Trican Well Service Ltd. Reports Fourth Quarter and Year

CALGARY, ALBERTA--(Marketwired - Feb. 24, 2016) - Trican Well Service Ltd. ("Trican") (TSX:TCW) -

Continuing Operations - Financial Review		Three months ended								Twelve months ended
($ millions, except per share amounts; unaudited)		Dec. 31, 2015			Dec. 31, 2014		Sept. 30, 2015			Dec. 31, 2015			Dec. 31, 2014
Revenue		$	260.5		$	696.7	$	325.5		$	1,188.1		$	2,406.8
Adjusted operating income / (loss)*			(5.5	)		99.3		(5.0	)		(63.2	)		225.7
Operating income / (loss) *			(10.9	)		99.3		(7.6	)		(88.1	)		225.7
Gross profit / (loss)			(37.3	)		68.8		(46.9	)		(207.5	)		151.3
Profit / (loss)			(302.5	)		11.9		(197.8	)		(820.3	)		(3.7	)
	Per share - basic and diluted	$	(2.03	)	$	0.08	$	(1.33	)	$	(5.51	)	$	(0.02	)
Adjusted profit / (loss)*			(54.8	)		29.2		(71.9	)		(274.6	)		22.4
	Per share - basic and diluted	$	(0.37	)	$	0.20	$	(0.48	)	$	(1.84	)	$	0.15
Funds provided by / (used in) operations*			(23.9	)		88.2		(33.0	)		(146.2	)		199.1

Notes:

* Trican makes reference to operating income / (loss), adjusted operating income / (loss), adjusted profit / (loss) and funds provided by / (used in) operations. These measures are not recognized under International Financial Reporting Standards (IFRS) and are considered non-GAAP measures. Management believes that, in addition to gross profit / (loss) and profit / (loss), operating income / (loss), adjusted operating income / (loss), adjusted profit / (loss) and funds provided by / (used in) operations are useful supplemental measures. Operating income / (loss) provides investors with an indication of profit / (loss) before depreciation and amortization, foreign exchange gains and losses, asset impairment, other (income) / loss, finance costs and income tax expense / (recovery). Adjusted operating income / (loss) provides investors with an indication of comparable operating income / (loss), which exclude items that are significant but not reflective of our underlying operations for the period. Adjusted profit / (loss) provides investors with information on profit / (loss) excluding asset impairments, the impact of foreign currency gains / losses and the non-cash effect of stock-based compensation expense. Funds provided by / (used in) operations provide investors with an indication of cash available for capital commitments, debt repayments and other expenditures. Investors should be cautioned that operating income / (loss), adjusted operating income / (loss), adjusted profit / (loss), and funds provided by / (used in) operations should not be construed as an alternative to gross profit / (loss) or profit / (loss) determined in accordance with IFRS as an indicator of Trican's performance. Trican's method of calculating operating income / (loss), adjusted operating income / (loss), adjusted profit / (loss) and funds provided by / (used in) operations may differ from that of other companies and accordingly may not be comparable to measures used by other companies. See also "Non-GAAP Disclosure" section of this report.

FOURTH QUARTER HIGHLIGHTS

Trican continued negotiations on the sale of its U.S. operations throughout the fourth quarter. Subsequent to the end of the year, we announced on January 26, 2016, that we have signed a definitive agreement for the sale of the U.S. pressure pumping operations to Keane Group in exchange for USD$200 million (CAD$285 million) of cash proceeds and a 10% interest in the new joint company, plus up to 20% of additional economic participation above certain thresholds upon a Keane liquidity event.

In conjunction with the above agreement for sale, Trican also reached an agreement with its bank lenders under its Revolving Credit Facility and its senior note holders to make further amendments to the applicable credit documentation subject to closing of the U.S. operations sale ("2016 Amended Credit Agreements"). Trican is required to use the net proceeds from the sale of the U.S. operations to pay down the Revolving Credit Facility and the notes payable on a pro-rata basis. The 2016 Amended Credit Agreements includes a waiver of covenants during Q1 2016 and Q2 2016 and a 5.0 times leverage ratio and 2.0 times interest coverage ratio commencing in Q3 2016 and are applicable through Q3 2017. An equity cure of up to $20 million is also included in the additional amendments. Please refer to the Liquidity and Capital Resources - Financing Section for further details regarding the additional amendments.

Consolidated revenue from continuing operations for the fourth quarter of 2015 was $260.5 million, a decrease of 63% compared to the fourth quarter of 2014. The adjusted loss for the period was $54.8 million and adjusted diluted loss per share was $0.37 compared to an adjusted profit of $29.2 million and adjusted diluted profit per share of $0.20 in the same period of 2014. Negatively impacting the consolidated operating income for the Company were significant costs in the fourth quarter of 2015 such as severance associated with workforce reductions as well as legal and professional costs associated with the sale of our U.S. business that were not incurred in the fourth quarter of 2014. Funds used in operations were $23.9 million compared to funds provided by operations of $88.2 million in the fourth quarter of 2014.

Canadian operations generated $158.6 million of revenue and adjusted operating income of $11.3 million during the fourth quarter of 2015 compared to revenue of $342.9 million and adjusted operating income of $74.8 million during the fourth quarter of 2014. Canadian results continue to be negatively impacted by reduced drilling and completions activity caused by low commodity prices. Activity levels were low compared to fourth quarter of 2014 and the pressure of low commodity prices shortened the December activity levels more than normal. Q4 2015 proppant pumped was 15% lower than that pumped in Q4 2014 and stages pumped were 40% lower year over year. Pricing has been meaningfully affected over the year and overall Q4 2015 pricing is down approximately 30% compared to Q4 2014. Trican's Canadian operations' fixed cost structure has been reduced by 37% since the beginning of 2015 as a result of workforce reductions, discretionary spending reductions and lower compensation programs. Canadian margins were negatively impacted by costs in the fourth quarter of 2015 such as severance related to workforce reductions that were not incurred in the fourth quarter of 2014, while repair and maintenance spending was not significantly lowered as we continue to keep our equipment in good working order and have not scavenged equipment during the downturn. Approximately 35% of the Canadian operations' equipment remains parked and we will continue to monitor activity and pricing levels and adjust our active equipment fleet and cost structure accordingly.

U.S. operations generated $94.6 million of revenue and an adjusted operating loss of $6.1 million during the fourth quarter of 2015, compared to Q4 2014 revenue of $340.7 million and adjusted operating income of $34.9 million. Management has meaningfully reduced the U.S. operations' cost structure to match with activity and operating conditions. We operated five of our sixteen crews in the U.S. and have maintained our typical repairs and maintenance programs on all of our equipment. As a result, all of our parked equipment could be put back into service at any time with minimal cost. Notwithstanding low demand combined with excess pressure pumping supply, our U.S. operations decreased its operating loss by $26.6 million as a result of reducing our costs despite generating $26.0 million less in revenue sequentially compared to Q3 2015.

International operations generated $7.4 million in revenue and an adjusted operating loss of $1.2 million during Q4 2015 compared to Q4 2014 revenue of $13.1 million and an adjusted operating income of $1.4 million. As the first full quarter of operations since the sale of Trican's Russian pressure pumping assets, the majority of the remaining activity came from Kazakhstan operations combined with steady business in our Norwegian and Russian completions tools businesses. We have discontinued negotiations with Rosneft regarding the sale of the Kazakhstan business. As of the fourth quarter of 2015, Trican has completely exited or discontinued operations in the Australian and Algerian markets, and has reduced its business activity in the Colombian and Saudi Arabian markets to the point where the Company only has limited operations in these markets.

As a result of low and declining commodity prices combined with excess pressure pumping supply in the market, the Company performed impairment tests to assess the carrying values of its property and equipment, intangible assets and goodwill. The Company recorded an asset impairment of $246.6 million in the fourth quarter ($385.3 million for the year ended December 31, 2015).

CONTINUING OPERATIONS COMPARATIVE QUARTERLY INCOME STATEMENTS
($ thousands, unaudited)
Three months ended December 31,		2015		% of Revenue		2014		% of Revenue		Quarter- Over- Quarter Change		% Change

Revenue		260,487		100	%	696,661		100.0	%	(436,174	)	(63	%)
Expenses
	Materials and operating	257,439		98.8	%	581,437		83.5	%	(323,998	)	(56	%)
	General and administrative	13,996		5.4	%	15,955		2.3	%	(1,959	)	(12	%)
Operating income / (loss)*		(10,948	)	(4.2	%)	99,269		14.2	%	(110,217	)	(111	%)
	Finance costs	15,726		6.0	%	10,252		1.5	%	5,474		53	%
	Depreciation and amortization	43,461		16.7	%	48,527		7.0	%	(5,066	)	(10	%)
	Foreign exchange (gain) / loss	329		0.1	%	10,367		1.4	%	(10,038	)	97	%
	Asset impairment	246,585		94.7	%	5,004		0.7	%	241,581		4,828	%
	Other expenses	2,504		1.0	%	4,374		0.6	%	(1,870	)	(43	%)
Income / (loss) before income taxes and non-
controlling interest		(319,553	)	(122.7	%)	20,745		3.0	%	(340,298	)	(1,640	%)
Income tax expense / (recovery)		(16,792	)	(6.5	%)	10,770		1.5	%	(27,562	)	(256	%)
Non-controlling interest		(294	)	(0.1	%)	(1,916	)	(0.2	%)	1,622		(85	%)
Net income / (loss)		(302,467	)	(116.1	%)	11,891		1.7	%	(314,358	)	(2,644	%)

Adjusted operating income / (loss)*		(5,483	)	(2.1	%)	99,269		14.2	%	(104,752	)	(106	%)
Gross profit / (loss)*		(37,262	)	(14.3	%)	68,808		9.9	%	(106,070	)	(154	%)

* See the first page of this report for a description of been presented in this table as it is the most directly operating income / (loss) and adjusted operating income / (loss). Gross profit / (loss) has comparable measure calculated in accordance with IFRS to operating income / (loss).

CANADIAN OPERATIONS

($ thousands, except revenue per job, unaudited)
Three months ended,	Dec. 31, 2015		% of Revenue		Dec. 31, 2014	% of Revenue		Sept. 30, 2015	% of Revenue
Revenue	158,547				342,872			193,435
Expenses
Materials and operating	148,388		93.6	%	264,463	77.1	%	158,935	82.2	%
General and administrative	2,382		1.5	%	3,613	1.1	%	1,627	0.8	%
Total expenses	150,770		95.1	%	268,076	78.2	%	160,562	83.0	%
Operating income*	7,777		4.9	%	74,796	21.8	%	32,873	17.0	%
Adjusted operating income*	11,290		7.1	%	74,796	21.8	%	33,481	17.3	%

Number of jobs	2,887				5,397			3,565
Revenue per job	54,390				62,245			53,661

Gross profit / (loss)*	(7,457	)	(4.7	%)	61,787	18.0	%	16,627	8.6	%

Sales Mix

Three months ended, (unaudited)	Dec. 31, 2015		Dec. 31, 2014		Sept. 30, 2015
% of Total Revenue
Fracturing and Completions	65	%	67	%	66	%
Cementing	18	%	19	%	15	%
Nitrogen	9	%	4	%	6	%
Industrial services	3	%	3	%	7	%
Coil Tubing	2	%	3	%	2	%
Acidizing	2	%	2	%	2	%
Other	1	%	2	%	2	%
Total	100	%	100	%	100	%

Operations Review

Low commodity prices continued to have a significant impact on the demand for Trican's Canadian pressure pumping services in the fourth quarter of 2015, as revenue decreased by 54% on a year -over-year basis. The rig count in Canada decreased by 57% compared to the same quarter of 2014, as customers continued to reduce capital spending. Weak fourth quarter demand also had a significant impact on Canadian pricing levels. Fourth quarter average pricing decreased in average by 30% compared to the same period in 2014.

Despite a year-over-year decrease in revenue of $184.3 million and lower gross margins due to pricing reductions, Canadian operations generated adjusted operating income of $11.3 million, or 7.1% of net revenue due to cost savings initiatives realized during 2015.

Nitrogen services increased as a percent of revenue during the fourth quarter due to a higher number of nitrified foam fracturing jobs performed during the quarter.

Q4 2015 versus Q4 2014

Canadian revenue for the fourth quarter of 2015 decreased by 54% compared to the fourth quarter of 2014. Low commodity prices led to a significant decrease in demand for our services, which was reflected in the 47% year-over-year decline in the job count. Revenue per job decreased by 13% due to a 30% year-over-year drop in overall Canadian pricing, which was partially offset by an increase in fracturing job size. Sales mix also caused a decrease in revenue per job as the number of nitrogen jobs increased year over year.

Materials and operating expenses increased to 93.6% of revenue compared to 77.1% for the same period in 2014. The gross loss for the fourth quarter of 2015 was 4.7% of revenue compared to a gross profit of 18.0% for the same period in 2014. The year-over-year decline in activity levels reduced operating leverage on our fixed cost structure and when combined with reduced pricing caused a decrease in operating and gross margins.

General and administrative costs were down by $1.2 million due primarily to lower employee and share based expenses. Lower employee expenses resulted from cost reduction initiatives carried out during 2015.

Q4 2015 versus Q3 2015

Canadian revenue in the fourth quarter decreased 18% compared to the third quarter of 2015 largely due to a significant drop in activity over the last two weeks in December. Further decreases in oil prices during the quarter led customers to an early wind down of their 2015 capital spending and to request further price concessions. As a result, job count decreased by 19%, which was slightly offset by a 1% increase of revenue per job due to larger fracturing job sizes partially offset by a 3% decrease in pricing.

As a percentage of revenue, fourth quarter materials and operating expenses increased to 93.6% compared to 82.2% during the third quarter of 2015. The gross loss was 4.7% during the fourth quarter compared to a gross profit of 8.6% in the third quarter of 2015. This decrease was due to lower activity levels resulting in a decrease of operating leverage on our fixed cost structure, partially offset by cost saving initiatives implemented throughout 2015. General and administrative costs increased by $0.8 million due mainly to higher non-cash share-based expenses of $1.1 million.

UNITED STATES OPERATIONS

($ thousands, except revenue per job, unaudited)
Three months ended,	Dec. 31, 2015		% of Revenue		Dec. 31, 2014	% of Revenue		Sept. 30, 2015		% of Revenue
Revenue	94,588				340,717			120,621
Expenses
Materials and operating	98,650		104.3	%	298,951	87.8	%	151,135		125.3	%
General and administrative	2,464		2.6	%	6,877	2.0	%	2,713		2.2	%
Total expenses	101,114		106.9	%	305,828	89.8	%	153,848		127.5	%
Operating income / (loss)*	(6,526	)	(6.9	%)	34,889	10.2	%	(33,227	)	(27.5	%)
Adjusted operating income / (loss)*	(6,071	)	(6.4	%)	34,889	10.2	%	(32,633	)	(27.5	%)

Number of jobs	1,745				3,534			2,288
Revenue per job	51,545				97,670			53,002

Gross profit / (loss)*	(24,711	)	(26.1	%)	12,670	3.7	%	(58,482	)	(48.5	%)

* See the first page of this report for a description of operating income / (loss) and adjusted operating income / (loss). Gross profit / (loss) has been presented in this table as it is the most directly comparable measure calculated in accordance with IFRS to operating income / (loss).

Sales Mix

Three months ended, (unaudited)	Dec. 31, 2015		Dec. 31, 2014		Sept. 30, 2015
% of Total Revenue
Fracturing and Completions	86	%	92	%	92	%
Coil Tubing	7	%	4	%	4	%
Cementing	7	%	4	%	4	%
Total	100	%	100	%	100	%

Operations Review

Weak commodity prices led to a substantial decrease in oilfield activity in the U.S. as the average number of active land drilling rigs was down by 60% year-over-year in the fourth quarter of 2015. Despite a revenue decline of 22% due to lower level of activity, our U.S. operations improved its operating margin by $26.7 million, which reduced the operating loss from 28% of revenue in Q3 2015 to 7% of revenue in Q4 2015. This improvement in profitability was the result of substantial reduction to our fixed cost structure and a greater proportion of our revenue being generated from the Marcellus.

While November experienced extremely low activity levels in the U.S., December activity level improved and generated positive operating income in our US operations. December activity improvement, combined with the shutdown of our Texas fracturing operations at the end of October, decreased our operating losses for the fourth quarter. All fracturing operations have been shut down in the southern bases of the U.S. and management, with the involvement of Keane, continues to evaluate the performance of all service lines in each operating region.

Pricing levels for our U.S. operations were still very competitive during the fourth quarter of 2015. Pricing is now down 33% relative to peak pricing levels from the end of 2014. In this low pricing environment, maintaining utilization of active crews and controlling costs is key to positive operating results. December results were positive with a 4% operating income due to successful cost control and high utilization with our crews in Pennsylvania and Oklahoma.

Cost cutting remained a key area of focus for our U.S. operations during the fourth quarter. We continued to negotiate lower pricing from all of our product suppliers. The cost of key products has now declined by 20 -25% year-to-date and the impact of these cost savings was fully realized since the third quarter of 2015. So far this year, we have reduced our U.S. employee costs by 62% and are operating only five of our sixteen U.S. fracturing crews active in response to the low demand.

The impact of the cost cutting measures helped offset the impact of lower activity and pricing as fourth quarter adjusted operating loss was reduced by $26.7 million when compared to Q3 2015.

Q4 2015 versus Q4 2014

U.S. revenue in the fourth quarter of 2015 was down 72% compared to the fourth quarter of 2014. The job count decreased by 51% as low commodity prices reduced customer spending in all regions of the U.S. In response to this decrease, our U.S. operations operated five active crews during the fourth quarter of 2015, compared to sixteen crews during the same period in 2014. Three crews are active in the Marcellus play, and two crews are based in Oklahoma with one crew operating in the Barnett and the remaining crew operating in the Mid-Con. Revenue per job decreased by 47% due to a significant decline in pricing, a change in geographic sales mix, and a decrease in fracturing revenue relative to total revenue. The impact of these factors was partially offset by a stronger U.S. dollar relative to the Canadian dollar.

As a percentage of revenue, materials and operating expenses increased to 104.3% from 87.8% and the gross loss was 26.1% compared to a gross profit of 3.7%, on a year-to-year comparison. Lower activity led to reduced operating leverage on our fixed cost structure, causing margins to decline. Lower year-over-year pricing also negatively impacted margins. General and administrative expenses decreased by $4.4 million mainly due to lower employee expenses combined with lower share based expenses.

Q4 2015 versus Q3 2015

On a sequential basis, U.S. revenue decreased by 22% due to a lower level of activity as job count decreased by 24%. Revenue per job decreased slightly as a marginal decrease in pricing combined with a decrease in fracturing jobs as a percentage of total jobs was offset by a stronger U.S. dollar relative to the Canadian dollar.

As a percentage of revenue, materials and operating expenses decreased to 104.3% from 125.3% and the gross loss decreased to 26.1% from 48.5% due to parking fracturing crews during the quarter that were previously operating in less profitable districts as well as additional cost cutting measures that improved margins. General and administrative expenses decreased by $0.3 million due to a decrease in share based expenses.

INTERNATIONAL OPERATIONS

Continuing Operations

($ thousands, except revenue per job, unaudited)
Three months ended,	Dec. 31, 2015		% of Revenue		Dec. 31, 2014	% of Revenue		Sept. 30, 2015	% of Revenue
Revenue	7,352				13,072			11,479
Expenses
Materials and operating	7,628		103.7	%	11,684	89.4	%	9,630	83.9	%
General and administrative	908		12.4	%	2	0.0	%	434	3.8	%
Total expenses	8,536		116.1	%	11,686	89.4	%	10,064	87.7	%
Operating income / (loss)*	(1,184	)	(16.1	%)	1,386	10.6	%	1,415	12.3	%
Adjusted operating income / (loss)*	(1,173	)	(16.0	%)	1,386	10.6	%	1,637	14.3	%

Number of jobs	146				196			321
Revenue per job	51,278				66,694			35,759

Gross profit / (loss)*	(873	)	(11.9	%)	1,178	9.0	%	1,304	11.4	%

* See the first page of this report for a description of operating income / (loss). Gross profit / (loss) has been presented in this table as it is the most directly comparable measure calculated in accordance with IFRS to operating income / (loss).

Sales Mix

Three months ended, (unaudited)	Dec. 31, 2015		Dec. 31, 2014		Sept. 30, 2015
% of Total Revenue
Fracturing and Completions	100	%	82	%	100	%
Coil Tubing	0	%	15	%	0	%
Other	0	%	3	%	0	%
Total	100	%	100	%	100	%

Operations Review

Our International operations include financial results for operations in Russia (related to the completion tools operations), Kazakhstan, Norway, and limited operations in Saudi Arabia and Colombia.

Activity levels in our Russian completion tools business increased during the fourth quarter as our key customers increased their work plans. This increase was more than offset by an expected slowdown in Norway and lower demand in Kazakhstan. The Norwegian slowdown was a result of normal work scheduling and sales flow and higher levels of activity are expected to resume in Norway during the beginning of 2016. In the Saudi Arabia and Colombia operations, management continued to reduce the size of its operations.

Q4 2015 versus Q4 2014

International revenue in the fourth quarter of 2015 decreased by 44% compared to the same period in 2014. The job count decreased by 26%, due to lower activity levels in all regions. Additionally, revenue per job was 23% lower as a result of a change in job mix. Jobs performed related to the completion tools business are typically lower revenue compared to fracturing jobs performed in other international regions.

As a percentage of revenue, materials and operating expenses increased to 103.7% from 89.4% due to lower activity and pricing in Kazakhstan, Saudi Arabia and Colombia. International operating margins decreased from positive 10.6% to negative 16.1% primarily due to the slowdown in activity in Kazakhstan. General and administrative costs increased by $0.9 million due to higher share unit expenses.

Q4 2015 versus Q3 2015

International revenue decreased by 36.0% sequentially. The decrease is mainly due to a 55% drop in job count as a result of lower activity in Norway and in Kazakhstan. We expect that activity will pick up in Norway in 2016 as this slowdown is in line with the drilling schedules communicated to us by our customers.

As a percentage of revenue, materials and operating expenses increased to 103.7% from 83.9% and gross loss was 11.9% from an 11.4% profit on a sequential basis. Q4 2015 margins were lower than Q3 2015, because of higher activity in Q3 2015, combined with higher cost of materials due to a weakening currency resulting in higher costs in Q4 2015. This was partially offset by the release of staff in Kazakhstan, Saudi Arabia and Colombia completed during the third quarter, which resulted in cost savings fully realized in the fourth quarter of 2015. General and administrative costs increased by $0.5 million due largely to higher share unit expenses.

Discontinued Operations

Discontinued operations include the results of regional operations in Algeria and Australia, which were suspended in the third quarter of 2015, and the disposition of the Russian pressure pumping operations. The decision to sell Russia and suspend operations in Algeria and Australia are not anticipated to have a significant effect on the Continuing operations of the Company.

Discontinued operations for the fourth quarter of 2015 include revenues from discontinued operations of $1.2 million compared to $58.8 million for the same period of 2014. Gross loss from discontinued operations were $0.4 million in the fourth quarter of 2015, compared to operating loss of $2.4 million for the three months ended December 31, 2014.

During the third quarter, management committed to a plan to sell operating assets in Algeria and Australia, resulting in property and equipment being classified as held for sale. As at December 31, 2015, the net carrying value of these assets was $7.1 million.

Results from discontinued operations have not been included in the tables above. For information related to Trican's discontinued operations, please see the annual consolidated financial statements, as at and for the year ended December 31, 2015.

CORPORATE

($ thousands, unaudited) Three months ended,		Dec. 31, 2015		% of Revenue		Dec. 31, 2014		% of Revenue		Sept. 30, 2015		% of Revenue
Expenses
	Materials and operating	2,773		1.1	%	6,339		0.9	%	5,150		1.6	%
	General and administrative	8,242		3.1	%	5,463		0.8	%	3,495		1.1	%
	Total expenses	11,015		4.2	%	11,802		1.7	%	8,645		2.7	%
Operating loss*		(11,015	)	(4.2	%)	(11,802	)	(1.7	%)	(8,645	)	(2.7	%)
Adjusted operating loss*		(9,529	)	(3.7	%)	(11,802	)	(1.7	%)	(7,487	)	(2.3	%)

Gross loss*		(4,220	)	(1.6	%)	(6,827	)	(1.0	%)	(6,335	)	(1.9	%)

* See the first page of this report for a description of operating income / (loss) and adjusted operating income / (loss). Gross profit / (loss) has been presented in this table as it is the most directly comparable measure calculated in accordance with IFRS to operating income / (loss).

Q4 2015 versus Q4 2014

Corporate expenses in the fourth quarter were $0.8 million lower on a year-over-year basis. Adjusted operating loss for the fourth quarter of 2015, which excludes charges for severance and professional fees related to the sale of the U.S. business, was $2.3 million lower compared to the fourth quarter of 2014. The decrease is largely due to cost control measures initiated in late 2014 and into 2015, which included compensation reductions and lay-offs.

Q4 2015 versus Q3 2015

Corporate expenses were $2.4 million higher during the fourth quarter of 2015 compared to the third quarter of 2015. Adjusted operating loss, which excludes charges for severance and professional fees related to the sale of the U.S. business, increased sequentially by $2.0 million. The increase is largely due to share-unit costs, amortization of finance costs relating to the 2015 Amended Credit Agreements and an increase in professional and legal fees partially offset by a decrease in salaries and related expenses. Q4 2015 adjusted operating loss was $1.1 million lower than Q3 2015 adjusted operating loss excluding the impact of share-unit costs.

OTHER EXPENSES AND INCOME

Finance costs for the fourth quarter of 2015 increased by 53% compared to the same period in 2014. This increase is mainly due to the recognition of $6.4 million for subordinated make-whole notes combined with higher interest rates with Trican's 2015 Amended Credit Agreements.

Depreciation and amortization expense during the quarter decreased by 10% compared to the same period last year due to a reduction of the net book value of assets resulting from the asset impairment charges of $138.7 million recorded on September 30, 2015. This lower depreciation expense was partially offset by the effects of a weaker Canadian Dollar against the U.S. Dollar leading to an increase in Canadian dollar depreciation expense for U.S. dollar denominated assets.

Foreign exchange losses of $0.3 million have been recorded in the fourth quarter of 2015, compared to losses of $10.4 million for the same period in 2014. This change is largely due to unrealized gains on USD denominated assets that were offset by realized losses on purchases from US vendors during the fourth quarter of 2015.

Other losses of $2.5 million for the fourth quarter of 2015 primarily relates to losses on disposal of assets.

CONTINUING OPERATIONS COMPARATIVE INCOME STATEMENTS

($ thousands, unaudited)

Twelve months ended December 31,		2015		% of Revenue		2014		% of Revenue		Year- Over- Year Change		% Change

Revenue		1,188,068		100	%	2,406,758		100.0	%	(1,218,690	)	(51	%)
Expenses
	Materials and operating	1,213,331		102.1	%	2,078,411		86.3	%	(865,080	)	(42	%)
	General and administrative	62,870		5.3	%	102,621		4.3	%	(39,751	)	(39	%)
Operating income / (loss)*		(88,133	)	(7.4	%)	225,726		9.4	%	(313,859	)	(139	%)
	Finance costs	43,000		3.6	%	39,698		1.7	%	3,302		8	%
	Depreciation and amortization	188,871		15.9	%	184,422		7.7	%	4,449		2	%
	Foreign exchange (gain) / loss	(37,690	)	(3.1	%)	7,598		0.3	%	(45,288	)	(596	%)
	Asset impairment	385,309		32.4	%	5,004		0.2	%	380,305		7,600	%
	Other expenses	415		0.0	%	925		0.0	%	(510	)	(55	%)
Loss before income taxes and non-controlling
interest		(668,038	)	(56.2	%)	(11,921	)	(0.5	%)	(656,117	)	5,504	%
Income tax expense / (recovery)		154,424		13.0	%	(4,396	)	(0.2	%)	158,820		(3,613	%)
Non-controlling interest		(2,118	)	(0.2	%)	(3,815	)	(0.2	%)	1,697		(44	%)
Net loss		(820,344	)	(69.0	%)	(3,710	)	(0.1	%)	(816,634	)	(22,013	%)

Adjusted operating income / (loss)*		(63,206	)	(5.3	%)	225,726		9.4	%	(288,932	)	(128	%)
Gross profit / (loss)*		(207,458	)	(17.5	%)	151,328		6.3	%	(358,786	)	(237	%)

* see first page of this report

CANADIAN OPERATIONS

($ thousands, except revenue per job, unaudited) Twelve months ended,		Dec. 31, 2015		% of Revenue		Dec. 31, 2014	% of Revenue		Year- Over- Year Change
Revenue		656,507				1,229,046			(47	%)
Expenses
	Materials and operating	608,834		92.8	%	977,357	79.5	%	(38	%)
	General and administrative	11,976		1.8	%	25,107	2.1	%	(52	%)
	Total expenses	620,810		94.6	%	1,002,464	81.6	%	(39	%)
Operating income*		35,697		5.4	%	226,582	18.4	%	(82	%)
Adjusted operating income*		46,269		7.0	%	226,582	18.4	%	(80	%)

Number of jobs		11,977				21,752			(45	%)
Revenue per job		54,090				56,144			(4	%)

Gross profit / (loss)*		(23,071	)	(3.5	%)	185,252	15.1	%	(113	%)

* see first page of this report

Low commodity prices throughout 2015 have led to substantial declines in activity for the majority of our Canadian service lines. Average rig count in Canada has decreased 62% for 2015 compared to 2014, which compares to the 45% decline in our job count. Revenue per job declined by 4% as a smaller number of fracturing jobs relative to total jobs combined with pricing declines were partially offset by an increase in fracturing job size.

As a percentage of revenue, materials and operating expenses increased to 92.8% from 79.5% compared to the same period in 2014. In addition, the gross loss was 3.5% compared to gross profit of 15.1% in 2014. Operating and gross margins declined largely due to the 47% decrease in revenue that led to lower operational leverage on our fixed structure. This decline was partially offset by cost control initiatives that were implemented throughout 2015. General and administrative costs decreased by 52% mainly due to lower employee and share based expenses.

UNITED STATES OPERATIONS

($ thousands, except revenue per job, unaudited) Twelve months ended,		Dec. 31, 2015		% of Revenue		Dec. 31, 2014		% of Revenue		Year- Over- Year Change
Revenue		496,025				1,133,895				(56	%)
Expenses
	Materials and operating	553,996		111.7	%	1,037,152		91.5	%	(47	%)
	General and administrative	20,136		4.0	%	31,370		2.8	%	(36	%)
	Total expenses	574,132		115.7	%	1,068,522		94.2	%	(46	%)
Operating income / (loss)*		(78,107	)	(15.7	%)	65,373		5.8	%	(220	%)
Adjusted operating income / (loss)*		(68,301	)	(13.8	%)	65,373		5.8	%	(205	%)

Number of jobs		7,878				12,750				(38	%)
Revenue per job		60,143				90,533				(34	%)

Gross loss*		(162,442	)	(32.7	%)	(9,449	)	(0.8	%)	(1,619	%)

* see first page of this report

U.S. revenue, for the period ended December 31, 2015, decreased by 56% compared to the same period of 2014. Job count decreased by 38% as the U.S. average rig count in 2015 was down 47% over the twelve months of 2015 relative to the same period in 2014. In response to low demand, we have reduced our U.S. employee base by 62% and are currently operating only five of our sixteen U.S. fracturing crews in response to the low demand.

Revenue per job decreased 34% mainly due to pricing, a smaller proportion of large fracturing jobs and lower product revenue per job. Pricing is now down 33% relative to peak pricing levels at the end of 2014.

As a percentage of revenue, materials and operating expenses increased to 111.7% from 91.5%. In addition, the gross loss increased to 32.7% compared to 0.8% of revenue in 2014. Lower pricing combined with decreased operating leverage on our fixed cost structure led to the decline in margins. These factors were partially offset by cost cutting initiatives implemented throughout 2015. General and administrative costs decreased by $11.2 million as cost reductions were partially offset by increased Canadian dollar costs due to a stronger U.S. dollar.

INTERNATIONAL OPERATIONS

Continuing Operations

($ thousands, except revenue per job, unaudited) Twelve months ended,	Dec. 31, 2015	% of Revenue		Dec. 31, 2014	% of Revenue		Year- Over- Year Change
Revenue	35,536			43,817			(19	%)
Expenses
Materials and operating	31,893	89.8	%	37,758	86.2	%	(16	%)
General and administrative	3,106	8.7	%	4,931	11.2	%	(37	%)
Total expenses	34,999	98.5	%	42,689	97.4	%	(18	%)
Operating income*	537	1.5	%	1,128	2.6	%	(53	%)
Adjusted operating income	770	2.2	%	1,128	2.6	%	(32	%)

Number of jobs	945			704
Revenue per job	37,604			62,240

Gross profit*	1,363	3.8	%	4,694	10.7	%	(71	%)

* see first page of this report

International revenue decreased by 19% during the period ending December 2015, compared to the same period in 2014. Decreased year-over-year activity in Kazakhstan and the closure of operations in Colombia and Saudi Arabia also negatively impacted the number of jobs completed in the twelve months of 2015. These factors were partially offset by increased activity in our Norwegian and Russian completion tools business.

Materials and operating expenses increased to 89.8% of revenue compared to 86.2% of revenue in the same period of 2014. Weaker year-over-year margins in Kazakhstan were partially offset by substantial margin improvement in Norway and Russia. Closure costs in Saudi Arabia and Colombia also contributed to the decline in operating margins. General and administrative costs decreased by $1.8 million due largely to reduction of workforce in Colombia and Saudi Arabia as a result of the closure of these regions and lower share unit expenses.

Gross profit decreased to 3.8% of revenue compared to 10.7%. The primary difference between operating income and gross profit is depreciation expense, which increased as a percentage of revenue for our International operations due to lower revenue. This led to the deterioration of the gross profit margin.

Discontinued Operations

Discontinued operations includes the results of regional operations in Algeria and Australia, which were suspended in the third quarter of 2015, and the disposition of the Russian pressure pumping operations. The decision to sell Russia and suspend operations in Algeria and Australia are not anticipated to have a significant effect on the Continuing operations of the Company.

Discontinued operations for the twelve months of 2015 include revenues from discontinued operations of $136.4 million compared to $297.1 million for the same period of 2014. Gross profit from discontinued operations for the year ended December 31, 2015 was $11.9 compared to $22.8 million for the year ended December 31, 2014.

During the third quarter management committed to a plan to sell operating assets in Algeria and Australia, resulting in property and equipment being classified as held for sale. As at December 31, 2015, the net carrying value of these assets was $7.1 million.

CORPORATE

($ thousands, unaudited) Twelve months ended,		Dec. 31, 2015		% of Revenue		Dec. 31, 2014		% of Revenue		Year- Over- Year Change
Expenses
	Materials and operating	18,608		1.5	%	26,144		1.1	%	(29	%)
	General and administrative	27,652		2.4	%	41,213		1.7	%	(33	%)
	Total expenses	46,260		3.9	%	67,357		2.8	%	(31	%)
Operating loss*		(46,260	)	(3.9	%)	(67,357	)	(2.8	%)	(31	%)
Adjusted operating loss*		(41,944	)	(3.5	%)	(67,357	)	(2.8	%)	(38	%)

Gross loss*		(23,308	)	(2.0	%)	(29,169	)	(1.2	%)	(20	%)

* see first page of this report

Corporate expenses for the twelve month period ending December 2015 were $21.1 million lower on a year-over- year basis. Excluding charges for severance, professional fees related to the sale of the U.S. business and changes in share-unit costs, corporate expenses in 2015 were $26.0 million lower compared to 2014. The decrease is due to cost control measures initiated in late 2014 and into 2015, which included compensation reductions and lay-offs. Adjusted operating loss excludes $4.9 million for severance and professional fees related to the sale of our U.S. business.

Capital Expenditures

Capital expenditures for the twelve months of 2015 totaled $18.3 million, compared with $69.8 million for the same period in 2014. Proceeds from the sale of property and equipment totaled $9.0 million in 2015, compared with proceeds of $1.0 million in 2014. With the decline in commodity prices and North American demand, capital expenditures will be kept to a minimum until operating conditions improve. A substantial amount of equipment has been parked in both Canada and the U.S., which will reduce the amount of maintenance capital needed throughout the current downturn. In addition, capital expansion initiatives will not be considered during the current economic environment in order to preserve current liquidity levels. Based on existing capital budget commitments, we expect to continue to minimize capital spending during 2016 with this spending expected to be funded primarily through cash flow from operations and our Revolving Credit Facility. Trican regularly reviews its capital equipment requirements and will continue to follow its policy of adjusting the capital budget on a quarterly basis to reflect changing operating conditions and capital equipment needs.

OUTLOOK

Canada

Canadian activity has decreased industry wide as the rig count in the first quarter is approximately 40% below 2015 levels, which is consistent with what our customers communicated to us going into the quarter. Utilization is running at approximately 70 percent at the start of the quarter, which is lower than the 80 to 85 percent we anticipated and pricing has declined further from Q4 2015 levels. The majority of our activity remains in the Montney and Deep Basin plays with about 70% of our work being on natural gas and gas-liquid wells. The warm winter that Canada has experienced to date and customers slowing programs early could cause issues with an early breakup in March, which could further negatively affect margins. Our customer base has remained strong and still have active programs planned for the remainder of 2016 although we do not have good visibility on confirmation of these programs at this time or to any changes in plans due to the commodity price drops experienced in the first part of this year. Our customers are reviewing their business plans quarterly and we will have better visibility of Q3 programs in April. Second quarter activity is anticipated to be similar to last year with a slightly reduced loss due to lower costs. In the last number of years we have seen a seasonal increase in fracturing activity in the third quarter as customers complete some of their wells drilled in the winter during the warmer summer months and we anticipate that this trend will again occur, which will improve third quarter activity and margins over those seen in the first quarter of this year. We do, however, anticipate that the rig count will be lower in Q3 2016 as compared to Q3 2015, which will result in a drop in year over year earnings from the Canadian business in the third quarter. Management continues to be of the opinion that we have appropriately sized our Canadian operations to the current work scope; however, we will continue to adjust our active fleet to ensure high utilization is maintained should we see a drop in activity levels. Trican will continue to reduce our costs in all areas and we are committed to taking the steps necessary to generate positive cash flow going forward despite this stressed environment.

Pricing is down in the first quarter of 2016 compared to the fourth quarter of 2015 due to the drop in activity and competitive nature of the pressure pumping business. Pricing is expected to remain at current levels for the foreseeable future with a normal drop in Q2 as we offer discounts to generate activity in this quarter. As the price of oil and natural gas remains volatile, management will continue to be vigilant in monitoring customer activity levels and profitability and will continue to quickly adjust as operating conditions change.

International

Kazakhstan and our completion tools businesses in Norway and Russia have become our primary International operating areas since the sale of our Russian pressure pumping business in the third quarter of 2015. Both the Norwegian and Russian completion tools business are anticipated to see moderate growth in 2016 as we continue to have success with customers overseas. The Kazakhstan market continues to be depressed and our operations continue to struggle financially. Management is currently evaluating the future financial performance of the Kazakhstan business.

Amendment to Debt Agreements

We have reached an agreement with our lenders to further amend our debt agreements, including revised covenant terms, subject to the closing of the U.S operations sale on revised covenant terms. Trican has been dedicated to reducing our debt levels throughout this downturn and after the application of the U.S. sale proceeds, our outstanding debt balance is estimated to have decreased by approximately CAD$540 million since January 1, 2015, significantly strengthening our balance sheet. Along with the debt reduction, all prior covenants have been removed until the third quarter of 2016, after which an Interest Coverage and Leverage Ratio covenant will be in place, but calculated on an annualized basis. We are confident this reduction in our outstanding debt will allow us to continue to meet our covenants throughout 2016 and into 2017, due to the revised structure of our financial covenants, together with our continued focus on cost control.

NON-GAAP DISCLOSURE

Adjusted profit / (loss), operating income / (loss), adjusted operating income / (loss) and funds provided by / (used in) operations do not have any standardized meaning as prescribed by IFRS and, therefore, are considered non-GAAP measures.

Adjusted profit / (loss) and funds provided by / (used in) operations have been reconciled to profit / (loss) . Operating income / (loss) and adjusted operating income / (loss) have been reconciled to gross profit / (loss), being the most directly comparable measures calculated in accordance with IFRS. The reconciling items have been presented net of tax, where applicable.

(thousands; unaudited)		Three months ended									Twelve months ended
		Dec. 31, 2015			Dec. 31, 2014			Sept. 30, 2015			Dec. 31, 2015			Dec. 31, 2014
Adjusted profit / (loss) attributed to owners of the
Company		$	(54,800	)	$	29,165		$	(71,864	)	$	(274,574	)	$	22,386
Deduct:
	Non-cash share-based compensation expense (net of non-controlling interest)		665			1,642			752			4,236			8,026
	Foreign exchange (gain) / loss (net of non-controlling interest)		417			10,288			(13,493	)		(37,475	)		7,722
	Deferred tax asset derecognition		-			-			-			193,700			-
	Other assets write-down		-			5,344			-			-			5,344
	Asset impairment		246,585			-			138,724			385,309			5,004

Profit / (loss) for the period (IFRS financial measure) attributed to owners of the Company		$	(302,467	)	$	11,891		$	(197,847	)	$	(820,344	)	$	(3,710	)

(thousands; unaudited)		Three months ended									Twelve months ended
		Dec. 31, 2015			Dec. 31, 2014			Sept. 30, 2015			Dec. 31, 2015			Dec. 31, 2014
Funds provided by / (used in) operations		$	(23,933	)	$	88,206		$	(34,607	)	$	(146,233	)	$	199,069
Charges to income not involving cash
	Depreciation and amortization		(43,461	)		(48,527	)		(48,633	)		(188,871	)		(184,422	)
	Amortization of debt issuance costs		(990	)		(218	)		(218	)		(1,644	)		(866	)
	Stock-based compensation		(665	)		(1,642	)		(752	)		(4,236	)		(8,026	)
	Gain / (loss) on disposal of property and equipment		865			(180	)		(210	)		1,714			264
	Net finance costs		(15,323	)		(9,593	)		(8,239	)		(41,473	)		(37,112	)
	Unrealized foreign exchange gain / (loss)		(11,306	)		(9,494	)		38,975			47,944			(6,287	)
	Asset impairments		(246,585	)		(5,004	)		(138,724	)		(385,309	)		(5,004	)
	Other assets write-down		-			(5,344	)		-			-			(5,344	)
	Gain on sale of discontinued operations, net of foreign currency translation		3,155			-			1,617			4,772			-
	Income tax recovery / (expense)		16,792			(10,770	)		(9,135	)		(154,424	)		4,396
Adjust for interest and tax outflows / (inflows)
	Interest paid		23,153			15,037			3,181			44,558			39,287
	Income tax (refund) / paid		(1,014	)		(580	)		(1,101	)		7,630			335

Profit / (loss) for the period (IFRS financial measure) attributed to owners of the Company		$	(302,467	)	$	11,891		$	(197,847	)	$	(820,344	)	$	(3,710	)

(thousands; unaudited)		Three months ended									Twelve months ended
		Dec. 31, 2015			Dec. 31, 2014			Sept. 30, 2015			Dec. 31, 2015			Dec. 31, 2014
Adjusted consolidated operating income / (loss)		$	(5,482	)	$	99,269		$	(5,002	)	$	(63,206	)	$	225,726
Deduct:
	Severance, base closure, and professional costs		5,466			-			2.582			24,927			-
	Consolidated operating income / (loss)	$	(10,948	)	$	99,269		$	(7,584	)	$	(88,133	)	$	225,726
Add:
	Administrative expenses		17,147			18,066			9,331			69,546			110,024
Deduct:
	Depreciation expense		(43,461	)		(47,527	)		(48,633	)		(188,871	)		(184,422	)

Consolidated gross profit / (loss) (IFRS financial measure)		$	(37,262	)	$	68,808		$	(46,886	)	$	(207,458	)	$	151,328

(thousands; unaudited)		Three months ended									Twelve months ended
		Dec. 31, 2015			Dec. 31, 2014			Sept. 30, 2015			Dec. 31, 2015			Dec. 31, 2014
Adjusted Canadian operating income		$	11,291		$	74,796		$	33,481		$	46,269		$	226,582
Deduct:
	Severance costs		3,514			-			608			10,572			-
Canadian operating income		$	7,777		$	74,796		$	32,873		$	35,697		$	226,582
Add:
	Administrative expenses		4,312			3,907			2,241			16,593			29,587
Deduct:
	Depreciation expense		(19,546	)		(16,916	)		(18,487	)		(75,361	)		(70,917	)

Canadian gross profit / (loss) (IFRS financial measure)		$	(7,457	)	$	61,787		$	(16,627	)	$	(23,071	)	$	185,252

(thousands; unaudited)		Three months ended									Twelve months ended
		Dec. 31, 2015			Dec. 31, 2014			Sept. 30, 2015			Dec. 31, 2015			Dec. 31, 2014
Adjusted U.S. operating income / (loss)		$	(6,071	)	$	37,889		$	(32,633	)	$	(68,301	)	$	65,373
Deduct:
	Severance and base closure costs		455			-			594			9,806			-
U.S. operating income / (loss)		$	(6,526	)	$	34,889		$	(33,227	)	$	(78,107	)	$	65,373
Add:
	Administrative expenses		3,684			8,635			3,161			22,195			34,230
Deduct:
	Depreciation expense		(21,869	)		(30,854	)		(28,416	)		(106,530	)		(109,052	)

U.S. gross loss (IFRS financial measure)		$	(24,711	)	$	12,670		$	(58,482	)	$	(162,442	)	$	(9,449	)

(thousands; unaudited)		Three months ended									Twelve months ended
		Dec. 31, 2015			Dec. 31, 2014			Sept. 30, 2015			Dec. 31, 2015			Dec. 31, 2014
Adjusted International operating income / (loss)		$	(1,174	)		1,386		$	(1,637	)	$	(770	)	$	(1,128	)
Deduct:
	Severance costs		11			-			222			233			-
International operating income / (loss)		$	(1,185	)		1,386			1,415			537			1,128
Add:
	Administrative expenses		909			63			434			3,106			4,994
Deduct:
	Depreciation expense		(598	)		(271	)		(545	)		(2,280	)		(1,428	)

International gross profit / (loss) (IFRS financial measure)		$	(874	)		1,178			1,304			1,363			4,694

(thousands; unaudited)		Three months ended									Twelve months ended
		Dec. 31, 2015			Dec. 31, 2014			Sept. 30, 2015			Dec. 31, 2015			Dec. 31, 2014
Adjusted Corporate operating loss		$	(9,528	)	$	(11,802	)	$	(7,487	)	$	(41,944	)	$	(67,357	)
Deduct:
	Severance and professional costs		1,486			-			1,158			4,316			-
Corporate operating loss		$	(11,014	)		(11,802	)		(8,645	)		(46,260	)		(67,357	)
Add:
	Administrative expenses		8,242			5,462			3,495			27,652			41,213
Deduct:
	Depreciation expense		(1,448	)		(486	)		(1,185	)		(4,700	)		(3,025	)

Corporate gross loss (IFRS financial measure)		$	(4,220	)		(6,827	)		(6,335	)		(23,308	)		(29,169	)

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

(Stated in thousands) As at December 31,		2015			2014
ASSETS
Current assets
	Cash and cash equivalents (note 4)	$	49,117		$	82,423
	Trade and other receivables (note 5)		203,214			627,749
	Current tax assets (note 17)		1,088			837
	Inventory (note 6)		153,786			245,358
	Prepaid expenses		19,072			32,647
	Assets held for sale (note 3)		7,092			-
			433,369			989,014
Property and equipment (note 7)			826,300			1,286,754
Intangible assets (note 8)			29,100			36,251
Deferred tax assets (note 17)			289			162,411
Other assets (note 9)			3,573			6,399
Goodwill (note 8)			19,251			56,035
		$	1,311,882		$	2,536,864

LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
	Trade and other payables (note 10)	$	147,851		$	367,619
	Current tax liabilities (note 17)		24			898
	Current portion of loans and borrowings (note 11)		82,415			19,335
			230,290			387,852

Loans and borrowings (note 11)			449,998			758,545
Deferred tax liabilities (note 17)			79,593			104,240
Shareholders' equity
	Share capital (note 12)		570,337			571,050
	Contributed surplus		72,082			67,846
	Accumulated other comprehensive income /(loss) (note 12)		60,625			(26,462	)
	Retained earnings (deficit)		(149,349	)		672,846
Total equity attributable to equity holders of the Company			553,695			1,285,280
Non-controlling interest			(1,694	)		947
		$	1,311,882		$	2,536,864

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

		Three Months Ended Dec. 31,			Three Months Ended Dec. 31,			Twelve Months Ended Dec. 31,			Twelve Months Ended Dec. 31,
(Stated in thousands, except per share amounts) For the year ended December 31,		2015			2014			2015			2014

Continuing operations
Revenue		$	260,487		$	696,661		$	1,188,068		$	2,406,758
Cost of sales			297,749			627,853			1,395,526			2,255,430
Gross (loss) / profit			(37,262	)		68,808			(207,458	)		151,328
Administrative expenses			17,147			18,066			69,546			110,024
Other expenses			2,907			5,033			1,942			3,511
Results from operating activities			(57,316	)		45,709			(278,946	)		37,793
Finance income			(403	)		(659	)		(1,527	)		(2,586	)
Finance costs			15,726			10,252			43,000			39,698
Foreign exchange loss / (gain)			329			10,367			(37,690	)		7,598
Asset impairments			246,585			5,004			385,309			5,004
(Loss) / profit before income tax			(319,553	)		20,745			(668,038	)		(11,921	)
Income tax expense / (recovery)			(16,792	)		10,770			154,424			(4,396	)
(Loss) / profit from continuing operations			(302,761	)		9,975			(822,462	)	$	(7,525	)

Discontinued operations
Net loss from discontinued operations, net of taxes			(4,634	)		(6,991	)		(2,070	)		(1,335	)
Loss for the period			(307,395	)		2,984			(824,532	)		(8,860	)

Other comprehensive gain / (loss)
	Unrealized (loss) / gain on hedging instruments		(4,894	)		477			(1,561	)		(1,660	)
	Foreign currency translation gain / (loss)		12,480			(20,824	)		39,137			(23,784	)
	Reclassification of foreign currency translation loss on disposition of Russian pressure pumping business		-			-			49,502			-
Total comprehensive loss			(299,809	)		(17,363	)	$	(737,454	)	$	(34,304	)

(Loss) / profit attributable to:
Owners of the Company			(307,101	)		4,900			(822,414	)		(5,045	)
Non-controlling interest			(294	)		(1,916	)		(2,118	)		(3,815	)
(Loss) / profit for the year			(307,395	)		2,984		$	(824,532	)	$	(8,860	)

Total comprehensive loss attributable to:
Owners of the Company			(299,522	)		(15,447	)		(735,327	)		(30,487	)
Non-controlling interest			(287	)		(1,916	)		(2,127	)		(3,817	)
Total comprehensive loss			(299,809	)		(17,363	)	$	(737,454	)	$	(34,304	)

(Loss) / profit per share, basic and diluted
	Continuing operations	$	(2.03	)	$	0.08		$	(5.51	)	$	(0.02	)
	Discontinued operations	$	(0.03	)	$	(0.05	)	$	(0.01	)	$	0.01
	Net loss	$	(2.06	)	$	0.03		$	(5.52	)	$	(0.03	)
Weighted average shares outstanding - basic and diluted			148,918			149,448			148,927			149,286

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Stated in thousands)			Three Months Ended Dec. 31, 2015			Three Months Ended Dec. 31, 2014		Twelve Months Ended Dec. 31, 2015			Twelve Months Ended Dec. 31, 2014
Cash Provided By/(Used In):
Operations
	Loss from continuing operations		$	(302,761	)	9,975		$	(822,462	)	$	(7,525	)
	Charges to income not involving cash:
		Depreciation and amortization		43,461		48,527			188,871			184,422
		Amortization of debt issuance costs		990		218			1,644			866
		Stock-based compensation		665		1,642			4,236			8,026
		Gain on disposal of property and equipment		(865	)	180			(1,714	)		(264	)
		Net finance costs		15,323		9,593			41,473			37,112
		Unrealized foreign exchange (gain) / loss		11,306		9,494			(47,944	)		6,287
		Asset Impairments		246,585		5,004			385,309			5,004
		Other assets write-down		-		5,344			-			5,344
		Income tax expense / (recovery)		(16,792	)	10,770			154,424			(4,396	)
	Change in inventories			9,031		(24,491	)		72,878			(63,117	)
	Change in trade and other receivables			36,055		(73,002	)		382,877			(237,788	)
	Change in prepaid expenses			6,114		(2,371	)		17,839			(149	)
	Change in trade and other payables			(25,748	)	(37,723	)		(214,146	)		61,889
	Interest paid			(23,153	)	(15,037	)		(44,558	)		(39,287	)
	Income tax paid			1,014		580			(7,630	)		(335	)
	Continuing operations			1,225		(51,297	)		111,097			(43,911	)
	Discontinued operations			(2,046	)	54,783			8,732			87,851
	Cash flow from operating activities			(821	)	3,486			119,829			43,940

Investing
	Proceeds from a loan to unrelated third party			881		2,121			4,730			5,813
	Purchase of property and equipment			(5,133	)	(18,674	)		(23,158	)		(73,144	)
	Proceeds from the sale of property and equipment			4,679		138			8,994			972
	Payment of deferred consideration			-		-			-			(650	)
	Restricted cash on Russia sale			194,779		-			-			-
	Continuing operations			195,206		(16,415	)		(9,434	)		(67,009	)
	Consideration on sale of discontinued operations			3,350		-			187,642			-
	Discontinued operations			3,946		(1,771	)		1,231			(15,929	)
	Cash flow from investing activities			202,502		(18,186	)		179,439			(82,938	)

Financing
	Net proceeds from issuance of share capital			-		325			-			10,263
	Repurchase and cancellation of shares under NCIB			-		(4,668	)		(1,008	)		(4,668	)
	(Repayment) / Issuance of long-term debt, net of debt issuance costs			(84,284	)	(9,424	)		(169,071	)		160,898
	Funds received from senior notes			-		19,550			-			19,550
	Repayment of senior notes			(144,844	)				(144,844	)		(80,483	)
	Dividend paid			-		-			(22,366	)		(44,775	)
	Continuing operations			(229,128	)	5,783			(337,289	)		60,785
	Discontinued operations			-		-			-			-
	Cash flow from financing activities			(229,128	)	5,783			(337,289	)		60,785

Effect of exchange rate changes on cash				941		(2,474	)		4,715			(3,233	)

(Decrease) / Increase in cash and cash equivalents
	Continuing operations			(28,406	)	(64,403	)		(48,041	)		(53,368	)
	Discontinued operations			1,900		53,012			14,735			71,922
Cash and cash equivalents, beginning of year				75,623		93,814			82,423			63,869
Cash and cash equivalents, end of year				49,117		82,423		$	49,117		$	82,423

Selected Notes to the Consolidated Financial Statements

PROPERTY AND EQUIPMENT

(stated in thousands)	Land and buildings			Equipment			Fixtures and fittings			Total
Cost
Balance at January 1, 2014	$	136,723		$	1,989,843		$	46,435		$	2,173,001
Additions		38,906			44,670			5,550			89,126
Disposals		(3,588	)		(45,689	)		(158	)		(49,435	)
Effect of movements in exchange rates		(115	)		1,261			1,437			2,583
Balance at December 31, 2014	$	171,926		$	1,990,085		$	53,264		$	2,215,275

Additions		370			20,407			2,381			23,158
Disposals		(9,607	)		(192,952	)		(3,198	)		(205,757	)
Reclassification to assets held for sale		(3,438	)		(9,882	)		-			(13,320	)
Effect of movements in exchange rates		17,013			179,392			1,996			198,932
Balance at December 31, 2015	$	176,264		$	1,987,050		$	54,443		$	2,217,757

Accumulated Depreciation
Balance at January 1, 2014	$	30,797		$	733,180		$	34,812		$	798,789
Depreciation		8,811			186,427			5,368			200,606
Disposals		(1,533	)		(42,950	)		(10	)		(44,493	)
Impairment		-			3,577			-			3,577
Effect of movements in exchange rates		(1,032	)		(27,998	)		(928	)		(29,958	)
Balance at December 31, 2014	$	37,043		$	852,236		$	39,242		$	928,521

Depreciation		8,444			168,771			5,512			182,727
Disposals		(4,314	)		(151,176	)		(2,315	)		(157,805	)
Reclassification to assets held for sale		(205	)		(6,227	)		-			(6,432	)
Impairment (note 16)		28,261			332,013			1,192			361,466
Effect of movements in exchange rates		3,317			77,727			1,936			82,980
Balance at December 31, 2015	$	72,546		$	1,273,344		$	45,567		$	1,391,457

Carrying amounts
At December 31, 2014	$	134,883		$	1,137,849		$	14,022		$	1,286,754
At December 31, 2015	$	103,718		$	713,706		$	8,876		$	826,300

LOANS AND BORROWINGS

Loans and borrowings (Stated in thousands)	December 31, 2015			December 31, 2014
Senior Notes, net of transaction costs	$	346,576		$	426,897
Hedge receivable		(37,188	)		(17,478	)
Revolving credit facilities, net of transaction costs		210,101			357,260
Finance lease obligations		19,563			21,423
Total	$	539,052		$	788,102
Current portion of loans and borrowings		100,305			19,335
Current portion of hedge receivable		(17,890	)		-
Current portion of finance lease obligations (Note 10)		6,639			10,222
Non-current	$	449,998		$	758,545

Senior Notes

As at December 31, 2015, Trican had the following notes outstanding:

(Stated in thousands)		Canadian $ Amount						U.S. $ Denominated Amount
	Maturity	December 31, 2015			December 31, 2014			December 31, 2015		December 31, 2014
Senior Notes
8.22%⁽¹⁾ Series C	April 28, 2016	$	33,445		$	45,000			-		-
9.11%⁽¹⁾ Series D	April 28, 2021		11,148			15,000			-		-
7.61%⁽¹⁾ Series E	April 28, 2016		66,860			75,407			48,309		65,000
8.29%⁽¹⁾ Series F	April 28, 2018		82,289			92,808			59,457		80,000
8.90%⁽¹⁾ Series G	April 28, 2021		108,005			121,810			78,038		105,000
4.05% Series A	November 19, 2015		-			19,335			-		16,667
7.05%⁽¹⁾ Series A	November 19, 2017		23,067			19,335			16,667		16,667
7.05%⁽¹⁾ Series A	November 19, 2019		5,297			19,335			3,828		16,666
8.75%⁽¹⁾ Series H	September 03, 2024		14,864			20,000			-		-

Subordinated Make-Whole Senior Notes
5.54% Series D	April 28, 2021		457			-			-		-
5.55% Series F	April 28, 2018		1,268			-			916		-
6.28% Series G	April 28, 2021		3,395			-			2,453		-
5.97% Series A	November 19, 2017		703			-			508		-
6.05% Series H	September 03, 2024		755			-			-		-

Debt issue costs⁽²⁾		$	(4,977	)	$	(1,133	)	$	-	$	-
Senior Notes, net of transaction costs		$	346,576		$	426,897		$	210,176	$	300,000

⁽¹⁾	The interest rate on Senior Notes includes a 125 basis point increase payable in cash and a 175 basis point increase of interest payable in kind.
⁽²⁾	Transaction costs on the 2015 Amended Credit Agreements.

On November 19, 2015, Trican repaid U.S. $16.67 million, retiring the first tranche of its 2012 Series A Senior Note, bearing interest at a fixed rate of 4.05% payable semi-annually on May 19 and November 19.

On November 19, 2015, Trican repaid U.S. $77.0 million and CAD $20.5 million, retiring in advance portions of its Series A, C, D, E, F, G and H Senior Notes. These funds were allocated to its lenders and senior noteholders as per the key terms of the 2015 Amended Credit Agreements. Further, the Company recorded U.S. $3.9 million and $1.2 million subordinated Make-Whole Note. These notes bear an annual interest rate of 4.05% plus the rate applicable to U.S. Treasury notes or benchmark Canadian government bonds, and their maturity is equal to the remaining average life of the underlying Senior Notes, compounding semi-annually. In the fourth quarter of 2015, the Company incurred $5.7 million transactions costs related to the 2015 Amended Credit Agreements.

Revolving Credit Facility

As at December 31, 2015, Trican has a $410 million four-year extendible RCF with a syndicate of banks, in place until October 31, 2018. The RCF is secured and bears interest at the applicable Canadian prime rate, U.S. prime rate, Banker's Acceptance rate, or at LIBOR, plus 350 to 625 basis points, dependent on certain financial ratios of the Company. The undrawn amount of the RCF is $214.8 million (2014 - $217.7 million).

In the fourth quarter of 2015, the Company incurred $3.9 million transactions costs related with 2015 Amended Credit Agreements.

Trican has a $10 million Letter of Credit facility with its syndicate of banks. As at December 31, 2015, Trican had $5.2 million in letters of credit outstanding (2014 - $2.9 million).

2015 Amended Credit Agreements

On November 13, 2015, Trican, its lenders and senior noteholders amended the terms of the current credit agreements (the "2015 Amended Credit Agreements"). Key terms under the Amended Agreement Agreements include:

a reduction in the availability of the revolving credit facility ("RCF") from $575 million to $410 million;
a 125 basis point increase to the interest rates on the senior notes and RCF during the covenant relief period that extends until the end of the second quarter of 2017, payable in cash, plus 175 basis point increase to the interest rates on the senior notes and RCF during the covenant relief period, payable in-kind interest;
providing floating charge security over all of its North American assets to both lenders and noteholders;
a requirement to repay an additional $75 million of it senior notes and an additional $75 million of its RCF by October 28, 2016, otherwise, the interest rate on its senior notes and RCF will increase by a further 200 basis points; a subordinated note based on make-whole amounts was delivered to the senior noteholders;
and no distributions will be made until after the second quarter of 2017 assuming certain deferred obligations are paid at that time and the ratio of Senior Consolidated Debt to adjusted EBITDA is less than or equal to 3.0x.
In addition, the financial and non-financial covenants were amended and are described in the Covenants paragraph of this note.

The Company is required to comply with covenants under the terms of the 2015 Amended Credit Agreements. These covenants are applicable to the Revolving Credit Facility and to the Notes Payable:

no financial covenants are applicable for the third and fourth quarters of 2015;
minimum quarterly adjusted EBITDA of CAD$20 million for the first quarter of 2016;
minimum cumulative adjusted EBITDA of CAD$50 million for the third quarter of 2015, fourth quarter of 2015 and first quarter of 2016 to be applied at the end of the first quarter of 2016;
the ratio of Senior Consolidated Debt to adjusted EBITDA shall not exceed:
- 5.0x for the second quarter of 2016;
- 4.5x for the third quarter of 2016;
- 4.0x for the fourth quarter of 2016;
- 3.5x for the first quarter of 2017; and
- 3.0x for the second quarter of 2017 and thereafter; and
a minimum Consolidated adjusted EBITDA to Consolidated Interest Expense Ratio shall not be less than:
- 2.5x for the second quarter of 2016;
- 2.75x for the third quarter of 2016; and
- 3.0x for the fourth quarter of 2016 and thereafter.

Senior Consolidated Debt is defined as the sum of the period ending balance of the RCF, senior notes, letters of credit and capital leases, less cash and the mark to market value of the hedge receivable. Subordinated make-whole notes and operating leases are not included in the Senior Consolidated Debt.

Consolidated Interest Expense is defined as the interest expense relating to any Senior Consolidated Debt, including standby fees on the RCF.

Adjusted EBITDA is defined as income before interest, taxes, depreciation and other permitted or non-cash items.

The Company was in compliance with non-financial covenants under the terms of the 2015 Amended Agreements. As noted above, no financial covenants are applicable to the Company for the fourth quarter of 2015 (2014 - in compliance).

2016 Amended Credit Agreements

On January 26, 2016, Trican entered into a definitive agreement with Keane for the sale of Trican's U.S. pressure pumping business. The transaction involves the sale of the pressure pumping and select related assets and the assumption of certain liabilities of Trican Well Service, L.P., Trican's wholly-owned subsidiary for proceeds of USD $200 million along with 10% of the shares of Keane. Trican will also receive certain economic interests in Keane that represent an additional 20% economic participation above certain thresholds upon a Keane liquidity event. The transaction is expected to close on or before March 15, 2016. Closing of the transaction is subject to customary conditions precedent for a transaction of this nature. A break fee equal to USD $20 million is payable by Keane to Trican in the event of a financing failure and a USD $55 million fee is payable by Keane to Trican if the transaction is not consummated in certain other limited circumstances.

In conjunction with this sale, Trican also executed the 2016 Amended Credit Agreements with its bank lenders under its RCF and the holders of its senior notes to make certain amendments to the applicable credit documentation subject to closing of the U.S. operations sale.

The 2016 Amended Credit Agreements include removal of all prior financial covenants until the third quarter of 2016, elimination of the minimum EBITDA and liquidity covenants, and new leverage and interest coverage ratio covenants as per the following schedule:

For the quarter ended	Leverage Ratio	Interest Coverage Ratio	Calculation Basis
December 31, 2015	Waived	Waived	Not applicable
March 31, 2016	Waived	Waived	Not applicable
June 30, 2016	Waived	Waived	Not applicable
September 30, 2016	5.0x	2.0x	Q3 annualized
December 31, 2016	5.0x	2.0x	Q3 & Q4 annualized
March 31, 2017	5.0x	2.0x	Q3, Q4 & Q1 annualized
June 30, 2017	5.0x	2.0x	Last twelve months
September 30, 2017	5.0x	2.0x	Last twelve months
December 31, 2017	4.0x	2.5x	Last twelve months
Thereafter	3.0x	3.0x	Last twelve months

The Leverage Ratio is defined as long-term debt excluding Make Whole Notes (net of swaps) minus cash divided by adjusted EBITDA. The Interest Coverage Ratio is defined as adjusted EBITDA divided by interest expense minus payable in-kind interest. Certain non-cash expenses and infrequent expenses are permitted to be added back to EBITDA for covenant calculation purposes.

In addition, the amended agreements provide for an Equity Cure provision whereby, if Trican elects to raise equity, 50% of the proceeds from equity offerings may be applied in the calculation of adjusted EBITDA for the Leverage and Interest Coverage covenants, provided an Equity Cure is not used more than twice in any four quarter period and the aggregate amount of any Equity Cures does not exceed CDN $20 million.

Under the 2016 Amended Credit Agreements, Trican is required to reduce its RCF commitment by the amount of net proceeds applied to the outstanding RCF balance. As a result, the current RCF commitment of $410 million is currently estimated to be reduced to $308 million after the application of net proceeds from the US sale. In addition to the reduction in the RCF commitment, the Company has agreed to a temporary cap of CDN $175 million on the RCF until the date that Trican delivers its 2016 third quarter financial statements and financial covenant calculations to its lenders.

Finance lease liabilities

(stated in thousands) As at December 31,	Total future minimum lease payments 2015		Interest payments 2015		Minimum lease payments 2015		Total future minimum lease payments 2014		Interest payments 2014		Minimum lease payments 2014
Less than one year	$	7,296	$	658	$	6,639	$	10,933	$	711	$	10,222
Between one and five years		13,759		836		12,924		11,947		746		11,201
More than five years		-		-		-		-		-		-
Total	$	21,055	$	1,494	$	19,563	$	22,880	$	1,457	$	21,423

LOSS PER SHARE

(Stated in thousands, except share and per share amounts)
	2015			2014
Weighted average number of common shares - basic and diluted		148,926,730			149,286,035


Attributable to owners of the Company	2015			2014
Net loss from continuing operations	$	(820,344	)		(3,710	)
Per share - basic and dilutive	$	(5.51	)	$	(0.02	)
Net loss from discontinued operations		(2,070	)		(1,335	)
Per share - basic and dilutive	$	(0.01	)	$	(0.01	)
Net loss		(822,414	)		(5,045	)
Per share - basic and dilutive	$	(5.52	)	$	(0.03	)

All of the outstanding options have been excluded from the diluted weighted-average number of common shares as the Company incurred net losses in 2015 and 2014.

INCOME TAXES

(Stated in thousands)

For the year ended December 31,		2015			2014
Current tax expense/(recovery)
	Current year	$	6,778		$	10,545
	Adjustment for prior years		655			(1,254	)
	Recognition of previously unrecognized tax losses		(1,388	)		(2,573	)
		$	6,045		$	6,718
Deferred tax expense/(recovery)
	Current year	$	(15,009	)	$	(8,956	)
	Adjustment for prior years		3,163			719
	Change in recognized deductible temporary differences		160,225			-
	Recognition of previously unrecognized tax losses		-			(2,877	)
		$	148,379		$	(11,114	)
Total tax expense/(recovery) from continuing operations		$	154,424		$	(4,396	)

The income tax expense differs from that expected by applying the combined federal and provincial income tax rate of 26.09% (2014 - 25.30%) to loss from continuing operations before income taxes for the following reasons:

(Stated in thousands)
For the year ended December 31,	2015			2014
Expected combined federal and provincial income tax	$	(174,291	)	$	(3,016	)
Change in recognized deductible temporary differences		160,225			-
Unrecognized current year losses		144,769			(4,154	)
Non-deductible expenses		12,901			6,169
Adjustments related to prior years		3,817			(535	)
Recognition of previously unrecognized losses		(1,388	)		(5,450	)
Stock-based compensation		1,095			2,026
Changes to deferred income tax rates		7,372			791
Other		(76	)		(227	)
	$	154,424		$	(4,396	)

The combined Federal and Provincial statutory tax rate in Canada increased from 2014 to 2015 due to an increase to the general corporate tax rate in Alberta to 12% from 10% effective July 1, 2015.

OPERATING SEGMENTS

The Company operates in Canada and the U.S. along with a number of international regions, which include Russia, Kazakhstan, Algeria, Australia, Saudi Arabia, Colombia and Norway. As of the third quarter of 2015, the profits and losses associated with Russia, Australia and Algeria have been classified as discontinued operations (see note 3). Each geographic region has a General Manager who is responsible for the operation and strategy of his region's business. Personnel working within the particular geographic region report to the General Manager; the General Manager reports to the executive management team.

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

Canadian operations provide cementing, fracturing, coiled tubing, nitrogen, geological, acidizing, reservoir management, industrial cleaning and pipeline, and completion systems and downhole tool services, which are performed on new and existing oil and gas wells.
U.S. operations provide cementing, fracturing, coiled tubing, nitrogen, acidizing and completion systems and downhole tool services, which are performed on new and existing oil and gas wells.
International operations provide cementing, fracturing, coiled tubing, acidizing, nitrogen, and completion systems and downhole tool services, which are performed on new and existing oil and gas wells.

Information regarding the results of each geographic region is included below. Performance is measured based on revenue and gross profit as included in the internal management reports, which are reviewed by the Company's executive management team. Each region's gross profit is used to measure performance as management believes that such information is most relevant in evaluating regional results relative to other entities that operate within the industry. Transactions between the segments are recorded at fair value and have been eliminated upon consolidation.

	Canadian Operations			United States Operations			International Operations*		Corporate			Total
Year ended December 31, 2015
Revenue	$	656,507		$	496,025		$	171,940	$	-		$	1,324,472
Gross (loss) / profit		(23,070	)		(162,442	)		13,382		(23,344	)		(195,474	)
Finance income		-			-			-		(1,527	)		(1,527	)
Finance costs		-			-			-		43,000			43,000
Impairment		28,840			351,806			4,663		-			385,309
Tax (recovery) / expense		(21,154	)		171,649			7,488		-			157,983
Depreciation and amortization		75,361			106,530			11,597		4,700			198,188
Capital expenditures		14,912			6,792			3,014		1,289			26,007

Year ended December 31, 2014
Revenue	$	1,229,046		$	1,133,895		$	340,917	$	-		$	2,703,858
Gross profit / (loss)		185,252			(9,449	)		27,464		(29,169	)		174,098
Finance income		-			-			-		(2,586	)		(2,586	)
Finance costs		-			-			-		39,698			39,698
Impairment		5,004			-			2,013		-			7,017
Tax expense / (recovery)		23,251			(26,911	)		968		-			(2,692	)
Depreciation and amortization		70,919			109,051			26,061		3,025			209,056
Capital expenditures		23,848			27,332			36,228		2,604			90,012

FORWARD-LOOKING STATEMENTS

This document contains certain forward-looking information and financial outlook based on Trican's current expectations, estimates, projections and assumptions that were made by the Company in light of information available at the time the statement was made. Forward-looking information and financial outlook that address expectations or projections about the future, and other statements and information about the Company's strategy for growth, expected and future expenditures, costs, operating and financial results, future financing and capital activities are forward-looking statements. Some forward-looking information and financial outlook are identified by the use of terms and phrases such as "anticipate", "achieve", "estimate", "expect",, "intend", "plan", "planned", and other similar terms and phrases. This forward-looking information and financial outlook speak only as of the date of this document and we do not undertake to publicly update this forward-looking information and financial outlook except in accordance with applicable securities laws. This forward-looking information and financial outlook include, among others:

Anticipated adjustments to our active equipment fleet, and related adjustments to cost structure;
Anticipated industry activity levels in jurisdictions of the Company's operations in 2016, as well as customer work programs and equipment utilization levels;
Expected maintenance capital requirements in 2016 and in the future in light of current equipment levels;
Expectations regarding the sale of Trican's U.S. pressure pumping business to Keane Group Holdings, LLC, including conditions to completion and timing thereof;
Expectations regarding amendments to certain covenants under the Revolving Credit Facility and success of implementation and timing thereof;
Expectations regarding cash flow from operating activities and anticipated receipt of net proceeds from pending sale of U.S. business;
Anticipated compliance with debt and other covenants under the 2016 Amended Credit Agreements;
Expectations regarding reduction of the Company's debt and success of its cost control measures and further cost reductions;
Expectations regarding the Company's financial results, working capital levels, liquidity and profits;
Expectations regarding impact of weather on 2016 spring breakup activity levels;
Expectations regarding pricing of the Company's services;
Expectations regarding future performance of the Company's completion tool business;
Expectations regarding future performance of the Company's Kazakhstan business.

Forward-looking information and financial outlook is based on current expectations, estimates, projections and assumptions, which we believe are reasonable but which may prove to be incorrect. Trican's actual results may differ materially from those expressed or implied and therefore such forward-looking information and financial outlook 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; Trican's ability to successfully complete the transaction for the sale of its U.S. business substantially on the terms negotiated or at all and within the timeframe described herein; Trican's ability to continue its operations for the foreseeable future and to realize its assets and discharge its liabilities and commitments in the normal course of business; Trican being successful in completing the amendments to its debt covenants with its lenders, and meeting such covenants; industry activity levels, including its effect of reducing the Company's capital and maintenance expenditures; the completion of currently planned work activities by our customers; the general stability of the economic and political environment; effect of market conditions on demand for the Company's products and services and pricing that can be obtained for those products and services; the ability to achieve planned cost reductions; 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; future oil and natural gas prices; currency, exchange and interest rates; the regulatory framework regarding royalties, taxes and environmental matters; changes in competition and pricing in the oilfield service business; and unanticipated costs and liabilities.

Forward-looking information and financial outlook 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: failure to meet the agreed upon covenants with the Company's lenders; failure to complete the sale of the Company's United States pressure pumping business on the terms described herein, or at all; fluctuating prices for crude oil and natural gas; changes in drilling activity; general global economic, political and business conditions; changes in interest rates; competitive and business conditions in the markets where the Company operates; weather conditions; regulatory changes; the successful exploitation and integration of technology; customer acceptance of technology; success in obtaining and defending issued patents; the potential development of competing technologies by market competitors; and availability of products, qualified personnel, manufacturing capacity and raw materials. The foregoing important factors are not exhaustive. In addition, actual results could differ materially from those anticipated in forward-looking information provided herein as a result of the risk factors set forth under the section entitled "Risks Factors" in our Annual Information Form dated March 25, 2015. Readers are also referred to the risk factors and assumptions described in other documents filed by the Company from time to time with securities regulatory authorities.

Trican undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward looking information.

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

Headquartered in Calgary, Alberta, Trican has operations in Canada, United States, Norway and Russia and provides a comprehensive array of specialized products, equipment and services that are used during the exploration and development of oil and gas reserves provided by a highly trained workforce dedicated to safety and operational excellence.

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
Senior Vice President, Finance & CFO
(403) 266-0202
(403) 237-7716 (FAX)
mbaldwin@trican.ca
www.tricanwellservice.com

Trican Well Service Ltd. Reports Fourth Quarter and Year End Results for 2015