Calfrac Announces Normal Course Issuer Bid

CALGARY, Dec. 15, 2014 /CNW/ - Calfrac Well Services Ltd. ("Calfrac" or the "Corporation") (TSX: CFW) is pleased to announce that the Toronto Stock Exchange (the "TSX") accepted the Corporation's notice of intention to make a normal course issuer bid for its common shares.  From time to time, common shares may become available for purchase at prices that make them an attractive investment and an advantageous use of the Corporation's funds.  The Corporation expects that the purchase of common shares will benefit the remaining shareholders of the Corporation by increasing their equity interest in the Corporation's assets.

On December 10, 2014, there were 95,252,559 common shares outstanding and the public float was 71,777,219 common shares.  Under the normal course issuer bid, the Corporation may acquire up to 7,177,721 common shares, which is 10% of the public float.  The maximum number of common shares that may be acquired by the Corporation during the same trading day is 117,011, being 25% of the Corporation's average daily trading volume for the previous six completed calendar months of 468,047, subject to the Corporation's ability to make one block purchase of common shares per calendar week that exceeds such limit.  All purchases of common shares will be made through the facilities of the TSX, alternative trading systems or such other exchanges or marketplaces through which the common shares may trade from time to time at the market price of the shares at the time of acquisition.  Any shares acquired will be cancelled.  During the past 12 months, no shares have been repurchased by Calfrac.

The normal course issuer bid will commence on December 17, 2014, and will terminate on December 16, 2015 or such earlier date on which Calfrac completes its purchases of common shares under the normal course issuer bid or terminates the normal course issuer bid at its option.

Calfrac's common shares are publicly traded on the Toronto Stock Exchange under the trading symbol "CFW".  Calfrac provides specialized oilfield services to exploration and production companies designed to increase the production of hydrocarbons from wells drilled throughout western Canada, the United States, Russia, Mexico, Colombia and Argentina.

SOURCE: Calfrac Well Services Ltd.

Fernando Aguilar, President and Chief Executive Officer, Telephone: [phone], Fax: [phone]; Michael J. McNulty, Chief Financial Officer, Telephone: [phone], Fax: [phone]; Ian Gillies, Manager, Investor Relations, Telephone: [phone], Fax: [phone]