Mr. Michael Gray reports

ENSIGN ENERGY SERVICES INC. ANNOUNCES SENIOR NOTES REDEMPTION

Ensign Energy Services Inc. has issued the redemption notice for the entire outstanding principal amount, $417.5-million (U.S.), of its 9.25 per cent senior notes due April 15, 2024, at a price of 100 per cent plus accrued interest to date of redemption. The redemption date for the senior notes is Dec. 14, 2023. The company will be using available cash, liquidity, and draw on its previously announced three-year, $369.0-million term facility. A notice of redemption will be sent to all currently registered holders of the notes by the trustee, U.S. Bank.

As previously announced, the company has also amended and extended its existing $900.0-million credit facility. The company expects the blended interest rate between the term facility and the credit facility for the fiscal year 2024 to be approximately 8 per cent.

The company reaffirms its debt reduction target for 2023, targeted to be approximately $200.0-million. As of Sept. 30, 2023, Ensign's total debt, net of cash, has been reduced by $143.7-million since Dec. 31, 2022. Furthermore, Ensign's target debt reduction for the period beginning 2023 to the end of 2025 is approximately $600.0-million. If industry conditions change, this target could be increased or decreased.

We seek Safe Harbor.