Wilks Brothers, LLC Releases an Economic Comparison Presentation of its Calfrac Superior Alternative Proposal Versus the Initial Management Transaction at www.afaircalfrac.com

• Stakeholders must not be misled and deserve a comparison of the proposals and details on the disproportionate beneficiariesof the Company's insider deal
• In addition to providing a significantly superior economic recovery across all levels of Calfrac's capital structure, the substantially reduced debt levels inherent in Wilks' proposal ensures a stronger, more sustainable, capital structure for Calfrac
• If shareholders reject the insider deal, Wilks' Superior Alternative Proposal, the full details of which are available at www.afaircalfrac.com, will remain available to the Company

CISCO, Texas, Aug. 21, 2020 /CNW/ - Wilks Brothers, LLC ("Wilks") announced today they have released a presentation to the stakeholders of Calfrac Well Services Ltd. ("Calfrac" or the "Company") (TSX: CFW) that provides details of Wilks' proposed alternative recapitalization transaction (the "Superior Alternative Proposal") to the self-interested management-led recapitalization transaction (the "Initial Management Transaction").

In response to the Special Committee's deeply troubling rejection of the Superior Alternative Proposal, based solely on the lack of support from a small group of self-selected unsecured noteholders and not on a determination that the Superior Alternative Proposal did not provide better recoveries to stakeholders and enhance the Company's financial condition, Wilks believes all stakeholders deserve a comparative analysis. The presentation details the key terms of the Superior Alternative Proposal, as well as a capital structure comparison between the two transactions and a recovery analysis.  

Wilks encourages all stakeholders to review its Presentation and Term Sheet. Both are available at www.afaircalfrac.com.

It is important that stakeholders properly compare their recoveries under the competing plans using a realistic assessment. In that regard, the presentation provides a comparison using the best and most prudent gauge for enterprise value, the one implied by the market prices of the Company's securities.

Stakeholders should note that in addition to providing a significantly superior economic recovery across all levels of Calfrac's capital structure, the Superior Alternative Proposal provides significantly less downside risk to recovery due to substantially reduced debt levels.

Shareholders are encouraged to vote their shares AGAINST the Initial Management Transaction in order to stop this self-enrichment at their expense.   

Wilks will vote all of its sharesⁱ AGAINST the inferior and flawed Initial Management Transaction and strongly recommends that its fellow shareholders do the same.

Voice Your Support / Questions
Stakeholders who wish to voice their support for the Superior Alternative Proposal, or who have questions, may contact our communications advisor, Laurel Hill Advisory Group, by phone, toll-free at 1-877-452-7184 (North America) or +1-416-304-0211 (outside North America) or by e-mail at assistance@laurelhill.com.

Additional Disclosure

Wilks is relying on the exemption under section 9.2(4) of National Instrument 51-102 - Continuous Disclosure Obligations and exemptive relief provided by the Alberta Securities Commission in an Order dated August 4, 2020 (the "Order") to make this public broadcast solicitation. The following information is provided in accordance with corporate and securities laws applicable to public broadcast solicitations. This solicitation is being made by Wilks, and not by or on behalf of the management of Calfrac. Wilks has engaged Laurel Hill Advisory Group to act as our communications advisor and proxy solicitation agent. Based upon publicly available information, Calfrac's registered office is at 4500, 855-2^nd Street S.W. Calgary, Alberta, Canada, T2P 4K7, and its head office is at 411-8^th Avenue S.W. Calgary, Alberta, Canada, T2P 1E3. Wilks is soliciting proxies in reliance upon the public broadcast exemption to the solicitation requirements under applicable Canadian corporate and securities laws (including the Order), conveyed by way of public broadcast, including press release, speech or publication, and by any other manner permitted under applicable Canadian laws. In addition, this solicitation may be made by mail, telephone, facsimile, email or other electronic means as well as by newspaper or other media advertising and in person. All costs incurred for the solicitation will be borne by Wilks.

SOURCE Wilks Brothers LLC