Trican Well Service Ltd.

Trican Well Service Ltd.

March 28, 2005 17:05 ET

Trican Well Service Ltd. Announces Stock Split and Capital Budget Expansion


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: TRICAN WELL SERVICE LTD.

TSX SYMBOL: TCW

MARCH 28, 2005 - 17:05 ET

Trican Well Service Ltd. Announces Stock Split and
Capital Budget Expansion

CALGARY, ALBERTA--(CCNMatthews - March 28, 2005) - The Board of
Directors' of Trican Well Service Ltd. (TSX:TCW) has approved a stock
split of its common shares on a three-for-one basis. The trading price
for Trican's common shares has increased substantially in the last year
and the Board of Directors believes that the stock split will encourage
greater market liquidity and wider distribution among retail investors,
as a lower share price will make a board lot more affordable.

Trican's shareholders will be asked to approve the stock split at the
annual and special meeting of shareholders scheduled for May 12, 2005.
In addition to shareholder approval, the stock split is subject to the
receipt of all required regulatory approvals.

Trican is also pleased to announce that the Board of Directors has
approved an increase in the capital expansion program for both its
Canadian and Russian operations.

Canadian Operations

Trican is increasing its capital budget for 2005 for its Canadian
operations by $30.5 million bringing the total budget for the year to
$98.9 million. These additional funds will be used to augment Trican's
deep fracturing capacity by adding two new deep fracturing crews,
providing additional pumping capacity to be able to better utilize our
existing equipment on deeper wells and add two more conventional
nitrogen pumping units required with the additional fracturing capacity.

The two deep crews will provide Trican with it fourteenth and fifteenth
conventional fracturing crews for its Canadian operations.

Russian Operations

Trican is increasing its capital budget for 2005 for its Russian
operations by $3.0 million bringing the total budget for Russian
operations to $19.0 million. These additional funds will be used to
provide additional support equipment and pumping capacity for our
Russian fracturing operations.

With these additional funds, Trican's total capital budget for 2005 is
expected to be $117.9 million.

Headquartered in Calgary, Alberta, Trican's principal operations are in
Canada; however, the Company also has operations in Russia. Trican
provides a comprehensive array of specialized products, equipment and
services that are utilized by exploration and production companies
during the exploration and development of oil and gas reserves. The
Company is managed in three divisions - Well Service, Production
Services and Corporate. The Well Service Division provides deep coiled
tubing, nitrogen, fracturing and cementing services in Canada and
Russia. The Production Services Division provides acidizing,
intermediate depth coiled tubing, Polybore™, jet pumping and
industrial services in Canada.

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Contact Information

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