Trinidad Drilling Ltd. announced that Ensign Energy Services Inc. (Ensign) has confirmed to Trinidad that Ensign's wholly-owned subsidiary Ensign Holdings Inc. has taken up approximately 56.38% of the common shares of Trinidad tendered to its offer for Trinidad Shares at $1.68 per share (the Offer), which together with the 26,863,239 Trinidad Shares already owned by Ensign, represents approximately 66.18% of the issued and outstanding Trinidad Shares. Subsequent to the announcement by Ensign that it had taken up the Trinidad Shares, Precision Drilling Corporation (Precision) provided written notice to Trinidad that it was terminating the arrangement agreement between Trinidad and Precision dated October 5, 2018, and issued a news release confirming same. Accordingly, Trinidad's special meeting of Trinidad security holders to be held on December 11, 2018, has been cancelled.

Subsequent to such termination, Trinidad and Ensign reached agreement that the Trinidad board of directors would serially resign and appoint five Ensign nominees to Trinidad's board. Accordingly, the current board of directors has resigned and has been replaced by five nominees of Ensign who are currently members of the Ensign board. The new Trinidad board members are as follows: Robert H. Geddes, Gary Casswell, James B. Howe, Len O. Kangas and John G. Schroeder.

In addition, the Chief Executive Officer, Chief Financial Officer and Chief Operating Officer of Trinidad have each resigned as officers of Trinidad; and Robert H. Geddes has been appointed as President and Chief Operating Officer of Trinidad with Michael Gray appointed as Chief Financial Officer of Trinidad. Both Messrs. Geddes and Gray are also senior officers of Ensign.

All other Trinidad employees continue their employment unaffected by transaction.