Trican Well Service Ltd. has completed its 2018-2019 normal course issuer bid (NCIB) that was announced on Oct. 1, 2018.

Pursuant to the 2018-2019 NCIB, Trican purchased and cancelled the maximum allowable number of common shares of the company, totaling 30.92 million common shares for total consideration of $45.4 million at a weighted average price per share of $1.47 (before broker commissions).

Additionally, the Toronto Stock Exchange (TSX) accepted its application to renew this program and make a NCIB to purchase, from Oct. 3, 2019 to Oct. 2, 2020 (or such earlier time as the NCIB is completed or terminated at the option of Trican), certain of its common shares. All purchases will be made through the facilities of the TSX or Canadian alternative trading systems at the prevailing market price at the time of such transaction.

At Sept. 18, 2019, there were 284.38 million common shares issued and outstanding. The number of common shares which may be purchased during the period of the NCIB will not exceed 24.75 million common shares, which is approximately 10 per cent of the public float for the common shares.

The company's public float as at Sept.18, 2019 was 247.53 million common shares. Except as permitted under the TSX rules, the company will not purchase on any given trading day under the NCIB more than 220,020 common shares, being 25 per cent of the average daily trading volume of the common shares on the TSX for the six calendar months ended Aug. 31, 2019, of 880,081 common shares. All common shares purchased through the NCIB will be returned to treasury for cancellation.