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Calfrac Announces First Quarter Results


CALGARY, May 8, 2013 /CNW/ - Calfrac Well Services Ltd. ("Calfrac" or "the Company") (TSX-CFW) announces its financial and operating results for the three months ended March 31, 2013.

HIGHLIGHTS

Three Months Ended March 31,


                                      2013    2012             Change

(C$000s, except per share and unit
data)                                  ($)     ($)                (%)

(unaudited)                                                          

Financial                                                            

Revenue                            423,397 474,107               (11)

Operating income((1))               62,670 113,381               (45)

EBITDA((2))                         65,169 127,995               (49)
       Per share - basic              1.44    2.92                (51)
       Per share - diluted            1.43    2.87                (50)

Net income attributable to the
shareholders of Calfrac                                              
       before foreign exchange
       gains((3))                   22,677  59,264               (62)
       Per share - basic              0.50    1.35               (63)
       Per share - diluted            0.50    1.33               (62)

Net income attributable to the
shareholders of Calfrac             24,645  70,841               (65)
       Per share - basic              0.55    1.62               (66)
       Per share - diluted            0.54    1.59               (66)

Working capital (end of period)    332,241 431,053               (23)

Total equity (end of period)       802,581 779,426                  3

Weighted average common shares
outstanding (000s)                                                   
       Basic                        45,165  43,811                  3
       Diluted                      45,534  44,550                   2
                                                                     

Operating (end of period)                                            

Pumping horsepower (000s)            1,013     782                 30

Coiled tubing units (#)                 29      29                  -

Cementing units (#)                     28      23                 22

((1))  Operating income is defined as net income (loss) before
       depreciation, interest, foreign exchange gains or losses, gains
       or losses on disposal of capital assets and income taxes.
       Management believes that operating income is a useful
       supplemental measure as it provides an indication of the
       financial results generated by Calfrac's business segments prior
       to consideration of how these segments are financed or how they
       are taxed. Operating income is a measure that does not have any
       standardized meaning under International Financial Reporting
       Standards (IFRS) and, accordingly, may not be comparable to
       similar measures used by other companies.

((2))  EBITDA is defined as net income (loss) before interest, income
       taxes, depreciation and amortization. EBITDA is presented
       because it is frequently used by securities analysts and others
       for evaluating companies and their ability to service debt.
       EBITDA is a measure that does not have any standardized meaning
       prescribed under IFRS and, accordingly, may not be comparable to
       similar measures used by other companies.

((3))  Net income attributable to the shareholders of Calfrac before
       foreign exchange gains or losses is defined as net income (loss)
       attributable to the shareholders of Calfrac before foreign
       exchange gains or losses on an after-tax basis. Management
       believes that net income attributable to the shareholders of
       Calfrac before foreign exchange gains or losses is a useful
       supplemental measure as it provides an indication of the
       financial results generated by Calfrac without the impact of
       foreign exchange fluctuations, which are not fully controllable
       by the Company. Net income attributable to the shareholders of
       Calfrac before foreign exchange gains or losses is a measure
       that does not have any standardized meaning prescribed under
       IFRS and, accordingly, may not be comparable to similar measures
       used by other companies.

CEO's MESSAGE
I am pleased to present Calfrac's operating and financial highlights for the 
three months ended March 31, 2013 and to discuss the Company's prospects for 
the remainder of 2013 and beyond. During the first quarter, the Company:
    --  had a very active quarter in western Canada despite a slow
        start in January;
    --  deployed a fourth fracturing crew to Calfrac's Smithfield,
        Pennsylvania district which services both the Marcellus and
        Utica shale plays;
    --  experienced further increases in the number of horizontal
        multi-stage fracturing treatments performed in Mexico and
        Western Siberia; and
    --  completed the deployment of fracturing equipment into Argentina
        in anticipation of fracturing operations which commenced in
        early May 2013.

Financial Highlights

For the three months ended March 31, 2013, the Company recorded:
    --  revenue of $423.4 million, a decrease of 11 percent from the
        first quarter of 2012 driven primarily by lower pricing in the
        United States and Canada. This decline was partially offset by
        strong growth in Calfrac's Russia operations;
    --  operating income of $62.7 million versus $113.4 million in
        2012, a decrease of 45 percent, mainly as a result of
        competitive pricing pressures in Canada and the United States
        combined with higher product and transportation costs in
        Canada; and
    --  net income attributable to the shareholders of Calfrac of $24.6
        million or $0.54 per share diluted, which included a non-cash
        foreign exchange gain of $2.4 million, compared to $70.8
        million or $1.59 per share diluted in the comparative period in
        2012, which included a primarily non-cash foreign exchange gain
        of $13.9 million.

Operational Highlights

Canada

The Company experienced a relatively slow start to the first quarter of 2013 
as the pace of drilling activity in western Canada did not increase until late 
2012. The lag between the commencement of drilling operations and completion 
activity resulted in lower activity for most of January. As the drilling of 
these wells was completed, activity increased significantly in late January 
and early February and this momentum continued throughout the remainder of the 
quarter. Calfrac's strong activity in the first quarter was due, in part, to 
colder weather persisting throughout most of western Canada until late March. 
As a result, revenue from the Company's Canadian operations was 15 percent 
higher on a sequential basis despite strong activity in the fourth quarter. 
Operating margins for the quarter on a percentage basis were consistent with 
the prior quarter with the increase in revenue being offset by higher costs 
related to supply chain logistics given the large increase in product 
requirements and longer travel distances to remote locations. In addition, 
competitive pricing pressures experienced during the latter part of the fourth 
quarter of 2012 impacted pricing for the first quarter. Pricing in the 
Canadian fracturing market then stabilized as this market became more balanced 
when overall oilfield activity increased during the first quarter.

The Company's activity in the first quarter targeted the development of many 
unconventional oil and natural gas resource plays throughout the Western 
Canada Sedimentary Basin, including the Montney, Duvernay, Cardium, Viking and 
various Deep Basin plays. Completions activity was mainly focused on the 
Montney, Duvernay and Cardium plays that require the use of significant 
horsepower, manpower and materials. Calfrac anticipates that the development 
of these reservoirs will represent a significant portion of future activity in 
western Canada.

United States

Calfrac's first-quarter results in the United States were positively impacted 
by rightsizing efforts implemented in the fourth quarter of last year and the 
early part of 2013. This rationalization process combined with higher 
equipment utilization and enhancements in the Company's supply chain and 
logistical capabilities contributed significantly to its improved financial 
performance. Calfrac's U.S. operating cost structure has been realigned with 
its current activity base and will be closely monitored for any future changes 
in market conditions. Many of Calfrac's customers increased their activity 
from very low levels in the fourth quarter, particularly after late November. 
Some of this increase was related to wells that had been drilled in 2012 but 
were not completed until 2013. The recovery in activity was largely focused in 
the Marcellus and Fayetteville shale plays with steady work also experienced 
in North Dakota and the Rockies region. The recent improvement in the price of 
natural gas had little impact on gas-focused activity in the first quarter. 
However, the Company anticipates higher activity in the last six months of 
2013 and into 2014.

While the Company is pleased with the improvements in the financial 
performance of its U.S. division, short-term visibility remains poor. There 
remains a significant oversupply of capacity servicing this market which is 
anticipated to limit any significant pricing improvement over the short-term. 
Although pricing conditions in the United States remain very competitive, 
Calfrac believes that prices are beginning to stabilize. The inventory of 
drilled but uncompleted wells and the higher than expected number of 
horizontal wells drilled in the U.S. has provided a buffer despite an 
otherwise stagnant rig count. The Company believes that a rig count increase 
in the United States is required to structurally change the pressure pumping 
supply/demand balance in this market. As a result, Calfrac will continue to 
monitor opportunities to redeploy assets into more active and profitable 
regions until the United States market significantly improves.

Russia

Revenue and operating margins improved during the first quarter for Calfrac's 
Russian operations as fracturing activity and equipment utilization improved 
significantly from the fourth quarter of 2012. This improvement in equipment 
utilization was driven by a greater focus by Calfrac's customers to 
multi-stage completions within horizontal wellbores. However, the increase in 
operating margins from the previous quarter was negatively impacted by costs 
related to cold weather operations. The Company anticipates that operating 
margins in Russia will improve in the second and third quarters of 2013 as 
weather becomes less of a factor.

Latin America

Calfrac's financial results in Mexico remain relatively consistent with the 
fourth quarter with a slight reduction in fracturing activity as the Company 
was unable to complete a significant horizontal project before the end of the 
quarter due to operational delays by the operator. Multi-stage fracturing 
operations within horizontal wellbores in Mexico continued to gain momentum in 
the first quarter of 2013 as the Company leveraged its proven technologies 
from Canada and the United States. While in the early stages of development, 
these technologies are now being deployed to improve Mexican production rates, 
and Calfrac is very pleased with this emerging trend and the initial successes 
that have been realized. The Company is optimistic that these technologies 
will provide a solid basis for growth in the Mexican market over the longer 
term.

Cementing and coiled tubing activity in Argentina during the first quarter was 
consistent with Calfrac's expectations. During the first quarter, the Company 
completed the deployment of fracturing equipment into Argentina. This 
represents a major milestone for the Company as it builds its presence in this 
emerging pressure pumping market. With this equipment Calfrac expects to 
service both conventional and unconventional wells. Start-up costs associated 
with the commencement of these fracturing operations resulted in lower 
operating margins for Latin America during the first quarter. The Company 
currently has 27,000 hydraulic horsepower, seven cementing units and one 
coiled tubing crew deployed in the Argentina market. The commencement of 
fracturing operations in Argentina is expected to become more significant in 
the last half of 2013 and in 2014 and is anticipated to provide meaningful 
long-term growth for the Company's Latin American division.

Despite an overall reduction in oilfield activity in Colombia due to 
regulatory and infrastructure issues, Calfrac remains committed to this 
country. A portion of the Company's cementing fleet is currently contracted 
under a long-term cementing services agreement with one of the largest oil and 
gas producers in Colombia. This provides a minimum level of activity to 
sustain the Company's operations through this period of historically low 
activity. Calfrac expects that these issues in Colombia will be resolved and 
that it is well-positioned to take advantage of a future recovery.

Outlook and Business Prospects

Colder temperatures experienced throughout a significant portion of North 
America during March and April resulted in significant declines in natural gas 
storage levels and an increase in natural gas prices. This increase in natural 
gas prices combined with a relatively stable oil-focused rig count in North 
America leads Calfrac to be cautiously optimistic that the business 
environment in North America will improve in the last half of 2013. Assuming 
the increase in natural gas prices is sustainable, natural gas drilling is 
anticipated to gain momentum throughout the third and fourth quarters of this 
year providing the basis for a stronger outlook in 2014. Given the capital 
intensity of unconventional natural gas completions, Calfrac expects that this 
incremental activity will improve the supply and demand balance for the 
fracturing industry. Increasing horizontal activity and service intensity 
through longer horizontal legs and a greater number of fracturing stages will 
also provide the potential for higher levels of activity for Calfrac.

Canada continues to be the Company's largest operating segment. Calfrac has a 
strong and active customer base as well as long-term relationships with a 
number of large customers. Calfrac expects that well completion activity will 
continue to grow as many of the larger plays in the Western Canada Sedimentary 
Basin, such as the Montney and Duvernay, transition from delineation to 
development. This is particularly relevant as many of the natural gas resource 
plays of northwest Alberta and northeast British Columbia are some of the most 
economic gas-producing areas in North America. This activity is expected to 
increase with the influx of capital from foreign entities and large 
multi-national companies. This interest in western Canadian natural gas is 
largely related to a long-term liquefied natural gas (LNG) export strategy. 
Because sufficient natural gas production and reserves must be available to 
support the construction of LNG export facilities and subsequent LNG exports, 
the associated increase in capital investment should provide a platform for 
significant growth for Calfrac's Canadian operations, as a number of 
longstanding customers are involved in these plans. The Company's leadership 
position in the development of the Montney, Duvernay and Horn River resource 
plays is expected to position it to participate significantly in the 
development of the resources needed to support LNG exports. In particular, 
Calfrac remains optimistic about the future development of the Duvernay play. 
The Company is one of the most active service providers in this play and 
anticipates that its positioning will form the basis of further growth 
opportunities in Canada during 2013 and beyond. Overall industry activity is 
expected to grow materially over the next several years. Over the longer term, 
further operational efficiencies are expected to be achieved through the 
expanded use of 24-hour operations and multi-well pad development.

While the Company remains optimistic about future natural gas development in 
western Canada, completions activity in oil plays remains very strong. The use 
of higher rate treatments in plays such as the Cardium are leading to greater 
demand for larger fracturing crews and larger stage sizes. Technology and play 
economics continue to improve which should provide the basis for further 
increases in future activity.

Calfrac is pleased with the operational improvements that have been 
implemented in the United States over the last two quarters which resulted in 
improved financial performance during the first quarter of 2013. The Company 
rationalized its United States cost structure and implemented additional 
supply chain and logistical improvements to ensure improved profitability in a 
lower-revenue environment. While Calfrac is satisfied with the progress made 
in its U.S. division, a great deal of uncertainty remains with respect to the 
short-term dynamics of this market. Pricing pressure combined with volatility 
in equipment utilization has negatively impacted the short term visibility 
regarding operating margin expectations. Although the Company does not expect 
the market conditions to change significantly in the United States pumping 
industry during the second quarter, it is cautiously optimistic that well 
drilling and completions activity will improve in the latter part of the year. 
This is partially dependant upon a recovery in natural gas-focused activity 
combined with working through the inventory of wells drilled that are awaiting 
completion.

Calfrac continues to believe that it is well-positioned in the U.S. pressure 
pumping business. In addition to its contract position, Calfrac services two 
of the most active unconventional resource plays in the United States, 
including the Bakken oil shale play in North Dakota and the Marcellus shale 
gas play in Pennsylvania and West Virginia. The Company believes that the 
Marcellus shale play will be one of the primary beneficiaries of the recent 
increase in the price of natural gas. In response to this market opportunity, 
Calfrac recently redeployed an additional fracturing spread into this region 
which brings the Company's total number of spreads servicing this play to four 
and, based on a recent tender award, expects that a fifth crew will be 
operational in the third quarter.

Based on the completion of the 2013 contract tender process in Russia, the 
Company anticipates that equipment utilization will improve over 2012. With 
limited opportunities to improve pricing in this market, Calfrac remains 
focused on streamlining its cost structure in an effort to improve future 
financial performance. Growth and improved profitability in this segment will 
be predicated on the introduction of new technologies in Western Siberia, 
including horizontal drilling and multi-stage completions. There is 
significant future potential in Russia given its stature as a leading producer 
of oil and natural gas. The Company has been very pleased with its involvement 
in the deployment of multi-stage completion technology in horizontal wellbores 
over the last several quarters. Consequently, Calfrac expects that this trend 
will continue to drive demand for its services over the short and longer term 
as Russia's producing sector gains confidence with this completion strategy.

The Mexican oilfield service environment continues to evolve and, similar to 
Russia, is in the very early stages of using multi-stage fracturing technology 
within horizontal wellbores. With a focus on onshore development combined with 
the use of this new technology, Calfrac expects that there will be 
opportunities to grow this market in the future. With the success of our 
initial multi-stage horizontal fracturing projects in Mexico, the Company 
believes that there will be more work of this nature in 2013 and beyond. In 
addition, several tenders are expected to be published during the remainder of 
the year which provides the opportunity for incremental work and, contingent 
on Calfrac's success in securing such work, the allocation of additional 
equipment to Mexico. However, recent budgetary constraints may curtail some 
activity in the Chicontepec basin over the short term, which may result in 
lower equipment utilization throughout the remainder of the year. In response 
to these new market conditions, the Company has rationalized its Mexican 
operating cost structure.

With the successful completion of Calfrac's first fracturing treatment in 
Argentina on May 4(th), the Company believes that it is well-positioned to 
take advantage of opportunities related to the development of unconventional 
resource plays, which is expected to drive higher oilfield activity over the 
longer term. Horizontal drilling combined with multi-stage fracturing will be 
key inputs to unlocking these resources. Currently, there is very limited 
capacity in-country to service these emerging plays. Calfrac believes that its 
long standing reputation for service quality, technical expertise and strong 
customer base will provide the foundation for long-term growth in Argentina.

The Company entered the Colombian oilfield service market in late 2011 and is 
currently focused on building its customer base in the midst of a challenging 
environment. Industry activity in Colombia has been much slower than expected 
recently due to permitting and infrastructure issues. The Company's presence 
is currently limited to four cementing units, of which two are currently under 
contract with the largest producer in the country. This should provide a base 
level of activity to navigate through this period of low activity as the 
region transitions towards greater activity, and will position the Company 
favourably to realize on significant long-term growth opportunities.

Updating the press release of August 31, 2012, Laura Cillis has agreed to 
extend her tenure as Senior Vice President, Finance and Chief Financial 
Officer until June 30, 2013. Tom Medvedic, Calfrac's Senior Vice President, 
Corporate Development and formerly Calfrac's Chief Financial Officer from 2004 
to 2008, has agreed to serve as interim Chief Financial Officer effective July 
1, 2013.

On behalf of the Board of Directors,

Douglas R. Ramsay
Chief Executive Officer May 6, 2013

First Quarter 2012 Overview

In the first quarter of 2013, the Company:
    --  recorded revenue of $423.4 million, a decrease of 11 percent
        from the first quarter of 2012 driven primarily by lower
        pricing and job sizes in the United States. The revenue decline
        in the United States was partially offset by strong growth in
        Calfrac's Russia operations;
    --  reported operating income of $62.7 million versus $113.4
        million in 2012, a decrease of 45 percent, mainly as a result
        of competitive pricing pressures in Canada and the United
        States combined with higher logistical costs associated with
        the completion of larger fracturing jobs in Canada;
    --  reported net income attributable to the shareholders of Calfrac
        of $24.6 million or $0.54 per share diluted, which included a
        non-cash foreign exchange gain of $2.4 million, compared to
        results in 2012 of $70.8 million or $1.59 per share diluted,
        which included a primarily non-cash foreign exchange gain of
        $13.9 million;
    --  incurred capital expenditures of $44.0 million, principally
        related to the Company's fracturing operations in Canada and
        the United States;
    --  reported a period-end working capital increase of 3 percent
        from December 31, 2012 to $332.2 million at March 31, 2013;
    --  declared its first dividend of $0.25 per share now payable on a
        quarterly basis; and
    --  announced a reduced capital budget for 2013 of $74.0 million in
        February 2013 that will focus on maintenance and support
        capital and further investment in logistics equipment.
        Approximately $25.0 million of capital is allocated to
        supporting Calfrac's growing Latin American operations,
        including an investment in coiled tubing and fracturing
        equipment.

Financial Overview - Three Months Ended March 31, 2013 Versus 2012

Canada

Three Months Ended March 31,                    2013        2012 Change

(C$000s, except operational information)         ($)         ($)    (%)

(unaudited)                                                            

Revenue                                      231,576     225,824      3

Expenses                                                               
       Operating                             171,795     144,273     19
       Selling, General and                    3,870       4,219    (8)
       Administrative (SG&A)
                                             175,665     148,492     18

Operating income((1))                         55,911      77,332   (28)

Operating income (%)                           24.1%       34.2%   (30)

Fracturing revenue per job ($)               223,124     199,928     12

Number of fracturing jobs                        982       1,037    (5)

Pumping horsepower, end of period (000s)         404         289     40

Coiled tubing revenue per job ($)             23,932      30,375   (21)

Number of coiled tubing jobs                     521         609   (14)

Coiled tubing units, end of period (#)            21          21      -

((1))  Refer to "Non-GAAP Measures" on page 12 for further information.
    Revenue

Revenue from Calfrac's Canadian operations during the first quarter of 2013 
was $231.6 million versus $225.8 million in the comparable three-month period 
of 2012. The 3 percent increase in revenue was due to larger job sizes in the 
Duvernay and Montney plays as well as several carbonate plays in western 
Canada combined with favourable weather conditions, which allowed continued 
high utilization through the end of the quarter. The increase was partially 
offset by increased pricing pressure in western Canada.

Operating Income

Operating income in Canada decreased by 28 percent to $55.9 million during the 
first quarter of 2013 from $77.3 million in the same period of 2012. The 
decrease in Canadian operating income was primarily due to a more competitive 
pricing environment in combination with higher operating costs resulting from 
an increase in logistical costs associated with the completion of larger 
fracturing jobs and longer average travel distances to wellsites in the 
unconventional oil and natural gas resource plays of western Canada.

United States

Three Months Ended March 31,               2013         2012 Change

(C$000s, except operational and
exchange rate information)                  ($)          ($)    (%)

(unaudited)                                                        

Revenue                                 127,010      194,899   (35)

Expenses                                                           
    Operating                            103,848      145,795   (29)
    SG&A                                   5,123        5,000      2
                                        108,971      150,795   (28)

Operating income((1))                    18,039       44,104   (59)

Operating income (%)                      14.2%        22.6%   (37)

Fracturing revenue per job ($)           55,084       82,189   (33)

Number of fracturing jobs                 2,184        2,281    (4)

Pumping horsepower, end of period
(000s)                                      492          421     17

Cementing revenue per job ($)            32,397       30,362      7

Number of cementing jobs                    207          171     21

Cementing units, end of period (#)           15            9     67

US$/C$ average exchange rate((2))        1.0089       1.0013      1

((1))  Refer to "Non-GAAP Measures" on page 12 for further information.

((2))  Source: Bank of Canada.

Revenue

Revenue from Calfrac's United States operations decreased during the first 
quarter of 2013 to $127.0 million from $194.9 million in the comparable 
quarter of 2012. The decrease was due primarily to increased pricing pressure 
and the completion of smaller jobs. Natural gas drilling and completion 
activity continued to remain relatively low in the United States, and resulted 
in increased competition in all of the Company's operating regions. 
Completions activity in natural gas producing areas such as the Marcellus and 
Fayetteville shale plays as well as the Piceance Basin was impacted negatively 
as the number of active drilling rigs in these areas decreased by 28 percent 
in the first quarter of 2013 compared to the same period in 2012.

Operating Income

Operating income in the United States was $18.0 million for the first quarter 
of 2013, a decrease of $26.1 million from the comparative period in 2012. The 
significant decrease in operating income was primarily due to competitive 
pricing pressure and lower fracturing equipment utilization in the 
unconventional natural gas plays of the United States. The decrease in 
operating income was mitigated by reductions in labour and maintenance 
expenses resulting from cost-saving initiatives implemented by the Company in 
late 2012, combined with supply chain and logistical improvements and declines 
in the cost of certain key materials such as guar.

Russia

Three Months Ended March 31,                   2013        2012 Change

(C$000s, except operational and
exchange rate information)                      ($)         ($)    (%)

(unaudited)                                                           

Revenue                                      37,161      28,096     32

Expenses                                                              
    Operating                                 33,578      25,139     34
    SG&A                                       1,594       1,403     14
                                             35,172      26,542     33

Operating income((1))                         1,989       1,554     28

Operating income (%)                           5.4%        5.5%    (2)

Fracturing revenue per job ($)              106,185      98,904      7

Number of fracturing jobs                       275         184     49

Pumping horsepower, end of period
(000s)                                           45          45      -

Coiled tubing revenue per job ($)            61,229      58,224      5

Number of coiled tubing jobs                    130         170   (24)

Coiled tubing units, end of period (#)            7           6     17

Rouble/C$ average exchange rate((2))         0.0332      0.0332      -

((1))  Refer to "Non-GAAP Measures" on page 12 for further information.

((2))   Source: Bank of Canada.

Revenue

During the first quarter of 2013, the Company's revenue from Russian 
operations increased by 32 percent to $37.2 million from $28.1 million in the 
corresponding three-month period of 2012. The increase in revenue was mainly 
due to higher fracturing activity resulting from increased demand following a 
successful 2013 tender process and the commencement of horizontal multi-stage 
fracturing operations in the latter part of 2012 that has continued into 2013. 
In addition, the Company resumed providing proppant as part of its fracturing 
operations to a significant customer in Western Siberia in 2013 which also 
contributed to this increase. The increase in revenue from fracturing 
operations was partially offset by lower coiled tubing activity.

Operating Income

Operating income in Russia in the first quarter of 2013 was $2.0 million 
compared to $1.6 million in the corresponding period of 2012. The increase in 
operating income was primarily due to the higher revenue base combined with 
greater operating efficiencies associated with multi-stage fracturing, offset 
partially by higher maintenance and product costs due to the provision of 
proppant to a significant customer during the quarter.

Latin America

Three Months Ended March 31,                    2013        2012 Change

(C$000s, except operational and exchange
rate information)                                ($)         ($)    (%)

(unaudited)                                                            

Revenue                                       27,650      25,288      9

Expenses                                                               
    Operating                                  25,166      21,354     18
    SG&A                                        1,332       1,416    (6)
                                              26,498      22,770     16

Operating income((1))                          1,152       2,518   (54)

Operating income (%)                            4.2%       10.0%   (58)

Pumping horsepower, end of period (000s)          72          27    167

Cementing units, end of period (#)                13          11     18

Coiled tubing units, end of period (#)             1           1      -

Mexican peso/C$ average exchange rate(
(2))                                          0.0798      0.0772      3

Argentine peso/C$ average exchange rate(
(2))                                          0.2012      0.2307   (13)

((1))  Refer to "Non-GAAP Measures" on page 12 for further information.

((2))  Source: Bank of Canada.

Revenue

Calfrac's Latin America operations generated total revenue of $27.7 million 
during the first quarter of 2013 versus $25.3 million in the comparable 
three-month period in 2012. The increase in revenue was primarily due to 
higher coiled tubing activity combined with the completion of larger cementing 
and coiled tubing jobs in Argentina. This increase in revenue was offset 
slightly by lower fracturing activity in the Burgos field of northern Mexico 
as a large project could not be completed in March 2013 due to operational 
issues by the customer.

Operating Income

Operating income in Latin America for the three months ended March 31, 2013 
was $1.2 million compared to $2.5 million in the comparative quarter in 2012. 
The decrease was mainly related to lower fracturing activity in Mexico 
combined with costs relating to the start-up of fracturing operations in 
Argentina.

Corporate

Three Months Ended March 31,          2013          2012 Change

(C$000s)                               ($)           ($)    (%)

(unaudited)                                                    

Expenses                                                       
       Operating                     2,209         2,180      1
       SG&A                         12,212         9,947     23
                                    14,421        12,127     19

Operating loss((1))               (14,421)      (12,127)     19
                                                    2.6%       

% of Revenue                          3.4%          2.6%     31

((1))  Refer to "Non-GAAP Measures" on page 12 for further information.

Operating Loss

The 19 percent increase in corporate expenses in 2013 over 2012 was mainly due 
to an increase in the Company's global operations and procurement personnel 
required to support the Company's larger scale of operations. These necessary 
additions are designed to support Calfrac's continued focus on service 
quality, operating efficiency and cost management. Higher stock-based 
compensation expenses of $1.0 million, primarily resulting from additional 
restricted share units granted in 2013, contributed to the increase in 
corporate expenses. The increase was offset partially by lower professional 
fees.

Depreciation

For the three months ended March 31, 2013, depreciation expense increased by 
12 percent to $24.8 million from $22.1 million in the corresponding quarter of 
2012. The increase in depreciation expense is mainly a result of a larger 
fleet of equipment operating in North America.

Foreign Exchange Losses or Gains

The Company realized a foreign exchange gain of $2.4 million during the first 
quarter of 2013 versus a $13.9 million gain in the comparable period in 2012. 
Foreign exchange gains and losses arise primarily from the translation of net 
monetary assets or liabilities that were held in United States dollars in 
Canada, Russia and Latin America. The Company's foreign exchange gain recorded 
in the quarter was largely attributable to the translation of United States 
dollar-denominated assets in Canada and United States dollar-denominated 
liabilities in Mexico. The value of the United States dollar appreciated 
against the Canadian dollar and depreciated against the Mexican peso during 
the first quarter, which resulted in a foreign exchange gain related to these 
net monetary positions.

Interest

The Company's interest expense during the first quarter of 2013 was $9.2 
million compared to $8.9 million for the comparable period in 2012. The 
increase was related to additional short-term borrowings in Latin America.

Income Tax Expenses

The Company recorded income tax expense of $7.0 million during the first 
quarter of 2013 versus $26.3 million in the comparable period of 2012. The 
decrease in total income tax expense was primarily due to lower profitability 
in the United States and Canada. The effective income tax rate for 2013 was 22 
percent compared to 27 percent in 2012. The lower effective tax rate for the 
first quarter of 2013 was primarily due to a lower percentage of taxable 
income in the United States, which has a higher average statutory tax rate.

Summary of Quarterly Results
    Three Months Ended        June       Sept.       Dec.       Mar.       June       Sept.       Dec.       Mar.
                           30,         30,        31,        31,        30,         30,        31,        31,
                          2011        2011       2011       2012       2012        2012       2012       2013

(unaudited)                ($)         ($)        ($)        ($)        ($)         ($)        ($)        ($)
                                                                                                    

Financial
(C$000s, except per
share and operating
data)                                                                                                        

Revenue                269,456     440,491    490,037    474,107    335,780     417,842    367,487    423,397

Operating income(       47,937     126,527    150,364    113,381     29,810      70,604     43,218     62,670
(1))

EBITDA((1))             50,597     102,042    149,146    127,995     18,736      70,874     46,866     65,169
       Per share -
       basic              1.16        2.33       3.40       2.92       0.42        1.59       1.05       1.44
       Per share -
       diluted            1.14        2.30       3.38       2.87       0.42        1.58       1.04       1.43

Net income (loss)
attributable                                                                                                 
       to
       shareholders
       of Calfrac       12,071      47,381     78,921     70,841   (11,855)      26,917     11,243     24,645
       Per share -
       basic              0.28        1.08       1.80       1.62     (0.27)        0.60       0.25       0.55
       Per share -
       diluted            0.27        1.07       1.79       1.59     (0.27)        0.60       0.25       0.54

Capital
expenditures            72,047      85,130    101,008     84,075     75,286      63,962     55,694     43,989

Working capital
(end of period)        324,832     375,823    398,526    431,053    357,128     353,182    322,857    332,241

Total equity (end
of period)             568,607     632,889    700,569    779,426    747,591     783,091    780,759    802,581
                                                                                                             

Operating (end of
period)                                                                                                      

Pumping horsepower
(000s)                     584         656        719        782        830         845        977      1,013

Coiled tubing units
(#)                         29          29         29         29         29          29         29         29

Cementing units (#)         22          23         23         23         23          25         26         28

((1))  Refer to "Non-GAAP Measures" on page 12 for further information

Liquidity and Capital Resources

Three Months Ended March 31,                           2013     2012

(C$000s)                                                ($)      ($)

(unaudited)                                                         

Cash provided by (used in):                                         
       Operating activities                          41,502   84,076
        Financing activities                         16,885    7,058
       Investing activities                        (59,654) (74,743)
       Effect of exchange rate changes on cash and    5,997    1,865
       cash equivalents

Increase in cash and cash equivalents                 4,730   18,256

Operating Activities

The Company's cash provided by operating activities for the three months ended 
March 31, 2013 was $41.5 million versus $84.1 million in 2012. The decrease 
was primarily due to a decline in operating margins in Canada and the United 
States. At March 31, 2013, Calfrac's working capital was approximately $332.2 
million, an increase of 3 percent from December 31, 2012. The Company had an 
accounts receivable of approximately US$36.0 million at March 31, 2013 with a 
customer operating in Mexico that has been outstanding for greater than 120 
days, for which no provision has been made. This delay in payment is 
consistent with many other oilfield service companies within this market. The 
collection of this amount is expected in its entirety; however, the timing of 
such collection is uncertain.

Financing Activities

Net cash provided by financing activities for the first quarter of 2013 was 
$16.9 million compared to $7.1 million in 2012. During the first quarter of 
2013, the Company issued $8.0 million of common shares, received bank loan 
proceeds of $9.1 million and repaid $0.3 million of finance lease obligations 
and long-term debt.

On October 10, 2012, the Company increased its credit facilities with a 
syndicate of Canadian chartered banks from $250.0 million to $300.0 million 
and extended the term to September 27, 2016. The maturity may be extended by 
one or more years at the Company's request and lenders' acceptance. The 
Company also may prepay principal without penalty. The facilities consist of 
an operating facility of $20.0 million and a syndicated facility of $280.0 
million. The interest rates are based on the parameters of certain bank 
covenants. For prime-based loans, the rate ranges from prime plus 0.50 percent 
to prime plus 1.25 percent. For LIBOR-based loans and Bankers' 
Acceptance-based loans, the margin thereon ranges from 1.50 percent to 2.25 
percent above the respective base rates for such loans. As at March 31, 2013, 
the Company had used $14.4 million of its credit facilities for letters of 
credit, leaving $285.6 million in available credit.

Calfrac pays quarterly dividends to shareholders at the discretion of the 
Board of Directors, which qualify as "eligible dividends" as defined by the 
Canada Revenue Agency. In February 2012, the Company increased its semi-annual 
cash dividend from $0.10 to $0.50 per share, beginning with the dividend paid 
on July 16, 2012, thereby increasing the annualized dividend to $1.00 per 
share beginning in 2012. In December 2012, the Company announced that it would 
pay dividends quarterly instead of semi-annually commencing with a $0.25 
dividend that was declared in the first quarter of 2013.

Investing Activities

Calfrac's net cash used for investing activities was $59.7 million for the 
first quarter of 2013 versus $74.7 million for 2012. Cash outflows relating to 
capital expenditures were $60.2 million during the first quarter of 2013 
compared to $75.5 million in 2012. Capital expenditures were primarily to 
support the Company's North American fracturing operations.

Calfrac's 2013 capital budget is projected to be $74.0 million, of which $25.0 
million will be directed towards growing its Latin America operations, 
including an investment in coiled tubing and fracturing equipment. The 
remaining capital program will focus on maintenance and support capital and 
further investment in logistics equipment. In addition to the 2013 capital 
program outlined above, Calfrac expects that the carry-over of approximately 
$107.0 million related to its 2012 capital program will be completed in 2013.

Effect of Exchange Rate Changes on Cash and Cash Equivalents

The effect of changes in foreign exchange rates on the Company's cash and cash 
equivalents during the first quarter of 2013 was a gain of $6.0 million versus 
a gain of $1.9 million during 2012. These gains relate to cash and cash 
equivalents held by the Company in a foreign currency.

With its strong working capital position, available credit facilities and 
anticipated funds provided by operations, the Company expects to have adequate 
resources to fund its financial obligations and planned capital expenditures 
for 2013 and beyond.

At March 31, 2013, the Company had cash and cash equivalents of $47.2 million.

Outstanding Share Data

The Company is authorized to issue an unlimited number of common shares. 
Employees have been granted options to purchase common shares under the 
Company's shareholder-approved stock option plan. The number of shares 
reserved for issuance under the stock option plan is equal to a maximum of 10 
percent of the Company's issued and outstanding common shares. As at May 3, 
2013, there were 45,672,927 common shares issued and outstanding, and 
3,004,300 options to purchase common shares.

The Company has a Dividend Reinvestment Plan (DRIP) that allows shareholders 
to direct cash dividends paid on all or a portion of their common shares to be 
reinvested in additional common shares that will be issued at 95 percent of 
the volume-weighted average price of the common shares traded on the Toronto 
Stock Exchange during the last five trading days preceding the relevant 
dividend payment date.

Normal Course Issuer Bid

The Company filed a Notice of Intention (the "Renewal Notice") to renew the 
Normal Course Issuer Bid (the "Renewed NCIB") with the TSX on November 1, 
2012. Under the Renewed NCIB, the Company may acquire up to 3,318,738 common 
shares, which was 10 percent of the public float outstanding as at October 31, 
2012, during the period November 12, 2012 through November 11, 2013. The 
maximum number of common shares that may be acquired by the Company during a 
trading day is 44,254, with the exception that the Company is allowed to make 
one block purchase of common shares per calendar week that exceeds such limit. 
All purchases of common shares will be made through the TSX, alternative 
trading systems or such other exchanges or marketplaces through which the 
common shares trade from time to time at the market price of the shares at the 
time of acquisition. Any shares acquired under the Renewed NCIB will be 
cancelled. A copy of the Renewal Notice may be obtained by any shareholder, 
without charge, by contacting the Company's Corporate Secretary at 411 - 8th 
Avenue S.W., Calgary, Alberta, T2P 1E3, or by telephone at 403-266-6000.

Advisories

Forward-Looking Statements

In order to provide Calfrac shareholders and potential investors with 
information regarding the Company and its subsidiaries, including management's 
assessment of Calfrac's plans and future operations, certain statements 
contained in this press release, including statements that contain words such 
as "anticipates", "can", "may", "could", "expect", "believe", "intend", 
"forecast", "will", or similar words suggesting future outcomes, are 
forward-looking statements. Forward-looking statements in this document 
include, but are not limited to, statements with respect to expected operating 
strategies, future capital expenditures, future financial resources, 
anticipated equipment utilization levels, future oil and natural gas well 
activity in each of the Company's operating jurisdictions, future costs or 
potential liabilities, anticipated benefits of the Company's competitive 
position, anticipated outcomes of specific events, trends in the oil and 
natural gas industry, the Company's growth prospects including, without 
limitation, its international growth strategy and prospects and the impact of 
changes in accounting policies and standards on the Company and its financial 
statements. These statements are derived from certain assumptions and analyses 
made by the Company based on its experience and interpretation of historical 
trends, current conditions, expected future developments and other factors 
that it believes are appropriate in the circumstances, including, but not 
limited to, the general stability of the economic and political environment in 
which the Company operates, the Company's expectations for its current and 
prospective customers' capital budgets and geographical areas of focus, the 
Company's existing contracts and the status of current negotiations with key 
customers and suppliers, the focus of the Company's customers on oil and 
liquids-rich plays in the current natural gas pricing environment in North 
America, the effect unconventional gas projects have had on supply and demand 
fundamentals for natural gas and the likelihood that the current tax and 
regulatory regime will remain substantially unchanged. Forward-looking 
statements are subject to a number of known and unknown risks and 
uncertainties that could cause actual results to differ materially from the 
Company's expectations. The most significant risk factors to Calfrac relate to 
prevailing economic conditions; commodity prices; the demand for fracturing 
and other stimulation services during drilling and completion of oil and 
natural gas wells; changes in legislation and the regulatory environment; 
liabilities and risks, including environmental liabilities and risks inherent 
in oil and natural gas operations; sourcing, pricing and availability of raw 
materials, components, parts, equipment, suppliers, facilities and skilled 
personnel; dependence on major customers; uncertainties in weather and 
temperature affecting the duration of the service periods and the activities 
that can be completed; and regional competition. Readers are cautioned that 
the foregoing list of risks and uncertainties is not exhaustive. Further 
information about these and other risks and uncertainties may be found in the 
Company's most recently filed Annual Information Form.

Consequently, all of the forward-looking statements made in this press release 
are qualified by these cautionary statements and there can be no assurance 
that actual results or developments anticipated by the Company will be 
realized, or that they will have the expected consequences or effects on the 
Company or its business or operations. The Company assumes no obligation to 
update publicly any such forward-looking statements, whether as a result of 
new information, future events or otherwise, except as required pursuant to 
applicable securities laws.

Business Risks

The business of Calfrac is subject to certain risks and uncertainties. Prior 
to making any investment decision regarding Calfrac, investors should 
carefully consider, among other things, the risk factors set forth in the 
Company's most recently filed Annual Information Form, which are specifically 
incorporated by reference herein.

The Annual Information Form is available through the Internet on the Canadian 
System for Electronic Document Analysis and Retrieval (SEDAR), which can be 
accessed at www.sedar.com. Copies of the Annual Information Form may also be 
obtained on request without charge from Calfrac at 411 - 8th Avenue S.W., 
Calgary, Alberta, Canada, T2P 1E3, or at www.calfrac.com, or by facsimile at 
403-266-7381.

Non-GAAP Measures

Certain supplementary measures in this press release do not have any 
standardized meaning as prescribed under IFRS and are therefore considered 
non-GAAP measures. These measures include operating income, EBITDA and net 
income attributable to the shareholders of Calfrac before foreign exchange 
gains and losses. These measures may not be comparable to similar measures 
presented by other entities. These measures have been described and presented 
in this press release in order to provide shareholders and potential investors 
with additional information regarding the Company's financial results, 
liquidity and its ability to generate funds to finance its operations. 
Management's use of these measures has been disclosed further in this press 
release as these measures are discussed and presented.

Additional Information

Further information regarding Calfrac Well Services Ltd., including the most 
recently filed Annual Information Form, can be accessed on the Company's 
website at www.calfrac.com or under the Company's public filings found at 
www.sedar.com.

First Quarter Conference Call

Calfrac will be conducting a conference call for interested analysts, brokers, 
investors and news media representatives to review its 2013 first quarter 
results at 10:00 a.m. (Mountain Time) on Wednesday, May 8, 2013. The 
conference call dial-in number is 1-888-231-8191 or 647-427-7450. The 
seven-day replay numbers are 1-855-859-2056 or 416-849-0833 (once connected, 
enter 50465152). A webcast of the conference call may be accessed via the 
Company's website at www.calfrac.com.

CONSOLIDATED BALANCE SHEETS
                                                March 31, December 31,

As at                                                2013         2012

(C$000s) (unaudited)                                  ($)          ($)

ASSETS                                                                

Current assets                                                        
       Cash and cash equivalents                   47,211       42,481
       Accounts receivable                        402,192      320,143
       Income taxes recoverable                         -          292
       Inventories                                118,218      118,713
       Prepaid expenses and deposits                8,633       10,697
                                                  576,254      492,326

Non-current assets                                                    
       Property, plant and equipment            1,033,203    1,005,101
       Goodwill                                    10,523       10,523
       Deferred income tax assets                  18,564       16,871

Total assets                                    1,638,544    1,524,821
                                                 

LIABILITIES AND EQUITY                                                

Current liabilities                                                   
       Accounts payable and accrued liabilities   233,678      168,250
       Income taxes payable                           273            -
       Bank loans (note 3)                          9,003            -
       Current portion of long-term debt (note
       4)                                             457          479
       Current portion of finance lease
       obligations (note 5)                           602          740
                                                  244,013      169,469

Non-current liabilities                                               
       Long-term debt (note 4)                    450,630      441,018
       Other long-term liabilities                    384          435
       Deferred income tax liabilities            140,936      133,140

Total liabilities                                 835,963      744,062

Equity attributable to the shareholders of
Calfrac                                                               

Capital stock (note 6)                            311,219      300,451

Contributed surplus (note 8)                       26,251       27,546

Loan receivable for purchase of common shares
(note 13)                                         (2,500)      (2,500)

Retained earnings                                 471,813      458,543

Accumulated other comprehensive loss              (2,864)      (2,403)
                                                  803,919      781,637

Non-controlling interest                          (1,338)        (878)

Total equity                                      802,581      780,759

Total liabilities and equity                    1,638,544    1,524,821

See accompanying notes to the consolidated financial statements.

CONSOLIDATED STATEMENTS OF OPERATIONS

Three Months Ended March 31, 2013 2012

(C$000s, except per share data) (unaudited) ($) ($)

Revenue 423,397 474,107

Cost of sales (note 14) 361,409 360,810

Gross profit 61,988 113,297

Expenses


       Selling, general and administrative      24,132   21,985
       Foreign exchange gains                  (2,379) (13,870)
       Gain on disposal of property, plant and   (120)    (744)
       equipment
       Interest                                  9,203    8,935
                                                30,836   16,306

Income before income tax                        31,152   96,991

Income tax expense                                             
       Current                                   2,482    1,134
       Deferred                                  4,482   25,163
                                                 6,964   26,297

Net income for the period                       24,188   70,694
                                                               

Net income (loss) attributable to:                             
       Shareholders of Calfrac                  24,645   70,841
       Non-controlling interest                  (457)    (147)
                                                24,188   70,694
                                                               

Earnings per share (note 6)                                    
       Basic                                      0.55     1.62
       Diluted                                    0.54     1.59

See accompanying notes to the consolidated financial statements.
    

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

Three Months Ended March 31,                            2013      2012

(C$000s) (unaudited)                                     ($)       ($)

Net income for the period                             24,188    70,694

Other comprehensive income (loss)                                     

Items that may be reclassified subsequently to profit                 
or loss:
       Change in foreign currency translation          (464)   (3,937)
       adjustment

Comprehensive income for the period                   23,724    66,757

Comprehensive income (loss) attributable to:                          
       Shareholders of Calfrac                        24,184    66,908
       Non-controlling interest                        (460)     (151)
                                                      23,724    66,757

See accompanying notes to the consolidated financial statements.
    

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
                                  Equity Attributable to the Shareholders of Calfrac                             
                                              Loan
                                        Receivable
                                               for
                                          Purchase   Accumulated
                                                of         Other                              Non-
                      Share Contributed     Common Comprehensive Retained              Controlling        Total
                    Capital     Surplus     Shares Income (Loss) Earnings        Total    Interest       Equity

(C$000s)
(unaudited)             ($)         ($)        ($)           ($)      ($)          ($)         ($)          ($)

Balance - January
1, 2013             300,451      27,546    (2,500)       (2,403)  458,543      781,637       (878)      780,759

Net income for the
period                    -           -          -             -   24,645       24,645       (457)       24,188

Other comprehensive
income:                                                                                                        
       Cumulative
       translation
       adjustment         -           -          -         (461)        -        (461)         (3)        (464)

Comprehensive
income for the
period                    -           -          -         (461)   24,645       24,184       (460)       23,724

Stock options:                                                                                                 
       Stock-based
       compensation
       recognized         -       1,479          -             -        -        1,479           -        1,479
       Proceeds
       from
       issuance of
       shares        10,768     (2,774)          -             -        -        7,994           -        7,994

Dividends                 -           -          -             - (11,375)     (11,375)           -     (11,375)

Balance - March 31,
2013                311,219      26,251    (2,500)       (2,864)  471,813      803,919     (1,338)      802,581
                                                                                                               

Balance - January
1, 2012             271,817      24,170    (2,500)         1,334  405,954      700,775       (206)      700,569

Net income for the
period                    -           -          -             -   70,841       70,841       (147)       70,694

Other comprehensive
income:                                                                                                        
       Cumulative
       translation
       adjustment         -           -          -       (3,933)        -      (3,933)         (4)      (3,937)

Comprehensive
income for the
period                    -           -          -       (3,933)   70,841       66,908       (151)       66,757

Stock options:                                                                                                 
       Stock-based
       compensation
       recognized         -       1,570          -             -        -        1,570           -        1,570
       Proceeds
       from
       issuance of
       shares        11,547     (2,788)          -             -        -        8,759           -        8,759

Dividend
Reinvestment Plan
shares                                                                                                         
       issued (note
       19)            1,771           -          -             -        -        1,771           -        1,771

Balance - March 31,
2012                285,135      22,952    (2,500)       (2,599)  476,795      779,783       (357)      779,426

See accompanying notes to the consolidated financial statements.
    

CONSOLIDATED STATEMENTS OF CASH FLOWS

Three Months Ended March 31,                         2013          2012

(C$000s) (unaudited)                                  ($)           ($)

CASH FLOWS PROVIDED BY (USED IN)                                       

OPERATING ACTIVITIES                                                   
             Net income for the period             24,188        70,694
              Adjusted for the following:                              
               Depreciation                        24,814        22,069
               Stock-based compensation             1,479         1,570
               Unrealized foreign exchange gains  (4,971)      (15,389)
               Gain on disposal of property,        (120)         (744)
               plant and equipment
               Interest                             9,203         8,935
               Deferred income taxes                4,482        25,163
              Interest paid                         (253)         (261)
             Changes in items of working capital (17,320)      (27,961)
             (note 11)

Cash flows provided by operating activities        41,502        84,076

FINANCING ACTIVITIES                                                   
             Bank loan proceeds                     9,146         1,348
              Long-term debt repayments             (118)         (114)
             Finance lease obligation repayments    (137)         (330)
             Dividends paid                             -       (2,605)
             Net proceeds on issuance of common     7,994         8,759
             shares

Cash flows provided by financing activities        16,885         7,058

INVESTING ACTIVITIES                                                   
             Purchase of property, plant and     (60,233)      (75,488)
             equipment (note 11)
             Proceeds on disposal of property,        569           745
             plant and equipment

Cash flows used in investing activities          (59,654)      (74,743)

Effect of exchange rate changes on cash and cash    5,997         1,865
equivalents

Increase in cash and cash equivalents               4,730        18,256

Cash and cash equivalents, beginning of period     42,481       133,055

Cash and cash equivalents, end of period           47,211       151,311

See accompanying notes to the consolidated financial statements.

Certain of the comparatives have been reclassified to conform with
current year presentation.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

As at and for the three months ended March 31, 2013 and 2012

(Amounts in text and tables are in thousands of Canadian dollars,
except share data and certain other exceptions as indicated)
(unaudited)

1. DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION

Calfrac Well Services Ltd. (the "Company") was formed through the amalgamation 
of Calfrac Well Services Ltd. (predecessor company originally incorporated on 
June 28, 1999) and Denison Energy Inc. ("Denison") on March 24, 2004 under the 
Business Corporations Act (Alberta). The registered office is at 411 - 8(th) 
Avenue S.W., Calgary, Alberta, Canada, T2P 1E3. The Company provides 
specialized oilfield services, including hydraulic fracturing, coiled tubing, 
cementing and other well completion services to the oil and natural gas 
industries in Canada, the United States, Russia, Mexico, Argentina and 
Colombia.

These condensed consolidated interim financial statements were prepared in 
accordance with International Accounting Standards (IAS) 34 Interim Financial 
Reporting using accounting policies consistent with International Financial 
Reporting Standards (IFRS) as issued by the International Accounting Standards 
Board (IASB) and interpretations by the International Financial Reporting 
Interpretations Committee (IFRIC). They should be read in conjunction with the 
annual financial statements for the year ended December 31, 2012. The Company 
has consistently applied the same accounting policies throughout all periods 
presented, as if these policies had always been in effect.

These financial statements were approved by the Audit Committee of the Board 
of Directors for issuance on May 6, 2013.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

These interim consolidated financial statements follow the same accounting 
policies and methods of application as the most recent annual financial 
statements.

For purposes of calculating income taxes during interim periods, the Company 
utilizes estimated annualized income tax rates. Current income tax expense is 
only recognized when taxable income is such that current income taxes become 
payable.

As disclosed in the annual financial statements for the year ended December 
31, 2012, the Company adopted the following revised accounting standards and 
amendments, effective January 1, 2013. The adoption of these standards did not 
have a significant effect on the interim consolidated financial statements:

(i)    Effective January 1, 2013, the Company adopted, as required,
       IFRS 10 Consolidated Financial Statements which requires an
       entity to consolidate an investee when it has power over the
       investee, is exposed or has rights to variable returns from its
       involvement with the investee and has the ability to affect
       those returns through its power over the investee. The Company
       reviewed its consolidation methodology and determined that the
       adoption of IFRS 10 did not result in a change in the
       consolidation status of its subsidiaries and investees.

(ii)   Effective January 1, 2013, the Company adopted, as required,
       IFRS 12 Disclosure of Interests in Other Entities which
       establishes disclosure requirements for interests in other
       entities such as subsidiaries, joint arrangements, associates,
       and unconsolidated structured entities. The standard carries
       forward existing disclosure and also introduces significant
       additional disclosure that addresses the nature of, and risks
       associated with, an entity's interests in other entities. The
       Company reviewed its existing disclosures and determined that no
       changes were required.

(iii)  Effective January 1, 2013, the Company adopted, as required,
       IFRS 13 Fair Value Measurement and applied the standard
       prospectively as required by the transitional provisions. The
       new standard clarifies the definition of fair value and
       introduces consistent requirements for disclosures related to
       fair value measurement. The adoption of this standard did not
       result in a change to the Company's methodology for determining
       the fair value of its financial assets and liabilities.

(iv)   Effective January 1, 2013, the Company applied the amendment to
       IAS 1 Presentation of Financial Statements which requires items
       within other comprehensive income (OCI) to be grouped into two
       categories: (1) items that will not be subsequently reclassified
       to profit or loss or (2) items that may be subsequently
       reclassified to profit or loss when specific conditions are met.
       The amendment has been applied retrospectively and, as such, the
       presentation of items in OCI has been modified. The application
       of the amendment to IAS 1 did not result in any adjustments to
       other comprehensive income or comprehensive income.

3. BANK LOANS

The Company's Argentinean subsidiary has two operating lines of credit of 
which a total of ARS45,385 (C$9,003) was drawn at March 31, 2013. The interest 
rate ranges from 17.7 percent to 22 percent and both lines of credit are 
secured by letters of credit issued by the Company.

4. LONG-TERM DEBT
                                                 March 31, December 31,

As at                                                 2013         2012

(C$000s)                                               ($)          ($)

US$450,000 senior unsecured notes due December                         
1,
       2020, bearing interest at 7.5% payable      457,200      447,705
       semi-annually

Less: unamortized debt issuance costs              (6,821)      (6,895)
                                                   450,379      440,810

$280,000 extendible revolving term loan                                
facility, secured
       by Canadian and U.S. assets of the                -            -
       Company

Less: unamortized debt issuance costs              (1,345)      (1,444)
                                                   (1,345)      (1,444)

US$1,926 mortgage maturing May 2018 bearing                            
interest
       at U.S. prime less 1%, repayable at US$33                       
       per month
       principal and interest, secured by            1,957        2,003
       certain real property

ARS485 Argentina term loan maturing December 31,                       
2013
       bearing interest at 18.25%, repayable at                        
       ARS61 per month
       principal and interest, secured by a             96          128
       Company guarantee
                                                   451,087      441,497

Less: current portion of long-term debt              (457)        (479)
                                                   450,630      441,018

The fair value of the senior unsecured notes, as measured based on the closing 
quoted market price at March 31, 2013 was $458,915 (December 31, 2012 - 
$443,228). The carrying values of the mortgage obligations, term loans and 
revolving term loan facilities approximate their fair values as the interest 
rates are not significantly different from current interest rates for similar 
loans.

The interest rate on the $280,000 revolving term loan facility is based on the 
parameters of certain bank covenants. For prime-based loans, the rate ranges 
from prime plus 0.50 percent to prime plus 1.25 percent. For LIBOR-based loans 
and Bankers' Acceptance-based loans the margin thereon ranges from 1.50 
percent to 2.25 percent above the respective base rates for such loans. The 
facility is repayable on or before its maturity of September 27, 2016, 
assuming the facility is not extended. The maturity may be extended by one or 
more years at the Company's request and lenders' acceptance. The Company may 
also prepay principal without penalty. Debt issuance costs related to this 
facility are amortized over its term.

Interest on long-term debt (including the amortization of debt issuance costs) 
for the three months ended March 31, 2013 was $9,082 (three months ended March 
31, 2012 - $9,116).

The Company also has an extendible operating loan facility, which includes 
overdraft protection in the amount of $20,000. The interest rate is based on 
the parameters of certain bank covenants in the same fashion as the revolving 
term facility. Drawdowns under this facility are repayable on September 27, 
2016, assuming the facility is not extended. The term and commencement of 
principal repayments may be extended by one year on each anniversary at the 
Company's request and lenders' acceptance. The operating facility is secured 
by the Company's Canadian and U.S. assets.

At March 31, 2013, the Company had utilized $14,376 of its loan facility for 
letters of credit, leaving $285,624 in available credit.

5. FINANCE LEASE OBLIGATIONS
                                               March 31, December 31,

As at                                               2013         2012

(C$000s)                                             ($)          ($)

Finance lease contracts bearing interest at                          
5.68%, repayable at
       $49 per month, secured by certain             605          753
       equipment

Less: interest portion of contractual payments       (3)         (13)
                                                     602          740

Less: current portion of finance lease             (602)        (740)
obligations
                                                       -            -

The carrying values of the finance lease obligations approximate their fair 
values as the interest rates are not significantly different from current 
rates for similar leases.

6. CAPITAL STOCK

Authorized capital stock consists of an unlimited number of common shares.
                               Three Months Ended            Year Ended
                                   March 31, 2013     December 31, 2012

Continuity of Common Shares       Shares   Amount       Shares   Amount
                                     (#) (C$000s)          (#) (C$000s)

Balance, beginning of period  45,020,641  300,451   43,709,073  271,817

Issued upon exercise of stock    479,537   10,768      686,488   14,836
options

Dividend Reinvestment Plan                                             
shares issued
       (note 19)                       -        -      625,080   13,798

Balance, end of period        45,500,178  311,219   45,020,641  300,451

The weighted average number of common shares outstanding for the three months 
ended March 31, 2013 was 45,164,743 basic and 45,533,812 diluted (three months 
ended March 31, 2012 - 43,810,704 basic and 44,550,296 diluted). The 
difference between basic and diluted shares is attributable to the dilutive 
effect of stock options issued by the Company as disclosed in note 9.

7. NORMAL COURSE ISSUER BID

The Company received regulatory approval to purchase its own common shares in 
accordance with a Normal Course Issuer Bid for the one-year period November 7, 
2011 through November 6, 2012 and for the one-year period November 12, 2012 
through November 11, 2013. There were no shares purchased under the Normal 
Course Issuer Bid for the three months ended March 31, 2013 or for the year 
ended December 31, 2012.

8. CONTRIBUTED SURPLUS
                                      Three Months     Year Ended
                                             Ended   December 31,

Continuity of Contributed Surplus   March 31, 2013           2012

(C$000s)                                       ($)            ($)

Balance, beginning of period                27,546         24,170
       Stock options expensed                1,479          6,990
       Stock options exercised             (2,774)        (3,614)

Balance, end of period                      26,251         27,546

9. STOCK-BASED COMPENSATION

(a) Stock Options

Three Months Ended March 31,             2013                 2012
                                          Average              Average
                                         Exercise             Exercise

Continuity of Stock Options      Options    Price     Options    Price
                                     (#)     (C$)         (#)     (C$)

Balance, beginning of period   2,920,412    25.67   3,198,475    23.31
       Granted during the        678,750    24.46     592,300    28.26
       period
       Exercised for common    (479,537)    16.67   (541,463)    16.18
       shares
       Forfeited                (43,700)    27.46   (131,525)    25.37

Balance, end of period         3,075,925    26.78   3,117,787    25.40

Stock options vest equally over four years and expire five years from the date 
of grant. The exercise price of outstanding options ranges from $8.39 to 
$37.18 with a weighted average remaining life of 3.13 years. When stock 
options are exercised the proceeds, together with the amount of compensation 
expense previously recorded in contributed surplus, are added to capital 
stock. During the three months ended March 31, 2013, $1,479 of compensation 
expense was recognized for stock options (three months ended March 31, 2012 - 
$1,570). This amount is included in selling, general and administrative 
expenses.

(b) Stock Units

Three Months                         2013                            2012
Ended March 31,

Continuity of    Deferred Performance Restricted Deferred Performance Restricted
Stock Units
                    Stock       Stock      Stock    Stock       Stock      Stock
                    Units       Units      Units    Units       Units      Units
                      (#)         (#)        (#)      (#)         (#)        (#)

Balance,           35,000      45,000    247,230   35,000      40,000          -
beginning of
period
       Granted     35,000      45,000    380,650   35,000      45,000    236,635
       during
       the
       period
       Exercised (35,000)    (45,000)   (82,410) (35,000)    (40,000)          -
       Forfeited        -           -    (8,250)        -           -    (6,675)

Balance, end of    35,000      45,000    537,220   35,000      45,000    229,960
period

The Company grants deferred stock units to its outside directors. These units 
vest in November of the year of grant and are settled either in cash (equal to 
the market value of the underlying shares at the time of exercise) or in 
Company shares purchased on the open market. The fair value of the deferred 
stock units is recognized equally over the vesting period, based on the 
current market price of the Company's shares. During the three months ended 
March 31, 2013, $217 of compensation expense was recognized for deferred stock 
units (three months ended March 31, 2012 - $252). This amount is included in 
selling, general and administrative expenses.

The Company grants performance stock units to its senior officers who do not 
participate in the stock option plan. The amount of the grants earned is 
linked to corporate performance and the grants vest on the approval of the 
Board of Directors at the meeting held to approve the consolidated financial 
statements for the year in respect of which performance is being evaluated. As 
with the deferred stock units, performance stock units are settled either in 
cash or Company shares purchased on the open market. During the three months 
ended March 31, 2013, $379 of compensation expense was recognized for 
performance stock units (three months ended March 31, 2012 - $482). This 
amount is included in selling, general and administrative expenses.

The Company grants restricted share units to its employees. These units vest 
equally over three years and are settled either in cash (equal to the market 
value of the underlying shares at the time of exercise) or in Company shares 
purchased on the open market. The fair value of the restricted share units is 
recognized over the vesting period, based on the current market price of the 
Company's shares. During the three months ended March 31, 2013, $2,183 of 
compensation expense was recognized for restricted share units (three months 
ended March 31, 2012 - $980). This amount is included in selling, general and 
administrative expense.

Changes in the Company's obligations under the deferred and performance stock 
unit plans, which arise from fluctuations in the market value of the Company's 
shares underlying these compensation programs, are recorded as the share value 
changes.

10. FINANCIAL INSTRUMENTS

The Company's financial instruments included in the consolidated balance 
sheets are comprised of cash and cash equivalents, accounts receivable, 
accounts payable and accrued liabilities, bank loan, long-term debt and 
finance lease obligations.

The fair values of financial instruments included in the consolidated balance 
sheets, except long-term debt, approximate their carrying amounts due to the 
short-term maturity of those instruments. The fair value of the senior 
unsecured notes based on the closing market price at March 31, 2013 was 
$458,915 before deduction of unamortized debt issuance costs (December 31, 
2012 - $443,228). The carrying value of the senior unsecured notes at March 
31, 2013 was $457,200 before deduction of unamortized debt issuance costs 
(December 31, 2012 - $447,705). The fair values of the remaining long-term 
debt and finance lease obligations approximate their carrying values, as 
described in notes 4 and 5.

11. SUPPLEMENTAL CASH FLOW INFORMATION

Changes in non-cash operating assets and liabilities are as follows:

Three Months Ended March 31,                   2013       2012

(C$000s)                                        ($)        ($)

Accounts receivable                        (82,048)   (14,958)

Income taxes recoverable                        566        299

Inventory                                       495   (10,110)

Prepaid expenses and deposits                 2,063      (710)

Accounts payable and accrued liabilities     61,655    (2,474)

Other long-term liabilities                    (51)        (8)
                                           (17,320)   (27,961)

Purchase of property, plant and equipment is comprised of:

Three Months Ended March 31,                       2013       2012

(C$000s)                                            ($)        ($)

Property, plant and equipment additions        (43,989)   (84,075)

Change in liabilities related to purchase of                      
       property, plant and equipment           (16,234)      8,587
                                               (60,223)   (75,488)

12. CAPITAL STRUCTURE

The Company's capital structure is comprised of shareholders' equity and 
long-term debt. The Company's objectives in managing capital are (i) to 
maintain flexibility so as to preserve the Company's access to capital markets 
and its ability to meet its financial obligations, and (ii) to finance growth, 
including potential acquisitions.

The Company manages its capital structure and makes adjustments in light of 
changing market conditions and new opportunities, while remaining cognizant of 
the cyclical nature of the oilfield services sector. To maintain or adjust its 
capital structure, the Company may revise its capital spending, adjust 
dividends paid to shareholders, issue new shares or new debt or repay existing 
debt.

The Company monitors its capital structure and financing requirements using, 
amongst other parameters, the ratio of long-term debt to cash flow. Cash flow 
for this purpose is calculated on a 12-month trailing basis and is defined as 
follows:
                                               March 31,   December 31,

For the Twelve Months Ended                         2013           2012

(C$000s)                                             ($)            ($)

Net income                                        49,855         96,361

Adjusted for the following:                                            

  Depreciation                                    93,126         90,381

  Amortization of debt issuance costs and debt     1,243          1,234
  discount

  Stock-based compensation                         6,899          6,990

  Unrealized foreign exchange gains                (477)       (10,895)

  Loss on disposal of property, plant and          1,426            802
  equipment

  Deferred income taxes                           15,961         36,642

Cash flow                                        168,033        221,515

The ratio of long-term debt to cash flow does not have a standardized meaning 
under IFRS and may not be comparable to similar measures used by other 
companies.

At March 31, 2013, the long-term debt to cash flow ratio was 2.68:1 (December 
31, 2012 - 1.99:1) calculated on a 12-month trailing basis as follows:
                                        March 31,   December 31,

As at                                        2013           2012

(C$000s, except ratio)                        ($)            ($)

Long-term debt (net of unamortized debt                         
issuance costs and

  debt discount) (note 4)                 451,087        441,497

Cash flow                                 168,033        221,515

Long-term debt to cash flow ratio          2.68:1         1.99:1

The Company is subject to certain financial covenants relating to working 
capital, leverage and the generation of cash flow in respect of its operating 
and revolving credit facilities. These covenants are monitored on a monthly 
basis. The Company is in compliance with all such covenants.

The Company's capital management objectives, evaluation measures and targets 
remained unchanged over the periods presented.

13. RELATED-PARTY TRANSACTIONS

In November 2010, the Company lent a senior officer $2,500 to purchase common 
shares of the Company on the Toronto Stock Exchange. The loan is on a 
non-recourse basis and is secured by the common shares acquired with the loan 
proceeds. It is for a term of five years and bears interest at 3.375 percent 
per annum, payable annually. The market value of the shares that secure the 
loan was approximately $2,309 as at March 31, 2013 (December 31, 2012 - 
$2,119). In accordance with applicable accounting standards regarding share 
purchase loans receivable, this loan is classified as a reduction of 
shareholders' equity due to its non-recourse nature. In addition, the shares 
purchased with the loan proceeds are considered to be, in substance, stock 
options.

The Company leases certain premises from an entity controlled by a director of 
the Company. The rent charged for these premises for the three months ended 
March 31, 2013 was $89 (three months ended March 31, 2012 - $93), as measured 
at the exchange amount.

Prior to 2013, an entity controlled by a director of the Company provided 
ongoing real estate advisory services to the Company at market rates. This 
engagement was terminated in the fourth quarter of 2012 as these services were 
no longer required. The aggregate fees charged for such services for the three 
months ended March 31, 2012 were $8.

14. PRESENTATION OF EXPENSES

The Company presents its expenses in the consolidated statements of operations 
using the function of expense method whereby expenses are classified according 
to their function within the Company. This method was selected as it is more 
closely aligned with the Company's business structure than other methods 
available under IFRS. The Company's functions under IFRS are as follows:
    --  operations; and
    --  selling, general and administrative.

Cost of sales includes direct operating costs (including product costs, direct 
labour and overhead costs) and depreciation on assets relating to operations.

Additional information on the nature of expenses is as follows:

Three Months Ended March 31,                      2013      2012

(C$000s)                                           ($)       ($)

Product costs                                  129,322   140,107

Depreciation                                    24,814    22,069

Amortization of debt issuance costs and debt       318       309
discount

Employee benefits expense (note 15)             98,549    90,284

15. EMPLOYEE BENEFITS EXPENSE

Employee benefits include all forms of consideration given by the Company in 
exchange for services rendered by employees.

Three Months Ended March 31,                           2013     2012

(C$000s)                                                ($)      ($)

Salaries and short-term employee benefits            92,745   85,157

Post-employment benefits (group retirement savings    1,001      823
plan)

Share-based payments                                  4,259    3,286

Termination benefits                                    544    1,018
                                                     98,549   90,284

16. CONTINGENCIES

Greek Litigation

As a result of the acquisition and amalgamation with Denison in 2004, the 
Company assumed certain legal obligations relating to Denison's Greek 
operations.

In 1998, North Aegean Petroleum Company E.P.E. ("NAPC"), a Greek subsidiary of 
a consortium in which Denison participated (and which is now a majority-owned 
subsidiary of the Company), terminated employees in Greece as a result of the 
cessation of its oil and natural gas operations in that country. Several 
groups of former employees filed claims against NAPC and the consortium 
alleging that their termination was invalid and that their severance pay was 
improperly determined.

In 1999, the largest group of plaintiffs received a ruling from the Athens 
Court of First Instance that their termination was invalid and that salaries 
in arrears amounting to approximately $8,916 (6,846 euros) plus interest were 
due to the former employees. This decision was appealed to the Athens Court of 
Appeal, which allowed the appeal in 2001 and annulled the above-mentioned 
decision of the Athens Court of First Instance. The said group of former 
employees filed an appeal with the Supreme Court of Greece, which was heard on 
May 29, 2007. The Supreme Court of Greece allowed the appeal and sent the 
matter back to the Athens Court of Appeal for the consideration of the quantum 
of awardable salaries in arrears. On June 3, 2008, the Athens Court of Appeal 
rejected NAPC's appeal and reinstated the award of the Athens Court of First 
Instance, which decision was further appealed to the Supreme Court of Greece. 
The matter was heard on April 20, 2010 and a decision rejecting such appeal 
was rendered in June 2010. NAPC and the Company are assessing available rights 
of appeal to any other levels of court in any jurisdiction where such an 
appeal is warranted.

Several other smaller groups of former employees have filed similar cases in 
various courts in Greece. One of these cases was heard by the Athens Court of 
First Instance on January 18, 2007. By judgment rendered November 23, 2007, 
the plaintiff's allegations were partially accepted, and the plaintiff was 
awarded compensation for additional work of approximately $46 (35 euros), plus 
interest. The appeal of this decision was heard on June 2, 2009, at which time 
an additional claim by the plaintiff was also heard. A decision in respect of 
the hearing has been rendered which accepted NAPC's appeal of the initial 
claim and partially accepted the additional claim of the plaintiff, resulting 
in an award of approximately $14 (11 euros), plus interest.

Another one of the lawsuits seeking salaries in arrears of $167 (128 euros) 
plus interest was heard by the Supreme Court of Greece on November 6, 2007, at 
which date the appeal of the plaintiffs was denied for technical reasons due 
to improper service. A rehearing of this appeal was heard on September 21, 
2010 and the decision rendered declared once again the appeal inadmissible due 
to technical reasons. The remaining action, which is seeking salaries in 
arrears of approximately $572 (439 euros) plus interest, was scheduled to be 
heard before the Athens Court of First Instance on October 1, 2009, but has 
been postponed a total of four times, including the most recent postponement 
on February 22, 2013. No new date has been set yet for the postponed hearing.

The maximum aggregate interest payable under the claims noted above amounted 
to $15,402 (11,826 euros) as at March 31, 2013.

Management is of the view that it is improbable there will be an outflow of 
economic resources from the Company to settle these claims. Consequently, no 
provision has been recorded in these consolidated financial statements.

U.S. Litigation

A collective and class action claim was filed against the Company on September 
27, 2012 in the United States District Court for the Western District of 
Pennsylvania. The direction and financial consequences of the complaint cannot 
be determined at this time and, consequently, no provision was recorded in the 
Company's financial statements.

17. SEGMENTED INFORMATION

The Company's activities are conducted in four geographical segments: Canada, 
the United States, Russia and Latin America. All activities are related to 
hydraulic fracturing, coiled tubing, cementing and other well completion 
services for the oil and natural gas industry.

The business segments presented reflect the Company's management structure and 
the way its management reviews business performance. The Company evaluates the 
performance of its operating segments primarily based on operating income, as 
defined below.
                        United               Latin                           
              Canada    States    Russia   America   Corporate   Consolidated

(C$000s)         ($)       ($)       ($)       ($)         ($)            ($)

Three Months                                                    
Ended March
31, 2013                                                                     

Revenue      231,576   127,010    37,161    27,650           -        423,397

Operating                                                       
income
(loss)((1))   55,911    18,039     1,989     1,152    (14,421)         62,670

Segmented                                                       
assets       767,589   597,552   136,174   137,229           -      1,638,544

Capital                                                         
expenditures  17,291    20,809     2,431     3,458           -         43,989

Goodwill       7,236     2,308       979         -           -         10,523

Three Months                                                    
Ended March
31, 2012                                                                     

Revenue      225,824   194,899    28,096    25,288           -        474,107

Operating                                                       
income
(loss)((1))   77,332    44,104     1,554     2,518    (12,127)        113,381

Segmented                                                       
assets       764,524   552,653   125,909    64,708           -      1,507,794

Capital                                                         
expenditures  37,193    45,540       859       483           -         84,075

Goodwill       7,236     2,308       979         -           -         10,523

Operating income (loss) is defined as net income (loss) before ((1)) depreciation, interest, foreign exchange gains or losses,


         gains or losses on disposal of property, plant and equipment,
         and income taxes.
    Three Months Ended March 31,                      2013       2012

(C$000s)                                           ($)        ($)

Net income                                      24,188     70,694

Add back (deduct):                                               
       Depreciation                             24,814     22,069
       Interest                                  9,203      8,935
       Foreign exchange gains                  (2,379)   (13,870)
       Gain on disposal of property, plant and   (120)      (744)
       equipment
       Income taxes                              6,964     26,297

Operating income                                62,670    113,381

Operating income does not have a standardized meaning under IFRS and may not 
be comparable to similar measures used by other companies.

The following table sets forth consolidated revenue by service line:

Three Months Ended March 31,      2013      2012

(C$000s)                           ($)       ($)

Fracturing                     384,144   429,379

Coiled tubing                   21,603    30,785

Cementing                       11,863     7,875

Other                            5,787     6,068
                               423,397   474,107

18. SEASONALITY OF OPERATIONS

The Company's Canadian and United States businesses are seasonal in nature. 
The lowest activity levels in these areas are typically experienced during the 
second quarter of the year when road weight restrictions are in place and 
access to wellsites in Canada and North Dakota is reduced.

19. DIVIDEND REINVESTMENT PLAN

The Company's Dividend Reinvestment Plan (DRIP) allows shareholders to direct 
cash dividends paid on all or a portion of their common shares to be 
reinvested in additional common shares that are issued at 95 percent of the 
volume-weighted average price of the common shares traded on the Toronto Stock 
Exchange during the last five trading days preceding the relevant dividend 
payment date.

A dividend of $0.25 per common share was declared on February 26, 2013 and 
paid on April 15, 2013. Of the total dividend of $11,375, $3,108 was 
reinvested under the DRIP into 125,024 common shares of the Company.

 

 

Douglas R. Ramsay Chief Executive Officer Telephone:  403-266-6000 Fax:  
403-266-7381  

Laura A. Cillis Senior Vice President, Finance  and Chief Financial Officer 
Telephone:  403-266-6000 Fax:  403-266-7381  

Tom J. Medvedic Senior Vice President, Corporate Development Telephone:  
403-266-6000 Fax:  403-266-7381

SOURCE: Calfrac Well Services Ltd.

To view this news release in HTML formatting, please use the following URL: 
http://www.newswire.ca/en/releases/archive/May2013/08/c4615.html

CO: Calfrac Well Services Ltd.
ST: Alberta
NI: OIL ERN CONF 

-0- May/08/2013 10:00 GMT

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