TCW Trican Well Service Ltd

Trican Well Service Ltd. ("Trican", the "Company", "we" or "our") (TSX:TCW)
anticipates that consolidated financial results for the first quarter of 2014
will be negatively impacted by pricing pressure and cost inflation in Canada and
unfavorable weather conditions in the United States. 


We estimate consolidated operating income(i) for the first quarter of 2014 to be
between $30 million and $40 million. This estimate is subject to completion of
our first quarter interim financial report, which we expect to release on May 7,
2014. Our Audit Committee has reviewed the financial outlook and information
provided in this document.


Canadian Operations

We expect first quarter 2014 Canadian operating income to be up slightly
compared to the fourth quarter of 2013 on higher revenue and activity levels,
offset partially by lower operating margins. Canadian financial results for the
first quarter of 2014 are expected to be negatively impacted by continued
pricing pressure in the region. Equipment utilization has been very strong
throughout the first quarter; however, lower pricing experienced at the end of
the fourth quarter in 2013 has been carried throughout all of the first quarter
of 2014. As a result, first quarter Canadian pricing is expected to be down
slightly on a sequential basis. 


Additionally, cost increases for fuel and third party hauling are expected to
have a negative impact on first quarter Canadian operating margins. As a
percentage of revenue, fuel and third party hauling expenses are consistent with
the fourth quarter of 2013, but are up substantially compared to the first
quarter of 2013. A weaker Canadian dollar, both sequentially and year-over-year,
is also expected to have a negative impact on operating margins as a portion of
our Canadian materials and operating costs are incurred in U.S. dollars. 


Despite the disappointing first quarter results in Canada, our outlook for this
region remains positive. Cash flows for our customers are expected to increase
due to higher commodity prices combined with a strengthening U.S. dollar, which
we expect will lead to higher year-over-year activity in the second half of
2014. With strong Canadian activity levels anticipated for the second half of
2014, we expect to implement a pricing increase in the second quarter that will
be phased in for third quarter work programs. Rising costs combined with lower
pricing have led to Canadian financial results that are below our return on
capital targets and we believe that a price increase is needed and justified
given the current operating environment in Canada.


US Operations 

Weather related operational delays for our U.S. fracturing crews in the
Marcellus, Oklahoma and Permian regions negatively impacted equipment
utilization and financial results for January and February. Despite these
delays, first quarter U.S. financial results are expected to increase
sequentially due to utilization improvements across several of our U.S. regions;
however, operating income, while improved relative to the fourth quarter of
2013, is still expected to be slightly negative. Activity and utilization for
March has been strong for our U.S. operations and we believe this indicates
improving fundamentals for this region. We have also seen operational
improvements for our U.S. business during the first quarter that are positively
impacting our U.S. equipment utilization. As a result, we expect to see
sequential improvements in U.S. operating margins throughout 2014.


International Operations 

Russia and Kazakhstan comprise the majority of our international results, and
financial results for the first quarter of 2014 are projected to meet
expectations. As expected, activity in Russia has been negatively impacted by
cold weather throughout most of January and February; however, first quarter
Russian financial results are expected to be consistent with the first quarter
of 2013. In addition, first quarter international results are expected to be
negatively impacted by start-up costs in Saudi Arabia and Colombia as we will
not be completing our first jobs in these regions until early in the second
quarter. We have been awarded contracts in these regions and will be looking to
add additional contracts as the year progresses.


(i) Operating income is a measure that is not recognized under International
Financial Reporting Standards (IFRS). Management of Trican believes that
operating income is a useful supplemental measure. Operating income provides
investors with an indication of earnings before depreciation, foreign exchange,
other income (loss), taxes and interest. Investors should be cautioned that
operating income should not be construed as an alternative to net income (loss)
and cash flow from operations determined in accordance with IFRS as an indicator
of Trican's performance. Trican's method of calculating operating income may
differ from that of other companies and accordingly may not be comparable to
measures used by other companies. 


FORWARD-LOOKING INFORMATION

This document contains certain forward-looking information and financial outlook
or future orientated financial information based on Trican's current
expectations, estimates, projections and assumptions that were made by the
Company in light of information available at the time the statement was made.
Forward-looking information and financial outlook or future orientated financial
information that address expectations or projections about the future, and other
statements and information about the Company's strategy for growth, expected and
future expenditures, costs, operating and financial results, future financing
and capital activities are forward-looking statements. Some forward-looking
information and financial outlook or future orientated financial information are
identified by the use of terms and phrases such as "anticipate," "achieve",
"achievable," "believe," "estimate," "expect," "intention", "plan", "planned",
and other similar terms and phrases. This forward-looking information and
financial outlook or future orientated financial information speak only as of
the date of this document, other than the update in respect of our first quarter
earnings per share and operating income that will be provided upon the release
of our complete financial results for the first quarter of 2014, and we do not
undertake to publicly update this forward-looking information and financial
outlook or future orientated financial information except in accordance with
applicable securities laws. This forward-looking information and financial
outlook or future orientated financial information includes, among others:




--  The expectation that consolidated financial results for the first
    quarter of 2014 will be negatively impacted by pricing pressure and cost
    inflation in Canada and unfavorable weather conditions in the United
    States; 
--  The expectation that consolidated operating income for the first quarter
    of 2014 will be between $30 million and $40 million; 
--  The expectation that our first quarter interim financial report will be
    released on May 7, 2014; 
--  The expectation that first quarter 2014 Canadian operating income will
    be up slightly compared to the fourth quarter of 2013 on higher revenue
    and activity levels, offset partially by lower operating margins; 
--  The expectation that Canadian financial results for the first quarter of
    2014 will be negatively impacted by continued pricing pressure in the
    region; 
--  The expectation that first quarter Canadian pricing will be down
    slightly on a sequential basis; 
--  The expectation that cost increases for fuel and third party hauling
    will have a negative impact on first quarter Canadian operating margins;
--  The expectation that a weaker Canadian dollar, both sequentially and
    year-over-year, will have a negative impact on Canadian operating
    margins; 
--  The expectation that cash flows for our customers will increase due to
    higher commodity prices combined with a strengthening U.S. dollar; 
--  The expectation that higher cash flows for our Canadian customers will
    lead to higher year-over-year Canadian activity in the second half of
    2014; 
--  The expectation that we will implement a pricing increase in the second
    quarter that will be phased in for third quarter work programs; 
--  The belief that a price increase is needed and justified given the
    current operating environment in Canada; 
--  The expectation that, despite weather-related delays, first quarter U.S.
    financial results will increase sequentially due to utilization
    improvements across several of our U.S. regions; 
--  The expectation that U.S. operating income, while improved relative to
    the fourth quarter of 2013, will be slightly negative; 
--  The belief that strong activity and utilization for our U.S. operations
    in March indicates improving fundamentals for this region; 
--  The expectations that in U.S. operating margins will improve
    sequentially throughout 2014; 
--  The expectation that financial results for our Russian and Kazakhstan
    regions will meet expectations; 
--  The expectation that Russian financial results will be consistent with
    the first quarter of 2013; 
--  The expectation that first quarter international results will be
    negatively impacted by start-up costs in Saudi Arabia and Colombia as we
    will not be completing our first jobs in these regions until early in
    the second quarter; 
--  The intention to add contracts in Saudi Arabia and Colombia as the year
    progresses.  



Forward-looking information and financial outlook or future orientated financial
information is based on current expectations, estimates, projections and
assumptions, which we believe are reasonable but which may prove to be
incorrect. Trican's actual results may differ materially from those expressed or
implied and therefore such forward-looking information and financial outlook or
future orientated financial information should not be unduly relied upon. In
addition to other factors and assumptions which may be identified in this
document, assumptions have been made regarding, among other things: industry
activity; the general stability of the economic and political environment;
effect of market conditions on demand for the Company's products and services;
the ability to obtain qualified staff, equipment and services in a timely and
cost efficient manner; the ability to operate its business in a safe, efficient
and effective manner; the performance and characteristics of various business
segments; the effect of current plans; the timing and costs of capital
expenditures; future oil and natural gas prices; currency, exchange and interest
rates; the regulatory framework regarding royalties, taxes and environmental
matters in the jurisdictions in which the Company operates; and the ability of
the Company to successfully market its products and services.


Forward-looking information and financial outlook or future orientated financial
information is subject to a number of risks and uncertainties, which could cause
actual results to differ materially from those anticipated. These risks and
uncertainties include: fluctuating prices for crude oil and natural gas; changes
in drilling activity; general global economic, political and business
conditions; weather conditions; regulatory changes; the successful exploitation
and integration of technology; customer acceptance of technology; success in
obtaining issued patents; the potential development of competing technologies by
market competitors; and availability of products, qualified personnel,
manufacturing capacity and raw materials. The foregoing important factors are
not exhaustive. In addition, actual results could differ materially from those
anticipated in forward-looking information and financial outlook or future
orientated financial information provided herein as a result of the risk factors
set forth under the section entitled "Risks Factors" in our Annual Information
Form dated March 21, 2014. Readers are also referred to the risk factors and
assumptions described in other documents filed by the Company from time to time
with securities regulatory authorities. 


Any financial outlook or future oriented financial information in this document,
as defined by applicable securities legislation, has been approved by
management. Such financial outlook or future oriented financial information is
based on assumptions that management believes to be reasonable under the
circumstances and is provided for the purpose of providing information about
management's current expectations and plans relating to the future. Readers are
cautioned that reliance on such information may not be appropriate for other
purposes.


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


Headquartered in Calgary, Alberta, Trican has operations in Canada, the United
States, Russia, Kazakhstan, Australia, Algeria, Norway, Colombia and Saudi
Arabia. Trican provides a comprehensive array of specialized products, equipment
and services that are used during the exploration and development of oil and gas
reserves.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Requests for shareholder information should be directed to:
Trican Well Service Ltd.
Dale Dusterhoft
Chief Executive Officer
ddusterhoft@trican.ca


Trican Well Service Ltd.
Michael Baldwin
Senior Vice President, Finance & CFO
mbaldwin@trican.ca


Trican Well Service Ltd.
Gary Summach
Director of Reporting and Investor Relations
gsummach@trican.ca


Trican Well Service Ltd.
2900, 645 - 7th Avenue S.W.
Calgary, Alberta T2P 4G8
(403) 266 - 0202
(403) 237 - 7716 (FAX)
www.trican.ca

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