PHX PHX Energy Services Corp

PHX Energy Services Corp. ("PHX Energy" or the "Corporation") (TSX: PHX) announces a correction to its Press Release issued earlier today under the title PHX Energy Announces Increase to its 2022 Capital Expenditure Program. The reference to the components of our $40 million planned capital expenditures for 2022 should have read $12 million is anticipated to be spent on maintenance capital, while the remaining $28 million is expected to be allocated towards growth.

About PHX Energy Services Corp.

The Corporation, through its directional drilling subsidiary entities, provides horizontal and directional drilling technology and services to oil and natural gas producing companies in Canada, the US, Russia and Albania. PHX Energy also provides EDR technology and services.

For further information please contact: John Hooks, CEO; Michael Buker, President; or Cameron Ritchie, Senior Vice President Finance and CFO

PHX Energy Services Corp. Suite 1400, 250 2nd Street SW Calgary, Alberta T2P 0C1 Tel: 403-543-4466 Fax: 403-543-4485 www.phxtech.com