Trican Well Service Ltd.
TSX : TCW

Trican Well Service Ltd.

May 09, 2011 19:28 ET

Trican- 2011 First Quarter Results

CALGARY, ALBERTA--(Marketwire - May 9, 2011) - Trican Well Service Ltd. (TSX:TCW) -


Financial Review
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                                                Three months ended
                                       -------------------------------------
                                        March 31,   March 31,   December 31,
($ millions, except per 
 share amounts; unaudited)                  2011        2010           2010
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Revenue                                   $534.6      $330.0         $434.3
Operating income(i)                        145.3        72.3          109.4
Net income                                  82.4        32.5           55.6
Net income per share            (basic)   $ 0.57      $ 0.26         $ 0.39
                              (diluted)   $ 0.56      $ 0.26         $ 0.38
Adjusted net income(i)                      85.5        34.2           58.8
Adjusted net income per 
 share(i)                       (basic)   $ 0.59      $ 0.27         $ 0.41
                              (diluted)   $ 0.58      $ 0.27         $ 0.41
Funds provided by operations(i)            141.7        62.0          109.4
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Notes:

(i) Trican makes reference to operating income, adjusted net income and 
    funds provided by operations. These are measures that are not 
    recognized under International Financial Reporting Standards (IFRS).
    Management believes that, in addition to net income, operating income,
    adjusted net income and funds provided by 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 one-time non-cash charges and the non-cash effect of stock-
    based compensation expense.  Funds provided by operations provide
    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, and funds provided by
    operations should not be construed as an alternative to net income
    determined in accordance with IFRS as an indicator of Trican's
    performance. Trican's method of calculating operating income, adjusted
    net income and funds provided by operations may differ from that of 
    other companies and accordingly may not be comparable to measures used
    by other companies.

FIRST QUARTER HIGHLIGHTS

Trican's consolidated revenue for the first quarter of 2011 increased to $534 million, a 62% increase relative to the first quarter of 2010. Net income for the quarter was $82.4 million compared to $32.5 million for the same period in 2010. Diluted net income per share was $0.56 in the first quarter of 2011 versus diluted net income per share of $0.26 in the first quarter of 2010. Funds provided by operations was $141.7 million compared to $62.0 million in the first quarter of 2010.

Record first quarter revenue of $326.4 million was achieved by our Canadian operations, which was a 53% increase over the first quarter of 2010. Strong Canadian results continued to be influenced by the strength of horizontal drilling and the growth in oil and liquids-rich gas directed activity. The number of horizontal wells drilled increased by 47% year-over-year and represented 48% of total wells drilled during the first quarter of 2011. The growth of horizontal drilling continues to benefit our fracturing service line as revenue from horizontal wells was 83% of fracturing and fracturing related revenue compared to 61% in the first quarter of 2010. In addition, a 27% increase in rig count combined with the growth in horizontal drilling significantly benefitted the cementing service line as cementing revenue increased 54% during the quarter relative to the first quarter of 2010.

Record quarterly revenue was also achieved by our U.S operations during the first quarter of 2011. U.S. revenues increased to $143.6 million up 142% compared to the first quarter of 2010. Activity levels benefitted from the first full quarter of operations for our base in the Marcellus region and the continued strength of horizontal drilling activity. In addition, we were able to increase pricing on some key contracts late in 2010 and, as a result, first quarter operating margins improved by 710 basis points on a sequential basis.

Revenue in our Russian region increased 12% compared to the first quarter of 2010. Based on the results of the 2011 Russian contract tendering process, we expected activity levels to increase by approximately 7% relative to 2010. The year-over-year job count increase of 5% was slightly below this expectation due largely to warm weather experienced near the end of the first quarter that delayed certain jobs into the second quarter. Modest pricing increases were also achieved during the 2011 tendering process; however, operating margins in Russia remained consistent with the fourth quarter of 2010 due to cost inflation experienced in the region.

On April 28, 2011, Trican closed the issuance of US$250 million and CAD$60 million senior unsecured notes on a private placement basis (the "Private Placement"). The notes issued under the Private Placement are subject to various terms with an average term of 7.5 years and an average rate of approximately 5.4%. The notes are unsecured and rank equally with Trican's bank facilities and other outstanding senior notes. Trican intends to use the net proceeds to fund a portion of its 2011 capital expenditure program and for general corporate purposes.

On January 1, 2011, Trican adopted International Financial Reporting Standards ("IFRS") for financial reporting purposes, using a transition date of January 1, 2010. The financial statements for the three months ended March 31, 2011, including comparative information, have been prepared in accordance with International Financial Reporting Standards 1, First-time Adoption of International Financial Reporting Standards, and with International Accounting Standard ("IAS") 34, Interim Financial Reporting, as issued by the International Accounting Standards Board ("IASB"). Previously, the Company prepared its Financial Statements in accordance with Canadian generally accepted accounting principles. Unless otherwise noted, 2010 comparative information has been prepared in accordance with IFRS. The adoption of IFRS has not had a material impact on Trican's operations, strategic decisions, or internal controls.

We have increased our 2011 capital budget by $123 million to $616 million. The increase consists of an additional $53 million for our U.S operations and includes the acquisition or construction of a new maintenance facility for our U.S. operations, infrastructure costs to support development of our new districts and refurbishment of existing equipment. The Canadian capital budget has increased by $57 million and includes the acquisition or construction of a new maintenance facility for our Canadian operations as well as additional maintenance and support equipment. The remainder of the increase has been allocated to our Russian operations and Corporate division.


COMPARATIVE QUARTERLY INCOME STATEMENTS ($ thousands, unaudited)
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                                                           Quarter-
                                                              Over-
Three months                          % of            % of  Quarter       %
 ended March 31,              2011 Revenue    2010 Revenue   Change  Change
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Revenue                    534,630  100.0% 330,000  100.0%  204,630   62.0%
Expenses
 Materials and operating   364,663   68.2% 244,607   74.1%  120,056   49.1%
 General and administrative 24,634    4.6%  13,106    4.0%   11,528   88.0%
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Operating income(i)        145,333   27.2%  72,287   21.9%   73,046  101.0%
 Finance costs               2,011    0.4%   2,286    0.7%     (275) -12.0%
 Depreciation and 
  amortization              30,105    5.6%  23,513    7.1%    6,592   28.0%
 Foreign exchange 
  (gain)/loss                 (309)  -0.1%   1,849    0.6%   (2,158)-116.7%
 Other income               (1,757)  -0.3%    (608)  -0.2%   (1,149) 189.0%
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 Income before income
  taxes                    115,283   21.6%  45,247   13.7%   70,036  154.8%
 Income tax expense         32,855    6.1%  12,704    3.8%   20,151  158.6%
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Net Income                  82,428   15.4%  32,543    9.9%   49,885  153.3%
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(i) see first page of this report


CANADIAN OPERATIONS
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Three months ended,                             March 31,    % of  March 31,
($ thousands, except revenue per job, unaudited)    2011  Revenue      2010
----------------------------------------------------------------------------
Revenue                                          326,379            212,942
Expenses
 Materials and operating                         197,388    60.5%   140,508
 General and administrative                        7,266     2.2%     4,768
                                               ----------         ----------
 Total expenses                                  204,654    62.7%   145,276
Operating income(i)                              121,725    37.3%    67,666
Number of jobs                                     7,562              6,041
Revenue per job                                   42,380             35,019
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CANADIAN OPERATIONS
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 Three months ended,                             
 ($ thousands, except revenue per job,          % of  December 31,     % of 
  unaudited)                                 Revenue         2010   Revenue
----------------------------------------------------------------------------
Revenue                                                   267,831
Expenses
 Materials and operating                        66.0%     159,463     59.5%
 General and administrative                      2.2%       7,631      2.8%
                                                      -----------
 Total expenses                                 68.2%     167,094     62.4%
Operating income(i)                             31.8%     100,737     37.6%
Number of jobs                                              6,674
Revenue per job                                            39,738
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(i) see first page of this report


Sales Mix
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Three months ended,                        March 31,  March 31, December 31,
(unaudited)                                   2011       2010         2010
----------------------------------------------------------------------------
% of Total Revenue
Fracturing                                      63%        64%          65%
Cementing                                       21%        20%          17%
Nitrogen                                         6%         5%           5%
Coiled Tubing                                    5%         5%           6%
Acidizing                                        3%         3%           4%
Other                                            2%         3%           3%
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Total                                          100%       100%         100%
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Operations Review

Strong first quarter demand in Canada was led by the continued strength of horizontal drilling and oil and liquids-rich gas directed activity. The average number of active drilling rigs in Canada increased by 27% compared to the first quarter of 2010 as a 60% rise in oil rigs was partially offset by a 13% decline in gas rigs. Canadian rig count also benefitted from an extended winter drilling season caused by cold weather conditions throughout most of the first quarter.

Horizontal drilling activity continued to gain momentum as the number of horizontal wells drilled increased year-over-year. The growth of horizontal drilling continues to benefit our fracturing service line as revenue from horizontal wells was 83% of fracturing and fracturing related revenue compared to 61% in the first quarter of 2010. This resulted in higher revenue per job as horizontal wells generally require more fracturing horsepower. Our aggressive capital expansion policy has addressed the growing demand for horsepower as our Canadian fracturing horsepower has increased by approximately 40% compared to the first quarter of 2010.

Oil and liquids-rich gas directed activity sustained strong demand throughout the first quarter despite weak natural gas prices. With strong oil prices and the favourable economics of liquids-rich gas plays, we expect activity levels to remain robust as increased oil and liquids-rich gas drilling will continue to support near-term activity levels and more than offset any declines in dry gas directed drilling.

Strong demand for our services led to improved pricing as first quarter prices increased by 12% and contributed to a 550 basis point increase in operating income percentage compared to the first quarter of 2010. Sequentially, pricing improved by 4% but was offset by increased inputs costs, leading to a flat operating income percentage compared to the fourth quarter of 2010.

Current Quarter versus Q1 2010

Revenue for the quarter increased by 53% or $113.4 million compared to the first quarter of 2010. Our aggressive capital expansion initiatives have provided us with increased capacity in Canada and have significantly contributed to revenue growth through increased revenue per job and number of jobs. In addition, the cementing service line strongly contributed to revenue increasing by 54% with the same cement pumper capacity as deployed during the 2010 first quarter.

Revenue per job benefitted from the growth of horizontal drilling, which generally requires more fracturing horsepower and larger cementing treatments relative to vertical wells. Our increased capacity has provided our fracturing crews with more horsepower and allowed us to respond to the growing demand for larger jobs. A price increase of 12% also contributed to the increase in revenue per job. Job count was consistent with the 27% increase in rig count and also benefited from a 40% increase in fracturing horsepower and higher utilization in the cementing service line.

As a percentage of revenue, materials and operating expenses decreased to 60.5% from 66.0% largely because of pricing increases and increased operational leverage on our fixed cost structure. General and administrative costs increased by $2.5 million due mainly to increases in employee related costs such as salaries, profit sharing and share based expenses.

Current Quarter versus Q4 2010

Revenue increased 22%, or $58.5 million, from the fourth quarter of 2010 and benefitted from increased industry activity due to first quarter winter drilling programs and a 50% increase in cementing revenue. Revenue per job increased by 7% due to a 4% increase in pricing combined with larger job sizes. Job size continues to increase with the rise in horizontal drilling activity, which was up 18% compared to the fourth quarter of 2010.

Job count increased 13% compared to the 37% increase in Canadian rig count. We experienced strong utilization levels in all service lines during the first quarter despite the discrepancy between the increases in the rig count and job count. This discrepancy is largely a result of the rise in industry activity that has led to a backlog of wells drilled during the first quarter that will not be completed until the second or third quarter.

Materials and operating expenses increased as a percentage of revenue to 60.5% compared to 59.5% for the fourth quarter of 2010. A 4% pricing increase was more than offset by higher fuel prices and slightly higher input costs. General and administrative costs decreased by $0.4 million as decreases in professional fees and restricted share unit expenses were partially offset by increases to salary and profit sharing expenses.


UNITED STATES OPERATIONS
----------------------------------------------------------------------------
Three months ended,                              
($ thousands, except revenue per job,            March 31,    % of March 31,
 unaudited)                                          2011  Revenue     2010
----------------------------------------------------------------------------
Revenue                                           143,552            59,276
Expenses
 Materials and operating                          102,005    71.1%   48,950
 General and administrative                         2,233     1.6%    1,082
                                                ----------         ---------
 Total expenses                                   104,238    72.6%   50,032
Operating income(i)                                39,314    27.4%    9,244
Number of jobs                                        947               629
Revenue per job                                   153,968            94,363
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UNITED STATES OPERATIONS
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Three months ended,                               
($ thousands, except revenue per job,            % of  December 31,    % of
 unaudited)                                   Revenue         2010  Revenue
----------------------------------------------------------------------------
Revenue                                                    107,588
Expenses
 Materials and operating                         82.6%      83,770    77.9%
 General and administrative                       1.8%       1,958     1.8%
                                                       ------------
 Total expenses                                  84.4%      85,728    79.7%
Operating income(i)                              15.6%      21,860    20.3%
Number of jobs                                                 822
Revenue per job                                            131,538
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Operations Review

U.S. industry activity remained strong during the first quarter as active land based rigs in the US increased marginally and the horizontal rig count increased by 42 rigs or 4%. The average number of active drilling rigs in our areas of operation remained consistent with the fourth quarter of 2010. Oil directed activity continues to drive demand as the number of active drilling rigs targeting oil approached 50% of total land based rigs at the end of the first quarter of 2011, which is the highest percentage since 1993. The demand for pressure pumping services also benefitted from the continued strength of horizontal drilling activity as the number of horizontal wells represented 57% of drilling activity during the first quarter of 2011.

Although first quarter results in the U.S. were strong, unfavourable weather conditions in February had a negative impact on first quarter operations. We estimate that a week of activity was lost in most of our districts due to heavy snowfall and ice storms throughout Texas, Oklahoma and Arkansas.

The first quarter of 2011 was the first full quarter of operations for our Pennsylvania district operating in the Marcellus region. Activity levels were strong in this region during the period and we expect this trend to continue for the remainder of 2011.

We were able to increase pricing on some key contracts late in 2010 and as a result, first quarter margins improved substantially compared to the fourth quarter of 2010. Pricing improved by 7% and largely accounts for a 710 basis point improvement in operating margins on a sequential basis.

Current Quarter versus Q1 2010

Revenue increased by 142% in the first quarter of 2011 compared to the first quarter of 2010. Job count increased by 51% and benefitted from geographic expansion initiatives. The first quarter of 2010 did not include any operations in the Marcellus region and only partial operations from our base in Shawnee, which was purchased near the end of the first quarter of 2010. The increase in job count was also the result of increased activity levels as year-over-year rig count increased by 10% in our areas of operation. Revenue per job increased by 63% due to a 57% increase in pricing combined with larger job sizes.

As a percentage of revenue, materials and operating expenses decreased to 71.1% from 82.6% because of increased pricing and operational leverage on our fixed cost structure. These factors were partially offset by cost increases for key inputs, such as sand and guar.

General and administrative costs increased by $1.2 million due largely to higher employee costs such as salaries, profit sharing and restricted share unit expenses.

Current Quarter versus Q4 2010

Revenue for the quarter increased by 33% relative to the fourth quarter of 2010. Activity from our Marcellus base contributed to the 15% increase in job count as this was the first full quarter of operations for this base. Increased activity across all other operating areas also led to increased job count. Revenue per job increased by 17% due to a 7% increase in pricing combined with larger job sizes performed during the quarter. The increase in revenue per job was partially offset by a 3% weakening of the U.S. dollar.

Materials and operating expenses decreased to 71.1% from 77.9% as a percentage of sales largely because of the pricing increase. General and administrative expenses increased by $0.3 million as a result of an increase in salaries that was partially offset by a decrease in restricted share unit expenses.


RUSSIAN OPERATIONS
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Three months ended,                             
($ thousands, except revenue per job,           March 31,    % of  March 31,
 unaudited)                                         2011  Revenue      2010
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Revenue                                           64,699             57,782
Expenses
 Materials and operating                          59,204    91.5%    51,826
 General and administrative                        3,316     5.1%     2,069
                                                ---------          ---------
 Total expenses                                   62,520    96.6%    53,895
Operating income(i)                                2,179     3.4%     3,887
Number of jobs                                     1,076              1,029
Revenue per job                                   58,269             55,621
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RUSSIAN OPERATIONS
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Three months ended,                              
($ thousands, except revenue per job,            % of December 31,     % of 
 unaudited)                                   Revenue        2010   Revenue
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Revenue                                                    58,852
Expenses
 Materials and operating                        89.7%      53,840     91.5%
 General and administrative                      3.6%       4,011      6.8%
                                                      ------------
 Total expenses                                 93.3%      57,851     98.3%
Operating income(i)                              6.7%       1,001      1.7%
Number of jobs                                              1,052
Revenue per job                                            53,923
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(i) see first page of this report


Sales Mix
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Three months ended,                         March 31, March 31, December 31,
(unaudited)                                     2011      2010         2010
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% of Total Revenue
Fracturing                                       81%       84%          78%
Coiled Tubing                                    11%        9%          12%
Cementing                                         4%        4%           5%
Nitrogen                                          4%        3%           5%
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Total                                           100%      100%         100%
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Operations Review

First quarter activity levels increased modestly both sequentially and year-over-year for our Russian operations. Based on the results of the 2011 Russian contract tendering process, we expected activity levels to increase by approximately 7% relative to 2010. The year-over-year job count increase of 5% was slightly below this expectation due largely to warm weather experienced near the end of the first quarter that delayed certain jobs into the second quarter.

First quarter operating margins improved marginally compared to the fourth quarter of 2010 as improved pricing more than offset increases to key input costs, such as fuel and sand. Cost inflation continues to be a significant issue for our Russian operations and we will continue to focus on optimizing our cost structure in this region.

The ruble remained relatively consistent with the Canadian dollar, strengthening by 2% in the first quarter of 2011 compared to the fourth quarter of 2010 and weakening by 3% year-over-year.

Current Quarter versus Q1 2010

Revenue increased 12% compared to the first quarter of 2010. Job count increased by 5%, which was slightly below expectations as weather related issues late in the quarter led to customer delays. Revenue per job increased by 5% as a 3% weakening of the Russian ruble was offset by price increases obtained during the 2011 tendering process.

Materials and operating expenses for the quarter increased as a percentage of revenue to 91.5% compared to 89.7% for the same period in 2010. Cost inflation continues to negatively impact Russian margins as key input costs such as fuel, sand, and third party hauling have increased year-over-year.

General and administrative costs increased by $1.2 million due to higher employee costs and bad debt recoveries in 2010 that reduced general and administrative expenses in the prior period.

Current Quarter versus Q4 2010

Revenue increased 10% from the fourth quarter of 2010 as a result of increases in job count and revenue per job. Most of the increase in job count was from higher fracturing activity offset partially by a slight decrease in all other service lines. The increase in fracturing activity, pricing increases, and a 2% increase in the ruble all accounted for the 8% increase in revenue per job.

Materials and operating expenses as a percentage of revenue remained consistent on a sequential basis as pricing increases were offset by higher fuel and third party hauling costs. General and administrative expenses decreased by $0.7 million due to a reduction in bad debt expenses and restricted share unit costs.


CORPORATE DIVISION
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Three months ended,                              March 31,    % of March 31,
($ thousands, except revenue per job,
 unaudited)                                          2011  Revenue     2010
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Expenses
 Materials and operating                            6,066     1.1%    3,323
 General and administrative                        11,819     2.2%    5,187
                                                 ---------         ---------
 Total expenses                                    17,885     3.3%    8,510
Operating loss(i)                                 (17,885)           (8,510)
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CORPORATE DIVISION
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Three months ended,                               % of December 31,    % of
($ thousands, except revenue per job,
 unaudited)                                    Revenue        2010  Revenue
----------------------------------------------------------------------------
Expenses
 Materials and operating                          1.0%       5,174     1.2%
 General and administrative                       1.6%       9,033     2.1%
                                                       ------------ 
 Total expenses                                   2.6%      14,207     3.3%
Operating loss(i)                                          (14,207)
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(i) 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 2010

Corporate division expenses were up $9.4 million from the same quarter last year due primarily to increases in employee costs, profit sharing expenses, and bank charges incurred on new debt facilities.

Current Quarter versus Q4 2010

Corporate division expenses were up $3.7 million on a sequential basis due largely to increases in profit sharing expense and employee costs.

OTHER EXPENSES AND INCOME

Finance costs decreased to $2.0 million for the quarter from $2.3 million for the same quarter last year as a result of lower average debt balances. Depreciation and amortization increased to $30.1 million for the quarter compared to $23.5 million for the same period last year, largely as a result of higher equipment balances in our North American regions.

The foreign exchange gain of $0.3 million in the quarter was due to the net impact of fluctuations in the US dollar and Russian ruble relative to the Canadian dollar. Other income was $1.8 million in the quarter versus $0.6 million for the same period in the prior year. The increase was due largely to proceeds from an insurance claim.

INCOME TAXES

Trican recorded income tax expense of $32.9 million in the quarter versus $12.7 million for the comparable period of 2010. The increase in tax expense is primarily attributable to significantly higher earnings.

LIQUIDITY AND CAPITAL RESOURCES

Operating Activities

Funds provided by operations increased to $141.7 million in the first quarter of 2011 from $62.0 million in the first quarter of 2010 largely as a result of higher net income.

At March 31, 2011, the Company had working capital of $402.1 million, an increase of $43.5 million from the 2010 year end level of $358.6 million. The rise in working capital is predominantly a result of increased activity levels.

Investing Activities

We have increased our 2011 capital budget by $123 million to $616 million. The increase consists of an additional $53 million for our U.S operations and includes the acquisition or construction of a new maintenance facility for our U.S. operations, infrastructure costs to support development of our new districts and refurbishment of existing equipment. The Canadian capital budget has increased by $57 million and includes the acquisition or construction of a new maintenance facility for our Canadian operations as well as additional maintenance and support equipment. The remainder of the increase has been allocated to our Russian operations and Corporate division.

Capital expenditures for the quarter totalled $100.3 million compared with $74.3 million for the same period in 2010. This investment was largely directed towards equipment and operating facilities in North America.

At March 31, 2011, Trican had a number of ongoing capital projects and estimates that $380.5 million of additional investment will be required to complete them.

Financing Activities

On April 28, 2011, Trican closed the issuance of US$250 million and CAD$60 million senior unsecured notes on a private placement basis (the "Private Placement"). The notes issued under the Private Placement are subject to various terms with an average term of 7.5 years and an average rate of approximately 5.4%. The notes are unsecured and rank equally with Trican's bank facilities and other outstanding senior notes. Trican intends to use the net proceeds to fund a portion of its 2011 capital expenditure program and for general corporate purposes.

During the first quarter of 2011, the Company replaced its existing Revolving Credit Facility with a new syndicated CAD $250 million three year extendible Revolving Credit Facility (the "New Facility"). The New Facility is unsecured and bears interest at Canadian prime rate, U.S. prime rate, Banker's Acceptance rate or at LIBOR plus 125 to 375 basis points, dependent on certain financial ratios of the Company.

As at May 9, 2011, Trican had 145,349,319 common shares and 7,572,729 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 24, 2011, which is available under Trican's profile at www.sedar.com.

OUTLOOK

Canadian Operations

In Canada, first quarter results were indicative of a strong Canadian market and we expect these favourable market conditions to continue throughout 2011. With strong oil prices and the favourable economics of oil and liquids-rich gas plays, we expect activity to remain robust and support near term demand for all of our service lines.

Strong oil and liquids-rich gas activity is expected to more than offset any declines in dry gas directed activity caused by low natural gas prices. Although we are not anticipating an increase in the price of natural gas during 2011, any meaningful improvements in natural gas prices would be expected to have a sizable impact on industry activity.

We saw moderate pricing improvements in Canada during the first quarter of 2011 with a sequential price increase of 4%. We expect to see small pricing gains in the near-term to offset cost increases, which we expect will result in 2011 second half margins that are consistent with those seen in the first quarter of 2011.

Our Canadian operations will add a significant amount of equipment during the latter half of 2011 as part of our aggressive capital expansion initiatives. However, we do not expect these initiatives to have a meaningful impact on 2011 results as most of the equipment will be delivered near the end of the year. We expect to see the full benefit of these additions in 2012. We currently expect demand for our services in Canada to remain strong throughout 2011 and we are confident that this momentum will continue into 2012.

US Operations

The outlook for our U.S. operations is similar to that of our Canadian operations. Oil and liquids-rich gas activity has remained strong and continues to support overall activity levels despite weak gas prices. In addition, the demand for pressure pumping services continues to benefit from the continued strength of horizontal drilling activity. We expect these market conditions to persist throughout the remainder of 2011 and support near term demand for our services in the U.S.

Substantial pricing improvements in the first quarter of 2011 had a positive impact on operating margins. We expect modest pricing improvements for the remainder of 2011 with margins consistent with the first quarter as higher pricing will be offset by cost inflation and start-up costs associated with geographic expansion.

We anticipate that our aggressive capital spending initiatives will result in significant expansion for our U.S. operations throughout the rest of 2011. A new crew in the Eagle Ford region commenced operations in April under a long term contract with a major U.S customer. Five additional crews are expected to be added during 2011 including second crews in the Marcellus and Eagle Ford regions, two crews in a new U.S. region focused on oil and liquids-rich gas, and crew to be used on the spot market. The additional crews we plan on deploying during the last three quarters of 2011 total approximately 200,000 HP, an increase of approximately 55% relative to our ending first quarter US horsepower capacity. We will also focus on growing our other service lines in the U.S. during 2011. Based on current contracts, approximately 55% of our 2011 year-end capacity is committed to long term work arrangements. We will continue to pursue additional contracts targeting 70% of our equipment under contract by year end.

Russian Operations

We expect 2011 work programs in Russia to be executed as planned and as a result, we continue to expect 2011 activity levels to exceed those of 2010 by approximately 7%. Despite the growth in activity and modest price increases, operating margins are expected to remain consistent with 2010 margins as cost inflation is expected to offset the growth in activity and pricing. Cost increases for key inputs such as proppant, chemicals and fuel, continues to be an issue in Russia and we expect it will have a negative impact on Russian operating margins throughout 2011. As a result, our strategy in Russia for the rest of 2011 will be on optimizing our cost structure and maintaining our superior level of customer service in the Russian market.

Despite the current challenges faced in Russia, Trican believes in the long term potential of the Russian market. This region contains significant oil and gas reserves and it is the primary supplier of energy to Europe. Although 2011 will be a difficult year, we expect the Russian market will continue to grow as it realizes its long-term potential and our leading position in this region will allow us to capitalize on this growth as it occurs.

NON-IFRS DISCLOSURE

Adjusted net income, operating income and funds provided by operations do not have any standardized meaning as prescribed by IFRS and, therefore, are considered non-IFRS measures.

Adjusted net income and funds provided by operations have been reconciled to net income and operating income has been reconciled to gross profit, being the most directly comparable measures calculated in accordance with IFRS. The reconciling items have been presented net of tax.


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                                                  Three months ended
                                            March 31, March 31, December 31,
                                                2011      2010         2010
----------------------------------------------------------------------------
Adjusted net income                           85,463    34,183       58,824
Deduct:
 Non-cash stock-based compensation expense     3,035     1,640        3,222
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Net income (IFRS financial measure)           82,428    32,543       55,602
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                                                  Three months ended
                                            March 31, March 31, December 31,
                                                2011      2010         2010
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Funds provided by operations                 141,702    61,992       109,423
Charges to income not involving cash
 Depreciation and amortization                30,105    23,513       30,034
 Stock-based compensation                      3,035     1,640        3,222
 Loss/ (gain) on disposal of property and
  equipment                                       25        (7)        (129)
 Gain on revaluation of deferred consideration     -       (21)           -
 Unrealized foreign exchange loss                 10       803           (2)
 Income tax expense                           32,855    12,704       20,696
 Income tax paid                              (6,756)   (9,183)           - 
----------------------------------------------------------------------------
Net income (IFRS financial measure)           82,428    32,543       55,602
----------------------------------------------------------------------------
----------------------------------------------------------------------------

----------------------------------------------------------------------------
                                                  Three months ended
                                            March 31, March 31, December 31,
                                                2011      2010         2010
----------------------------------------------------------------------------
Operating income                             145,333    72,287      109,402
Add:
 Administrative expenses                      25,504    13,930       23,653
Deduct:
 Depreciation expense                        (30,105)  (23,513)     (30,034)
----------------------------------------------------------------------------
Gross profit (IFRS financial measure)        140,978    62,704      103,021
----------------------------------------------------------------------------
----------------------------------------------------------------------------

FORWARD-LOOKING STATEMENTS

This document contains statements that constitute forward-looking statements within the meaning of applicable securities legislation. These forward-looking statements are identified by the use of terms and phrases such as "anticipate," "achieve", "achievable," "believe," "estimate," "expect," "intend", "plan", "planned", and other similar terms and phrases. These statements speak only as of the date of this document and we do not undertake to publicly update these forward-looking statements except in accordance with applicable securities laws. These forward-looking statements include, among others:

- expectations that activity levels in the Canadian geographic region will remain robust and that oil and liquids rich gas drilling will offset declines in dry gas directed drilling;

- expectations that the strong activity levels in the Marcellus region will continue through the remainder of 2011;

- expectations that the favourable market conditions experienced in Canada will continue through the remainder of 2011;

- anticipate continued robust activity for all service lines from liquids-rich gas plays;

- strong oil and liquids-rich gas activity is expected to more than offset any declines in dry gas directed activities;

- not anticipating a meaningful increase in the price of natural gas during 2011;

- expectations of small pricing gains in the near-term will help maintain consistent margins throughout the year;

- not anticipating significant margin increases as a result of additional equipment as delivery is expected late in the year;

- expectation that full benefit of additions to equipment will be seen in 2012;

- expectations that utilization levels will remain high throughout 2011 and 2012 in the Canadian geographic region;

- expectations that demand for our services in Canada will remain strong throughout 2011 and into 2012;

- expectations that demand from our services in the US market will continue to benefit from increased horizontal drilling activity;

- anticipation of modest price increases in our US geographic region;

- expectations that the Company's customers in Russia will execute their 2011 work plans as planned resulting in an increase in activity levels compared to 2010;

- operating margins are expected to remain consistent with 2010 margins as cost inflation is expected to offset the growth in activity and pricing;

- expect cost increases for key inputs to continue to have a negative impact on operating margins in the Russian geographic region;

- expectations that long term Russian activity levels will grow resulting in future benefits;

- expected use of proceeds from the Private Placement;

- expectation that aggressive capital spending initiatives will result in significant expansion for U.S. operations in 2011;and

- plan to pursue additional contracts targeting 70% of equipment under contract by year-end.

Forward-looking statements are based on current expectations, estimates, projections and assumptions, which we believe are reasonable but which may prove to be incorrect and therefore such forward-looking statements 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: industry activity; the general stability of the economic and political environment; effect of market conditions on demand for the Company's products and services; 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; the timing and costs of capital expenditures; future oil and natural gas prices; currency, exchange and interest rates; the regulatory framework regarding royalties, taxes and environmental matters in the jurisdictions in which the Company operates; and the ability of the Company to successfully market its products and services.

Forward-looking statements are subject to 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; the successful exploitation and integration of technology; customer acceptance of technology; success in obtaining issued patents; the potential development of competing technologies by market competitors; and availability of products, qualified personnel, manufacturing capacity and raw materials. In addition, actual results could differ materially from those anticipated in these forward-looking statements as a result of the risk factors set forth under the section entitled "Business Risks" in this document.

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


CONSOLIDATED STATEMENT OF FINANCIAL POSITION
                                           March 31, December 31, January 1,
(Stated in thousands; unaudited)               2011         2010       2010
----------------------------------------------------------------------------
----------------------------------------------------------------------------
ASSETS
Current assets
 Cash and cash equivalents                 $ 37,210  $    81,058   $ 26,089
 Trade and other receivables                481,002      364,986    181,483
 Current tax assets                             948        6,046          -
 Inventory                                  135,529      106,607     91,197
 Prepaid expenses                            10,505        9,257      8,568
----------------------------------------------------------------------------
                                            665,194      567,954    307,337
Property and equipment                      765,761      700,230    532,063
Intangible assets                            18,950       20,816     28,082
Deferred tax assets                         101,752      108,688     99,685
Other assets                                 11,293       13,115     17,918
Goodwill                                     36,916       36,916     36,916
----------------------------------------------------------------------------
                                         $1,599,866   $1,447,719 $1,022,001
----------------------------------------------------------------------------
----------------------------------------------------------------------------

LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
 Bank loans (note 4)                     $    6,810   $        - $   27,997
 Trade and other payables                   249,875      209,305    106,565
 Deferred consideration                           -            -      1,882
 Current tax liabilities                      6,423           22      6,505
----------------------------------------------------------------------------
                                            263,108      209,327    142,949
Loans and borrowings (note 4)               106,073      106,627    176,665
Deferred tax liabilities                    141,429      132,364     63,703
 Non-controlling interest                         -            -        296
Shareholders' equity
 Share capital (note 5)                     491,004      486,594    246,854
 Contributed surplus                         45,038       42,919     32,812
 Accumulated other comprehensive income     (18,375)     (19,273)         -
 Retained earnings                          571,589      489,161    358,722
----------------------------------------------------------------------------
Total equity attributable to equity holders 
 of the Company                           1,089,256      999,401    638,388
----------------------------------------------------------------------------
Subsequent events (note 4)               $1,599,866   $1,447,719 $1,022,001
----------------------------------------------------------------------------
----------------------------------------------------------------------------

See accompanying notes to the consolidated financial statements.


CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
                                               Three Months    Three Months
(Stated in thousands,                        Ended March 31, Ended March 31,
except per share amounts; unaudited)                   2011            2010
----------------------------------------------------------------------------

Revenue                                            $534,630        $330,000
Cost of sales                                       393,652         267,296
----------------------------------------------------------------------------
Gross profit                                        140,978          62,704
Administrative expenses                              25,751          13,931
Other income/ (expense)                              (1,120)             17
----------------------------------------------------------------------------
Results from operating activities                   116,347          48,756
Finance income                                         (638)           (627)
Finance costs                                         2,011           2,287
Foreign exchange (gain)/loss                           (309)          1,849
----------------------------------------------------------------------------
Profit before income tax                            115,283          45,247
Income tax expense (note 7)                          32,855          12,704
----------------------------------------------------------------------------
Profit for the period                             $  82,428        $ 32,543
----------------------------------------------------------------------------
Earnings per share (note 6)
----------------------------------------------------------------------------
 Basic                                             $   0.57        $   0.26
 Diluted                                           $   0.56        $   0.26
----------------------------------------------------------------------------
Weighted average shares outstanding - basic         144,745         125,662
Weighted average shares outstanding - diluted       146,415         126,794
----------------------------------------------------------------------------
Other comprehensive income
 Foreign currency translation differences               898          (4,043)
----------------------------------------------------------------------------
Total comprehensive income for the period          $ 83,326        $ 28,500
----------------------------------------------------------------------------
Total comprehensive income attributable to:
Owners of the Company                                83,326          28,520
Non-controlling interest                                  -             (20)
----------------------------------------------------------------------------
Total comprehensive income for the period          $ 83,326        $ 28,500
----------------------------------------------------------------------------
----------------------------------------------------------------------------

See accompanying notes to the consolidated financial statements.


CONSOLIDATED STATEMENT OF CASH FLOWS
                                               Three Months    Three Months
                                             Ended March 31, Ended March 31,
(Stated in thousands; unaudited)                       2011            2010
----------------------------------------------------------------------------
Cash Provided By/ (Used In):
Operations
 Profit for the period                             $ 82,428        $ 32,543
 Charges to income not involving cash:
  Depreciation and amortization                      30,105          23,513
  Stock-based compensation                            3,035           1,640
  Loss/(gain) on disposal of property and equipment      25              (7)
  Gain on revaluation of deferred consideration           -             (21)
  Unrealized foreign exchange loss                       10             803
  Income tax expense                                 32,855          12,704
----------------------------------------------------------------------------
                                                    148,458          71,175
 Change in inventories                              (23,683)         (3,808)
 Change in trade and other receivables             (115,008)       (124,953)
 Change in prepayments                               (1,196)            953
 Change in trade and other payables                  34,425          67,847
----------------------------------------------------------------------------
Cash generated from operating activities             39,901          11,214
 Interest paid                                         (537)           (727)
 Income tax paid                                     (6,756)         (9,183)
----------------------------------------------------------------------------
                                                     35,702           1,304
Investing
 Interest received                                      530             585
 Purchase of property and equipment                (100,263)        (74,337)
 Proceeds from the sale of property and equipment       371              53
 Payments received on loan to an unrelated 
  third party                                         1,403           1,372
 Net change in non-cash working capital from
  investing activities                               14,988          (1,489)
----------------------------------------------------------------------------
                                                    (79,875)        (73,816)
Financing
 Net proceeds from issuance of share capital          3,494              74
 Issuance of bank loans                               6,810          16,768
 Issuance of long-term debt                               -          51,185
 Dividend paid                                       (7,232)         (6,282)
----------------------------------------------------------------------------
                                                      3,072          61,745
Effect of exchange rate changes on cash                 349          (1,079)
----------------------------------------------------------------------------
Decrease in cash and cash equivalents               (43,848)        (11,846)
Cash and cash equivalents, beginning of period       81,058          26,089
----------------------------------------------------------------------------
Cash and cash equivalents, end of period           $ 37,210        $ 14,243
----------------------------------------------------------------------------
----------------------------------------------------------------------------

See accompanying notes to the consolidated financial statements (unaudited).

Selected Notes to the condensed consolidated interim financial statements

For the periods ended March 31, 2011 and 2010

NOTE 3 - PROPERTY AND EQUIPMENT

Acquisitions and disposals

Included within property and equipment are assets held under finance lease with a gross value of $21.1 million (December 31, 2010 - $18.5 million) and accumulated depreciation of $6.6 million (December 31, 2010 - $5.4 million).


NOTE 4 - LOANS AND BORROWINGS

Bank loans

(Stated in thousands)                      March 31, 2011 December 31, 2010
----------------------------------------------------------------------------
Demand revolving facilities:
 U.S.$20 million facility, held by 
  Russian subsidiary (Canadian 
  equivalent of $19.9 million facility)            $6,810               $ -
----------------------------------------------------------------------------
                                                   $6,810               $ -
----------------------------------------------------------------------------
----------------------------------------------------------------------------

The Company's Russian subsidiary has a U.S.$20 million demand revolving facility with a large international bank. This facility is unsecured, bears interest at LIBOR plus a premium, as determined by the bank, plus 2.75% and has been guaranteed by the Company.


Long term debt

(Stated in thousands)                      March 31, 2011 December 31, 2010
----------------------------------------------------------------------------
Notes payable                                      97,180            99,460
Finance lease obligations                           8,893             7,167
----------------------------------------------------------------------------
                                                 $106,073          $106,627
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Notes payable

On June 21, 2007, the Company entered into an agreement with institutional investors in the U.S. providing for the issuance, by way of private placement of U.S. $100 million of Senior Unsecured Notes (the "Notes") in two tranches:

- U.S. $25 Million Series A Senior Notes maturing June 22, 2012, bearing interest at a fixed rate of 6.02% payable semi-annually on June 22 and December 22; and

- U.S. $75 Million Series B Senior Notes maturing June 22, 2014, bearing interest at a fixed rate of 6.10% payable semi-annually on June 22 and December 22.

The Notes require the Company to comply with certain financial and non-financial covenants that are typical for this type of arrangement. At March 31, 2011, the Company was in compliance with these covenants.

On April 28, 2011 the Company closed a private placement of senior unsecured notes. The notes have 5, 7 and 10 year terms, an average rate of 5.4% and a principal amount of USD$250 million and CAD$60 million. The notes are unsecured and will rank equally with the Company's bank facilities and other outstanding senior notes.

Credit Facility

During the first quarter of 2011, the Company replaced its existing Revolving Credit Facility with a new syndicated CAD $250 million three year extendible Revolving Credit Facility (the "New Facility"). The New Facility is unsecured and bears interest at Canadian prime rate, U.S. prime rate, Banker's Acceptance rate or at LIBOR plus 125 to 375 basis points, dependent on certain financial ratios of the Company.

NOTE 5 - SHARE CAPITAL

Authorized:

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

The shares have no par value.


Issued and Outstanding - Common Shares:

----------------------------------------------------------------------------
(stated in thousands, 
 except share amounts)                   Number of Shares            Amount
----------------------------------------------------------------------------
Balance, December 31, 2010                        144,637          $486,594
Exercise of share options                             259             3,494
Reclassification from contributed 
 surplus on exercise of options                         -               916
Balance, March 31, 2011                           144,896          $491,004
----------------------------------------------------------------------------
----------------------------------------------------------------------------

All issued shares are fully paid.

Securities convertible into common shares of the Company are as follows:

----------------------------------------------------------------------------
                                           March 31, 2011 December 31, 2010
----------------------------------------------------------------------------
Securities convertible into common shares:
Employee share options                          6,374,317         6,700,864
----------------------------------------------------------------------------
----------------------------------------------------------------------------

NOTE 6 - EARNINGS PER SHARE

(Stated in thousands, except share and per share amounts)

Basic Income Per Share                               2011              2010
----------------------------------------------------------------------------
Net income available to common shareholders       $82,428           $32,543
Weighted average number of common shares          144,745           125,662
Basic earnings per share                          $  0.57           $  0.26
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Diluted Income Per Share                             2011              2010
----------------------------------------------------------------------------
Net income available to common shareholders       $82,428           $32,543
Weighted average number of common shares          144,745           125,662
Diluted effect of share options                     1,670             1,132
----------------------------------------------------------------------------
Diluted weighted average number of common shares  146,415           126,794
Diluted earnings per share                        $  0.56           $  0.26
----------------------------------------------------------------------------
----------------------------------------------------------------------------


NOTE 7 - INCOME TAXES

(Stated in thousands)
Three months ended                            March 31, 2011 March 31, 2010
----------------------------------------------------------------------------
Provision for current income taxes                   $18,235        $    34
Provision for deferred income taxes                   14,620         12,670
----------------------------------------------------------------------------
                                                     $32,855        $12,704
----------------------------------------------------------------------------
----------------------------------------------------------------------------

The net income tax provision differs from that expected by applying the
combined federal and provincial income tax rate of 26.64% (2010 - 28.21%) 
to income before income taxes for the following reasons:

Three months ended                            March 31, 2011 March 31, 2010
----------------------------------------------------------------------------
Expected combined federal and 
 provincial income tax                               $30,711        $12,832
Non-deductible expenses                                1,380          1,004
Translation of foreign subsidiaries                      230            473
Statutory and other rate differences                   1,909           (972)
Changes to deferred income tax rates                  (1,406)          (717)
Capital and other foreign tax                            108              -
Other                                                    (77)            84
----------------------------------------------------------------------------
                                                     $32,855        $12,704
----------------------------------------------------------------------------
----------------------------------------------------------------------------


NOTE 8 - CONTRACTUAL OBLIGATIONS

The Company has commitments for non-cancelable operating leases, primarily
for office space, as follows:

----------------------------------------------------------------------------
                           Within 1 year 1 to 5 years After 5 years   Total
----------------------------------------------------------------------------
March 31, 2011                    $4,123      $22,764        $2,919 $29,806
----------------------------------------------------------------------------
December 31, 2010                 $5,321      $21,857        $3,352 $30,530
----------------------------------------------------------------------------
----------------------------------------------------------------------------

The Company has commitments for finance lease agreements, primarily for vehicles and equipment, in the aggregate amount of $13.2 million (December 31, 2010- $12.0 million).The long term obligation related to finance leases is $8.9 million (December 31, 2010 - 9.7 million) and is reflected in Loans and borrowings, the short term portion is reflected in Trade and other payables.

As at March 31, 2011, the Company has commitments totaling approximately $380.5 million (2010 - $48.8 million) relating to the construction of property and equipment in 2011.

NOTE 9 - OPERATING SEGMENTS

The Company operates in three main geographic regions: Canada, Russia (which includes Kazakhstan and Algeria), and the U.S. 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 geographic 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, nitrogen and acidizing services which are performed on new and existing oil and gas wells.

- U.S. Operations provides fracturing, cementing, nitrogen and acidizing services which are performed on new and existing oil and gas wells.


(Stated in            Canadian United States    Russian
thousands)          Operations    Operations Operations Corporate     Total
----------------------------------------------------------------------------
Three months ended 
 March 31, 2011
----------------------------------------------------------------------------
Revenue               $326,379      $143,552    $64,699   $     -  $534,630
Gross profit/(loss)    119,177        28,834       (967)   (6,066)  140,978
Finance costs                -             -          -    (2,011)   (2,011)
Depreciation and 
 amortization           10,646        12,759      6,565       135    30,105
Assets                 915,101       262,787    396,989    24,989 1,599,866
Goodwill                22,690             -     14,226         -    36,916
Property and equipment 428,861       243,133     87,238     6,529   765,761
Capital expenditures    28,687        66,790      3,843       943   100,263
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Three months ended 
 March 31, 2010
----------------------------------------------------------------------------
Revenue               $212,942      $ 59,276    $57,782   $     -  $330,000
Gross profit/(loss)     63,362         2,758        (93)   (3,323)   62,704
Finance costs                -             -          -    (2,287)   (2,287)
Depreciation and 
 amortization            9,731         7,611      6,152        19    23,513
Assets                 534,576       366,175    249,708    34,713 1,185,172
Goodwill                22,690             -     14,226         -    36,916
Property and equipment 283,570       193,647    106,518     1,478   585,213
Capital expenditures    12,441        52,935      8,599       362    74,337
----------------------------------------------------------------------------
----------------------------------------------------------------------------

The Corporate division does not represent an operating segment and is included for informational purposes only. Corporate division expenses consist of salary expenses, share-based compensation and office costs related to corporate employees, as well as public company costs.

The Company will host a conference call on Tuesday, May 10, 2011 at 9:00 a.m. MT (11:00 a.m. ET) to discuss the Company's results for the First Quarter 2011.

To listen to the webcast of the conference call, please enter: http://www.gowebcasting.com/2377 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 1-800-952-6845 (North America) or 416-695-6616 (outside North America) 15 minutes prior to the call's start time and ask for the "Trican Well Service Ltd. - First Quarter 2011 Conference Call".

A replay of the conference call will be available until May 17, 2011 by dialling 1-800-408-3053 (North America) or 905-694-9451 (outside North America). Playback passcode: 8822438.

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

Headquartered in Calgary, Alberta, Trican has operations in Canada, the US, Russia 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.

Contact Information

  • Trican Well Service Ltd.
    Dale Dusterhoft
    Chief Executive Officer
    (403) 266-0202
    (403) 237-7716 (FAX)
    ddusterhoft@trican.ca

    Trican Well Service Ltd.
    Michael Baldwin
    Vice President, Finance and Chief Financial Officer
    (403) 266-0202
    (403) 237-7716 (FAX)
    mbaldwin@trican.ca

    Trican Well Service Ltd.
    2900, 645 - 7th Avenue S.W.
    Calgary, Alberta T2P 4G8
    www.trican.ca