen jobs also drove a 21% decrease in revenue per job, as coiled tubing and nitrogen jobs typically generate lower revenue per job than fracturing jobs. The weakening of the ruble also contributed to the lower revenue per job.

Materials and operating expenses for the quarter decreased as a percentage of revenue to 80.0% compared to 86.8% for the same period in 2008. This can be attributed to the cost control program implemented late in the first quarter of last year, pricing concessions provided by some of our suppliers, a reduction in fuel prices and a reduction in infrastructure costs with the closure of the Perm base late in the fourth quarter of 2008. In dollar terms, general and administrative expenses decreased $0.3 million, or 13%, due mainly to a reduction in the value of the ruble.

Current Quarter versus Q4 2008

Revenue decreased 21%, or $16.9 million, from the fourth quarter of 2008 as a direct result of a 20% weakening of the ruble relative to the Canadian dollar, two weeks of down time in February related to the extreme weather, and a reduction in cementing, coiled tubing and nitrogen activity.

Materials and operating expenses for the quarter increased as a percentage of revenue to 80.0% compared to 76.2% in the fourth quarter of 2008. Our cost of sales as a percentage of revenue rose as the proportion of fracturing work increased, and our operating leverage declined with the reduction in cementing, coiled tubing and nitrogen activity. In dollar terms, general and administrative expenses decreased $1.7 million, or 51%, due mainly to a reduction in our bad debt provision relative to the fourth quarter of 2008 and reduced profit sharing expense.



UNITED STATES OPERATIONS
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Three months ended,
($ thousands, March 31, % of March 31, % of December 31, % of
unaudited) 2009 Revenue 2008 Revenue 2008 Revenue
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Revenue 54,090 20,075 67,631
Expenses
Materials and
operating 45,034 83.3% 15,896 79.2% 48,291 71.4%
General and
administrative 2,971 5.5% 2,385 11.9% 3,274 4.8%
---------- --------- ------------
Total expenses 48,005 88.8% 18,281 91.1% 51,565 76.2%
Operating income(1) 6,085 11.2% 1,794 8.9% 16,066 23.8%
Number of jobs 450 205 605
Revenue per job 120,398 97,947 111,878
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(1) see first page of this report


Operations Review

Since our initial entry into the US market, we have expanded our operating bases and now service customers developing key unconventional gas reserves, including the Barnett, Haynesville, Fayetteville and Woodford shale plays in Texas, Arkansas and Oklahoma. Consistent with the unconventional gas reservoirs in western Canada, these plays require large amounts of fracturing services and typically have lower development costs on a per unit of production basis, improving their economics compared to conventional gas reservoirs.

The US active rig count peaked at the end of August 2008 at 2,031 rigs; that number has since dropped by more than 50% to under 1,000 rigs currently. A significant decline in commodity prices in North America has driven this steep drop in industry activity in the US. Of the unconventional gas plays we service, activity in the Barnett and Woodford shale plays have been impacted the most while the Haynesville and Fayetteville shale plays have been impacted the least. Wells in the Haynesville and Fayetteville areas typically have lower development costs on a per unit of production basis relative to the Barnett and Woodford areas.

In an effort to maximize fleet utilization and maintain market share, we have had to increase discounts notably over this period given the increasingly competitive pricing environment, with the largest increases occurring in the less active plays. On average, discounts are up 1,000 basis points from the first quarter of 2008 and 400 basis points from the fourth quarter of 2008.

The trend in discounts over the last year has reduced operating margins significantly. As a result, we undertook a program to significantly reduce costs late in the quarter. Our cost control measures included reducing staffing levels by over 10% in March, implementing a salary rollback and working with suppliers to obtain pricing concessions. The impact of these measures will not be fully realized until the second quarter of 2009 given the timing of these actions. However, we expect that these measures, when combined with our existing low cost structure, will allow us to weather the current economic downturn. When activity recovers we will be well positioned to continue our geographic and service line expansion.

Current Quarter versus Q1 2008

Revenue for the quarter increased 169% to $54.1 million and job count increased 120%. While 2009 operations have been impacted by reduced industry activity levels, our operations early in 2008 were hampered by inadequate supplies of high quality fracturing proppant, which caused an unusually low job count in the first quarter of last year. Revenue per job increased 23% in 2009 as a result of the strengthening US dollar relative to the Canadian dollar. Revenue per job in US dollar terms was consistent with the same quarter last year. The impact of significantly increasing discounts was completely offset by an increase in the proportion of fracturing jobs performed for customers in the Haynesville Shale. This is a higher technology market that requires fracturing at higher pressures and, in some cases, more advanced fluid systems than our other areas of operations in the US; therefore, revenue generated from jobs in the Haynesville is typically much larger on a per job basis.

Materials and operating expenses as a percentage of revenue were 83.3% in the quarter compared to 79.2% in the prior year. The increase can be attributed to narrower margins from higher average discounts offered to customers, partially offset by higher utilization levels that increased operational leverage. In dollar terms, general and administrative expenses increased $0.6 million, or 25%, due to the strengthening US dollar relative to the Canadian dollar. In US dollar terms, general and administrative expenses stayed consistent.

Current Quarter versus Q4 2008

Revenue decreased 20%, or $13.5 million, from our record fourth quarter of 2008 mainly as a result of reduced industry activity. Job count decreased 26% from the fourth quarter, which is less than the 30% reduction in industry activity as measured by the average number of active US drilling rigs. Revenue per job increased 8% partially as a result of the strengthening US dollar relative to the Canadian dollar. Revenue per job in US dollar terms was up 5% from the fourth quarter of 2008. The impact of significantly increased discounts was more than offset by an increase in the proportion of fracturing jobs performed for customers in the Haynesville Shale.

Materials and operating expenses as a percentage of revenue increased to 83.3% from 71.4% in the previous quarter due to margin contraction from increased discounts combined with reduced operating leverage on our fixed cost structure attributable to lower activity. In dollar terms, general and administrative expenses decreased $0.3 million, or 9%, due mainly to a reduction in office costs.



CORPORATE DIVISION
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Three months ended,
($ thousands, March 31, % of March 31, % of December 31, % of
unaudited) 2009 Revenue 2008 Revenue 2008 Revenue
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Expenses
Materials and
operating 2,086 0.8% 1,881 0.8% 2,335 0.7%
General and
administrative 3,438 1.3% 4,094 1.7% 3,058 0.9%
---------- --------- ------------
Total expenses 5,524 2.1% 5,975 2.4% 5,393 1.7%
Operating loss (1) (5,524) (5,975) (5,393)
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(1) see first page of this report


Corporate division expenses consist of salaries, stock-based compensation and office costs related to corporate employees, as well as public company costs.

Current Quarter versus Q1 2008

Corporate division expenses were down $0.5 million from the same quarter last year due to a decrease in the impact of revaluing the deferred share units ("DSU"s) to their market value.

Current Quarter versus Q4 2008

Corporate Division expenses were up $0.1 million on a sequential basis. The revaluation of the DSUs to their market value significantly increased DSU expense during the quarter. This increase was offset by a reduction in profit sharing expense and overall administrative expense reductions.

OTHER EXPENSES AND INCOME

Interest expense decreased to $3.2 million for the quarter from $3.4 million for the same quarter last year. This was mainly a result of a decrease to the effective average interest rate on the consolidated debt facilities during the quarter. The decrease in rates more than offset the increase in outstanding debt balance compared to the prior year.

Depreciation and amortization increased to $25.6 million for the quarter compared to $19.2 million for the same period last year as a result of the 2008 investment in equipment and operations facilities across all regions.

The foreign exchange loss of $2.0 million in the quarter was mainly due to the impact of the strengthening US dollar relative to the Canadian dollar on our US dollar denominated debt, net of our US dollar monetary assets.

Other income was $2.3 million in the quarter versus a loss of $0.3 million for the same period in the prior year. This increase was largely the result of the receipt of payments on a loan issued to an unrelated third party which was previously written down to the value of the underlying security.

INCOME TAXES

Trican recorded an income tax expense of $0.04 million in the quarter versus an income tax expense of $8.4 million for the comparable period of 2008. The decrease in tax expense is primarily attributable to lower earnings. Also contributing to the reduction is a decrease in Canadian income tax rates combined with lower non taxable exchange losses arising from the translation of foreign subsidiaries and a reduction in non-deductible expenses.

Trican's income tax expense was $2.8 million lower than the expected income tax expense largely as a result of income taxed in lower rate jurisdictions, losses taxed in higher rate jurisdictions and a foreign exchange gain taxed on account of capital.

OTHER COMPREHENSIVE INCOME

The consolidated statement of other comprehensive income for the quarter ended March 31, 2009 includes $19.9 million in unrealized losses on translating the financial statements of our self-sustaining foreign operations. The change related to translating the net assets of our US and Russian operations using the current rate method, given that the subsidiaries are considered self-sustaining. Since December 31, 2008, the Canadian dollar weakened 3% against the US dollar and strengthened 14% against the Russian ruble, increasing the value of our net asset position in our US subsidiaries and decreasing the value of our net asset position in our Russian subsidiaries in Canadian dollar terms.

LIQUIDITY AND CAPITAL RESOURCES

Operating Activities

Funds provided by operations decreased 46% to $11.6 million in the first quarter of 2009 from $21.5 million in the first quarter of 2008 largely as a result of lower net income.

At March 31, 2009, we had working capital of $211.7 million, down $30.2 million from the 2008 year end level of $241.9 million. This working capital decrease is predominantly a result of reduced activity levels.

Investing Activities

Capital expenditures for the quarter totaled $12.4 million compared with $39.6 million for the same period in 2008. This investment was mainly directed toward equipment and infrastructure to service unconventional gas plays in Canada.

We paid $1.4 million in the quarter to the existing shareholder of R-Can Services Limited (R-Can) to increase Trican's ownership interest in R-Can by 0.6% to 99.4%. R-Can holds the investment in the Company's Russian operations. We also paid $1.5 million in cash and issued 50,852 shares to the former owners of CBM Solutions relating to deferred and contingent payments.

At March 31, 2009, Trican had a number of ongoing capital projects and estimates that $20 million of additional investment will be required to complete them.

Financing Activities

Subsequent to the end of the period, Trican obtained a $35 million credit facility with Export Development Canada. The facility bears interest at the bank's prime rate, U.S. base rate, Bankers' Acceptance rate or at LIBOR plus 250 to 350 basis points, dependent on certain financial ratios of the Company. The facility is unsecured and is subject to financial and non-financial covenants that are typical for this type of arrangement. Any draws under this facility are restricted to financing international operations.

As at May 8, 2009, Trican had 125,617,119 common shares and 8,476,033 employee stock options outstanding.

BUSINESS RISKS

A complete discussion of business risks faced by Trican may be found under the "Risk Factors" section of our Annual Information Form dated March 31, 2009, which is available under Trican's profile at www.sedar.com.

CHANGES IN INTERNAL CONTROLS OVER FINANCIAL REPORTING DURING Q1

There have been no changes in Trican's internal controls over financial reporting during the period ended March 31, 2009 that have materially affected, or are reasonably likely to materially affect, the Company's internal controls over financial reporting.

INTERNATIONAL FINANCIAL REPORTING STANDARDS UPDATE

The Canadian Accounting Standards Board has confirmed that use of International Financial Reporting Standards (IFRS) will be required for years beginning on or after January 1, 2011 for profit-oriented publicly accountable entities. Trican has developed a project plan to complete the transition to IFRS by January 1, 2011, including the preparation of required comparative information.

The project plan consists of three phases: impact assessment, detailed assessment and design, and implementation. We have completed the impact assessment phase, which included:

- Developing a detailed conversion timeline

- Assessing resource and training needs

- Identifying differences between Canadian GAAP and IFRS that have the greatest potential impact to Trican; such areas identified to date include property & equipment, impairment testing, and stock-based compensation.

- Assessing the impact on Trican's IT systems.

We expect to complete the detailed assessment and design phase of the project during the remainder of 2009. The detailed assessment and design phase will require a comprehensive analysis of the impact of the IFRS differences identified in the initial scoping assessment.

During the implementation phase, we will execute the required changes to business processes, financial systems, accounting policies, and internal controls over financial reporting.

At this time, the impact of the transition to IFRS on Trican's financial statements is not reasonably determinable.

OUTLOOK

As expected, the financial crisis and worldwide economic recession has reduced demand for oil and natural gas and resulted in low commodity prices. Lower prices have reduced our customers' cash flow and impacted their ability to access debt and equity financing. As a result, North American demand for our services began falling dramatically early in the first quarter of 2009. Trican's 2009 first quarter financial results reflect the fall in demand for our services.

The timing of the turnaround is difficult to predict; however, recent economic data suggests that the North American economy is slowing at a lesser rate and capital markets are beginning to open up. Industry watchers are closely monitoring oil and gas production levels for signs of a supply response to activity declines. Any level of economic recovery as well as oil and natural gas production declines will aid in rebalancing inventory levels and support higher prices. However, the market is currently not in balance and we anticipate a weak operating environment for the near term, but expect a recovery as supply and demand levels balance.

We expect that ongoing activity reductions and pricing pressure in the near term will continue to put downward pressure on our operating margins and financial results in our Canadian and United States markets. We anticipate that cost reduction measures implemented during the first quarter will help to mitigate the impact of the activity reductions; however, the full benefit of these measures will likely not be realized until the third quarter of 2009.

The outlook for our Russian operations is currently more positive. The recent increase in oil prices combined with the decline in the ruble relative to the US dollar is aiding our customers' net backs and may support expanded work programs in the later part of the year. We have recently been awarded a contract to supply fracturing services to a major gas producer in the northern part of the western Siberian basin. The contract is expected to generate $17.6 million of revenue over the next twelve months. We are also in various stages of discussion on other gas projects in the same area which could produce an additional $6.4 million in revenue in the next year. We are encouraged by these developments, and we believe that service work on gas directed wells could represent a strong future market for Trican in Russia.

We have recently been awarded a contract in Kazakhstan which will expand our operations reach and introduce an important new customer to our services. Work on this one year contract, which will take place in the Aktau region, will commence in the second quarter and is expected to produce $5 million of revenue in the next twelve months.

We are in the process of finalizing a $35 million committed two year revolving debt facility with Economic Development Canada (EDC). The EDC facility, which we anticipate will be finalized during the second quarter of 2009, will provide Trican with additional debt capacity. Our balance sheet remains healthy with a significant cash balance and unused debt available to fund short term liquidity needs, a manageable debt repayment horizon and low overall leverage.

We will continue to manage through this downturn by reducing costs, managing our cash flow and protecting our balance sheet. Our strong and experienced management team remains focused on providing our customers with superior operational service and technical expertise. We believe our customer focus will result in a stronger market position as our industry emerges from the bottom of the current economic cycle.



SUMMARY OF QUARTERLY RESULTS
($ millions, except
per share amounts; 2009 2008 2007
unaudited) Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2
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Revenue 266.9 322.8 286.7 162.3 244.2 195.8 228.7 139.4
Net income/(loss) 9.6 (95.3) 18.1 (14.4) 20.3 18.2 37.6 0.9
Earnings/(loss)
per share
Basic 0.08 (0.76) 0.14 (0.12) 0.16 0.15 0.31 0.01
Diluted 0.08 (0.76) 0.14 (0.12) 0.16 0.15 0.30 0.01
----------------------------------------------------------------------------


NON-GAAP DISCLOSURE

Adjusted net income does not have a standardized meaning prescribed by GAAP and therefore may not be comparable to similar measures presented by other issuers. The following is a reconciliation of adjusted net income, as used in this report, to net income, being the most directly comparable measure calculated in accordance with GAAP. The reconciling items have been presented net of tax.



----------------------------------------------------------------------------
Three months ended
----------------------------------------------------------------------------
March 31, March 31, December 31,
2009 2008 2008
----------------------------------------------------------------------------
Adjusted net income 12,727 23,700 39,639
Deduct:
Goodwill impairment - - 114,658
Other asset impairment - - 16,063
Stock-based compensation expense 3,094 3,428 3,530
Intangible asset impairment - - 686
----------------------------------------------------------------------------

Net (loss)/income (GAAP financial measure) 9,633 20,272 (95,298)
----------------------------------------------------------------------------
----------------------------------------------------------------------------


Other non-GAAP measures include operating income and funds provided by operations. A calculation of operating income is shown in the consolidated statements of operations, while funds provided by operations is shown in the consolidated cash flow statements.

FORWARD-LOOKING STATEMENTS

This document contains statements that constitute forward-looking statements within the meaning of applicable securities legislation. These forward-looking statements include, among others, the Company's prospects, expected revenues, expenses, profits, expected developments and strategies for its operations, and other expectations, beliefs, plans, goals, objectives, assumptions, information and statements about possible future events, conditions, results of operations or performance. These forward-looking statements are identified by their use of terms and phrases such as "anticipate," "achieve", "achievable," "believe," "estimate," "expect," "intend", "plan", "planned", and other similar terms and phrases. Forward-looking statements are based on current expectations, estimates, projections and assumptions that involve a number of risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks and uncertainties include: fluctuating prices for crude oil and natural gas; changes in drilling activity; general global economic, political and business conditions; weather conditions; regulatory changes; and availability of products, qualified personnel, manufacturing capacity and raw materials. If any of these uncertainties materialize, or if assumptions are incorrect, actual results may vary materially from those expected.



CONSOLIDATED BALANCE SHEETS

(restated - note 1)
March 31, December 31,
(Stated in thousands of dollars; unaudited) 2009 2008
----------------------------------------------------------------------------
----------------------------------------------------------------------------
ASSETS
Current assets
Cash and short-term deposits $ 30,699 $ 56,281
Accounts receivable 214,729 231,636
Income taxes recoverable 6,835 12,599
Inventory 105,187 107,831
Prepaid expenses 15,485 20,062
----------------------------------------------------------------------------
372,935 428,409
Property and equipment 613,614 632,041
Intangible assets 37,453 38,543
Future income tax assets 90,193 86,206
Other assets 11,341 11,221
Goodwill (note 3) 36,916 35,556
----------------------------------------------------------------------------
$ 1,162,452 $ 1,231,976
----------------------------------------------------------------------------
----------------------------------------------------------------------------

LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Bank loans (note 5) $ 44,064 $ 61,230
Accounts payable and accrued liabilities 94,161 117,450
Deferred consideration 1,494 1,572
Dividend payable - 6,278
Current income taxes payable 21,013 -
Current portion of capital lease obligations 484 -
----------------------------------------------------------------------------
161,216 186,530

Long-term debt (note 6) 236,020 242,460
Capital lease obligations 1,067 -
Future income tax liabilities 52,030 82,036
Deferred consideration - 1,572
Non-controlling interest (note 3) 364 801
Shareholders' equity
Share capital (note 4) 246,709 246,357
Contributed surplus 21,678 18,584
Retained earnings 471,945 462,312
Accumulated other comprehensive income (28,577) (8,676)
----------------------------------------------------------------------------
711,755 718,577
----------------------------------------------------------------------------
Subsequent event (note 6) $ 1,162,452 $ 1,231,976
----------------------------------------------------------------------------
----------------------------------------------------------------------------
See accompanying notes to the consolidated financial statements.


CONSOLIDATED STATEMENTS OF OPERATIONS

(restated - note 1)
Three Months Three Months
(Stated in thousands, except per share Ended March 31, Ended March 31,
amounts; unaudited) 2009 2008
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Revenue $ 266,903 $ 244,182
Expenses
Materials and operating 215,173 185,396
General and administrative 13,659 13,888
----------------------------------------------------------------------------
Operating income 38,071 44,898
Interest expense on long-term debt and
bank loans 3,218 3,395
Depreciation and amortization 25,606 19,242
Foreign exchange (gain)/loss 1,972 (6,530)
Other (income)/expense (2,275) 288
----------------------------------------------------------------------------
Income before income taxes and
non-controlling interest 9,550 28,503
Provision for current income taxes 27,802 23,027
Provision for future income taxes (27,758) (14,579)
----------------------------------------------------------------------------
Income before non-controlling interest 9,506 20,055

Non-controlling interest (127) (217)
----------------------------------------------------------------------------
Net income $ 9,633 $ 20,272
----------------------------------------------------------------------------
Earnings per share
Basic $ 0.08 $ 0.16
Diluted $ 0.08 $ 0.16
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Dividend per share $ - $ -
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Weighted average shares outstanding - basic 125,574 123,069
Weighted average shares outstanding - diluted 126,577 124,792
----------------------------------------------------------------------------
----------------------------------------------------------------------------


CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE INCOME

(restated - note 1)
Three Months Three Months
(Stated in thousands of dollars; Ended March 31, Ended March 31,
unaudited) 2009 2008
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Net Income $ 9,633 $ 20,272
Other comprehensive income
Unrealized gains/(losses) on translating
financial statements of self-sustaining
foreign operations (19,901) 18,636
----------------------------------------------------------------------------
Other comprehensive income/(loss) $ (10,268) $ 38,908
----------------------------------------------------------------------------
----------------------------------------------------------------------------


CONSOLIDATED STATEMENTS OF RETAINED EARNINGS AND ACCUMULATED OTHER
COMPREHENSIVE INCOME
(restated - note 1)
Three Months Three Months
(Stated in thousands of dollars; Ended March 31, Ended March 31,
unaudited) 2009 2008
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Retained earnings as previously reported,
beginning of period $ 463,276 $ 546,211
Change in accounting policy for
capitalization of other assets (964) -
----------------------------------------------------------------------------
Retained earnings as restated, beginning
of period $ 462,312 $ 546,211
Net income 9,633 20,272
----------------------------------------------------------------------------
Retained earnings, end of period $ 471,945 $ 566,483
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Accumulated other comprehensive income,
beginning of period $ (8,676) $ (79,382)
Unrealized gains/(losses) on translating
financial statements of self-sustaining
foreign operations (19,901) 18,636
----------------------------------------------------------------------------
Accumulated other comprehensive income, end
of period $ (28,577) $ (60,746)
----------------------------------------------------------------------------
----------------------------------------------------------------------------

See accompanying notes to the consolidated financial statements.


CONSOLIDATED CASH FLOW STATEMENTS

(restated - note 1)
Three Months Three Months
(Stated in thousands of dollars; Ended March 31, Ended March 31,
unaudited) 2009 2008
----------------------------------------------------------------------------
Cash Provided By/(Used In):
Operations
Net income $ 9,633 $ 20,272
Charges to income not involving cash:
Depreciation and amortization 25,606 19,242
Future income tax provision (27,758) (14,579)
Non-controlling interest (127) (217)
Stock-based compensation 3,094 3,428
Loss/(gain) on disposal of property and
equipment 12 (41)
Gain on revaluation of deferred consideration (484) -
Unrealized foreign exchange loss/(gain) 3,958 (6,558)
Recovery on writedown of other assets (2,323) -
----------------------------------------------------------------------------
Funds provided by operations 11,611 21,547
Net change in non-cash working capital
from operations 10,674 226
----------------------------------------------------------------------------
Net cash provided by operating activities 22,285 21,773

Investing
Purchase of property and equipment (12,407) (39,585)
Proceeds from the sale of property and
equipment 29 105
Purchase of other assets - (355)
Issuance of loan to unrelated third party - (6,624)
Payments received on loan to unrelated
third party 2,323 -
Business acquisitions (2,837) (4,593)
Net change in non-cash working capital
from the purchase of property and equipment 220 (109)
----------------------------------------------------------------------------
(12,672) (51,161)

Financing
Net proceeds from issuance of share capital 352 6,398
(Repayment)/issuance of bank loans (18,975) 39,239
Repayment of long-term debt (10,000) -
Dividend paid (6,278) (6,123)
----------------------------------------------------------------------------
(34,901) 39,514

Effect of exchange rate changes on cash (294) 416
----------------------------------------------------------------------------

Increase / (decrease) in cash and short-term
deposits (25,582) 10,542
Cash and short-term deposits, beginning of
period 56,281 23,370
----------------------------------------------------------------------------
Cash and short-term deposits, end of period $ 30,699 $ 33,912
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Supplemental information
Income taxes paid 6,789 10,763
Interest paid 2,041 1,875
----------------------------------------------------------------------------
----------------------------------------------------------------------------

See accompanying notes to the consolidated financial statements.


NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the Three Months Ended March 31, 2009 (Unaudited)

The Company's interim financial statements do not conform in all respects to the requirements of generally accepted accounting principles for annual financial statements. The Company's interim financial statements should be read in conjunction with the most recent annual financial statements. The Company's interim financial statements follow the same accounting policies and methods of their application as of the most recent annual financial statements, except where any change has been noted in the interim financial statements.

The Company's Canadian operations and to a lesser extent Russian operations are seasonal in nature with the highest activity in the winter months (first and fourth fiscal quarters) and the lowest activity during spring break-up (second fiscal quarter) due to road weight restrictions and reduced accessibility to remote areas.

NOTE 1 - CHANGES IN ACCOUNTING POLICIES

Goodwill and Intangible Assets

In February 2008, the Canadian Institute of Chartered Accountants (CICA) approved Handbook section 3064 ''Goodwill and Intangible Assets''. Effective January 1, 2009, this new standard replaces section 3062 ''Goodwill and Other Intangible Assets'' and section 3450 ''Research and Development Costs''. This standard changes the criteria for asset recognition in the financial statements and the ability to defer costs. In accordance with the transitional provisions, the revised guidance requires the company to expense $1.0 million of other assets that were previously capitalized. This change in accounting policy has been accounted for retrospectively, and the comparative statements for 2008 have been restated. As a result, other assets and retained earnings on the 2008 balance sheet have decreased by $1.0 million, and other income on the 2008 statement of operations has decreased by $1.0 million. Basic and diluted earnings per share for the three months ended March 31, 2008 has decreased by $0.01.

NOTE 2 - SEGMENTED INFORMATION

The Company operates in three geographic regions: Canada, Russia (which includes Kazakhstan and Algeria), and the United States. Each geographic region has a general manager that is responsible for the operation and strategy of their region's business. Personnel working within the particular geographical region report to the General Manager; the General Manager reports to the corporate executive.

The Company provides a comprehensive array of specialized products, equipment, services and technology to customers through three operating divisions:

- Canadian Operations provides cementing, fracturing, coiled tubing, nitrogen, geological, and acidizing services which are performed on new and existing oil and gas wells, and industrial services.

- Russian Operations provides cementing, fracturing, deep coiled tubing, and nitrogen services which are performed on new and existing oil and gas wells.

- United States Operations provides fracturing, cementing and nitrogen services which are performed on new and existing oil and gas wells.

Corporate Division expenses consist of salary expenses, stock-based compensation and office costs related to corporate employees, as well as public company costs.



United
(Stated in Canadian Russian States
thousands) Operations Operations Operations Corporate Total
----------------------------------------------------------------------------
Three months ended
March 31, 2009
----------------------------------------------------------------------------
Revenue 149,731 63,082 54,090 - $ 266,903
Operating income/(loss) 26,502 11,008 6,085 (5,524) 38,071
Interest expense - - - 3,218 3,218
Depreciation and
amortization 9,879 6,190 9,531 6 25,606
Assets 481,866 254,825 383,428 42,333 1,162,452
Goodwill 22,690 14,226 - - 36,916
Property and equipment 306,495 105,132 201,695 292 613,614
Capital expenditures 7,594 1,723 2,919 171 12,407
Goodwill expenditures 254 1,106 - - 1,360
----------------------------------------------------------------------------
Three months ended
March 31, 2008
----------------------------------------------------------------------------
Revenue $156,565 $67,542 $20,075 $- $ 244,182
Operating income/(loss) 42,071 7,008 1,794 (5,975) 44,898
Interest expense - - - 3,395 3,395
Depreciation and
amortization 9,771 4,806 4,620 45 19,242
Assets 532,209 294,851 349,174 80 1,176,314
Goodwill 22,436 13,121 140,665 - 176,222
Property and equipment 312,646 129,900 149,016 121 591,683
Capital expenditures 7,255 9,146 23,048 136 39,585
Goodwill expenditures 301 2,988 69 - 3,358
----------------------------------------------------------------------------


The corporate division incurred an operating loss of $5.5 million (2008 - $6.0 million) of which 95% (2008 - 95%) was incurred in Canada as this is where corporate head office is located.

NOTE 3 - ACQUISITIONS

During the first quarter and pursuant to an agreement amended in March 2007, the Company increased its ownership interest in R-Can Services Limited by 0.6% to 99.4%. The Company paid $1.4 million for this acquisition, increasing goodwill by $1.1 million and reducing non-controlling interest by $0.3 million.

During the first quarter and pursuant to an agreement dated March 2007, the Company paid $0.3 million of contingent consideration in connection with its acquisition of CBM Solutions Ltd. All of the contingent consideration was recorded as goodwill.

NOTE 4 - SHARE CAPITAL

Authorized

The Company is authorized to issue an unlimited number of common shares and preferred shares, issuable in series.



Issued and Outstanding - Common Shares:
----------------------------------------------------------------------------
(stated in thousands, except share amounts) Number of Shares Amount
----------------------------------------------------------------------------
Balance, December 31, 2008 125,562,767 $ 246,357
Issuance out of treasury, net of share issuance
costs 50,852 352
----------------------------------------------------------------------------
Balance, March 31, 2009 125,613,619 $ 246,709
----------------------------------------------------------------------------


The shares issued out of treasury relate to the deferred consideration on the CBM Solutions Ltd. acquisition.

The securities convertible into common shares of the Company are as follows:



March 31, 2009 December 31, 2008
----------------------------------------------------------------------------
Securities convertible into common shares:
Employee stock options 8,584,931 9,303,132
----------------------------------------------------------------------------

NOTE 5 - BANK LOANS
(Stated in thousands) March 31, 2009 December 31, 2008
----------------------------------------------------------------------------
Demand revolving facilities:
U.S.$30 million held by U.S subsidiary
(Canadian equivalent of $37.8 million) 37,806 36,738
U.S.$20 million held by Russian subsidiary
(Canadian equivalent of $25.2 million) 6,258 24,492
$35 million held in Canada - -
----------------------------------------------------------------------------
$ 44,064 $ 61,230
----------------------------------------------------------------------------

NOTE 6 - LONG-TERM DEBT
(Stated in thousands) March 31, 2009 December 31, 2008
----------------------------------------------------------------------------
Notes payable $ 126,020 $ 122,460
Equipment and acquisition loan 110,000 120,000
----------------------------------------------------------------------------
$ 236,020 $ 242,460
----------------------------------------------------------------------------


At March 31, 2009, the Company had $10 million of additional financing available under the equipment and acquisition loan facility.

Subsequent to the end of the quarter, the Company obtained a signed commitment letter to obtain a $35 million credit facility with Export Development Canada. The facility bears interest at the bank's prime rate, U.S. base rate, Bankers' Acceptance rate or at LIBOR plus 250 to 350 basis points, dependent on certain financial ratios of the Company. The facility is unsecured and is subject to financial and non-financial covenants that are typical for this type of arrangement. Any draws under this facility are restricted to financing international operations.



NOTE 7 - INCOME TAXES
(Stated in thousands) March 31, 2009 March 31, 2008
----------------------------------------------------------------------------
Provision for current income taxes $ 27,802 $ 23,027
Provision for future income taxes (27,758) (14,579)
----------------------------------------------------------------------------
$ 44 $ 8,448
----------------------------------------------------------------------------
----------------------------------------------------------------------------


The net income tax provision differs from that expected by applying the combined federal and provincial income tax rate of 29.28% (2008 - 30.75%) to income before income taxes for the following reasons:



March 31, 2009 March 31, 2008
----------------------------------------------------------------------------
Expected combined federal and provincial
income tax $ 2,794 $ 8,766
Statutory and other rate differences (2,847) (2,782)
Non-deductible expenses 854 1,629
Translation of foreign subsidiaries 171 1,090
Future income tax rate reduction (268) (287)
Capital and other foreign tax 119 121
Other (779) (89)
----------------------------------------------------------------------------
$ 44 $ 8,448
----------------------------------------------------------------------------
----------------------------------------------------------------------------


Headquartered in Calgary, Alberta, Trican has operations in Canada, Russia, the US and North Africa. Trican provides a comprehensive array of specialized products, equipment and services that are used during the exploration and development of oil and gas reserves.

The Company will host a conference call on Tuesday, May 12, 2009 at 9:00 a.m. MT (11:00 a.m. ET) to discuss the Company's results for the First Quarter 2009.

To listen to the webcast of the conference call, please enter: http://events.onlinebroadcasting.com/trican/051209/index.php in your web browser or visit the Investor Information section of our website at www.trican.ca.

To participate in the Q&A session, please call the conference call operator at 1-866-226-1793 (North America) or 416-340-2218 (outside North America) 15 minutes prior to the call's start time and ask for the "Trican Well Service Ltd. - First Quarter 2009 Conference Call".

A replay of the conference call will be available until May 19, 2009 by dialing 1-800-408-3053 (North America) or 416-695-5800 (outside North America). Playback passcode: 1723581.

The conference call will be archived on Trican's website at www.trican.ca.

Contact Information

  • Trican Well Service Ltd.
    Murray Cobbe
    President and CEO
    (403) 266 - 0202
    (403) 237 - 7716 (FAX)
    Email: mcobbe@trican.ca
    or
    Trican Well Service Ltd.
    Michael Baldwin
    Vice President, Finance and CFO
    (403) 266 - 0202
    (403) 237 - 7716 (FAX)
    Email: mbaldwin@trican.ca
    or
    Trican Well Service Ltd.
    2900, 645 - 7th Avenue S.W.
    Calgary, Alberta T2P 4G8
    Website: www.trican.ca