TCW Trican Well Service Ltd

Trican (TSX:TCW) is pleased to announce that is has entered into an agreement to
acquire i-Tec Well Solutions AS ("i-Tec"). i-Tec is a privately-owned company
based in Norway that has developed a portfolio of field proven completion &
intervention tool solutions. i-Tec operates in Norway, the United States and
currently supports Trican's Completion Tool division in Canada.


i-Tec's current technology focus is on horizontal cemented liner completion
systems, which we believe to be a growing market within the completion systems
industry. The acquisition of i-Tec fits well with Trican's focus on being a
technological leader and will strategically differentiates Trican in the
horizontal multi-stage fracturing completion and intervention tool markets. The
key management of i-Tec will remain with Trican and are committed to helping
Trican become a premier provider of completion systems and tools.


Trican is a technological leader within the pressure pumping industry and this
acquisition is consistent with our strategy to enhance and add to our service
offering in high technology areas. i-Tec has designed and developed a portfolio
of commercialized and technically differentiated completion and intervention
solutions designed to meet the needs of its customers and maximize well
production. In addition, i-Tec continues to research and rapidly develop the
next generation of tools that will be used in the growing worldwide horizontal
market. With a strong stand-alone completion and intervention tool business,
i-Tec has the added benefit of complementing Trican's existing pressure pumping
service lines. i-Tec's technology portfolio is well protected with a significant
number of patents and patents pending. 


Under the terms of the agreement, Trican will acquire all of the shares and
discharge existing debt of Petro Tools Holding AS (the holding company for i-Tec
and its subsidiaries) in exchange for initial cash consideration of US$30
million and 2.4 million Trican common shares. Cash consideration will be funded
from existing bank facilities. In addition, Trican has agreed to pay deferred
consideration of up to US$47.1 million subject to agreed upon financial targets
for i-Tec for the year ended December 31, 2013. We expect this acquisition to be
accretive in 2013 based on successful execution of the 2013 business plan. The
transaction is expected to close before January 31, 2013.


TD Securities Inc. acted as exclusive financial advisor to Trican, while
Evercore Partners and Alpha Corporate Finance acted as financial advisors to
Petro Tools Holding AS on the transaction.


Headquartered in Calgary, Alberta, Trican has operations in Canada, the United
States, Russia, Kazakhstan, Australia 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.


FORWARD-LOOKING INFORMATION

This document contains information that constitutes forward-looking information
within the meaning of applicable securities legislation. This forward-looking
information is 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. This outlook and information
speaks only as of the date of this document and we do not undertake to publicly
update the forward-looking information contained in this document except in
accordance with applicable securities laws. This forward-looking information
includes:




--  The belief that horizontal cemented liner completion systems are a
    growing market within the completion systems industry; 
--  The belief that the acquisition of i-Tec fits well with Trican's focus
    on being a technological leader and strategically differentiates Trican
    in the horizontal multi-stage fracturing completion and intervention
    tool markets; 
--  The belief that Trican is a technological leader within the pressure
    pumping industry; 
--  The belief that the acquisition of i-Tec is consistent with our strategy
    to enhance and add to our service offerings in high technology area; 
--  The belief that the acquisition of i-Tec will complement Trican's
    existing pressure pumping service lines. 
--  The expectation that the acquisition of i-Tec will be accretive in 2013
    based on successful execution of the 2013 business plan; 
--  The expectation that this transaction is expected to close before
    January 31, 2013. 



Forward-looking information is 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 information 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 information is subject to a number of risks and uncertainties,
which could cause actual results to differ materially from those anticipated.
These risks and uncertainties include: 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 the forward-looking
information and financial outlook provided herein as a result of the risk
factors set forth under the section entitled "Risk Factors" in our Annual
Information Form dated March 22, 2012.


FOR FURTHER INFORMATION PLEASE CONTACT: 
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 & CFO
(403) 266-0202
(403) 237-7716 (FAX)
mbaldwin@trican.ca


Trican Well Service Ltd.
Gary Summach
Director of Reporting and Investor Relations
(403) 266-0202
(403) 237-7716 (FAX)
gsummach@trican.ca


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

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