WILKS BROTHERS, LLC ACQUIRES COMMON SHARES OF CATHEDRAL ENERGY SERVICES LTD.

CISCO, TX, April 5, 2022 /CNW/ - Wilks Brothers, LLC announced today that on February 10, 2022, its joint actors, Dan and Staci Wilks (the "Acquiror"), acquired 3,306,000 common shares (the "Common Shares") of Cathedral Energy Services Ltd. (the "Issuer") at a price of $0.44 per Common Share for a total of $3,306,000. The Common Shares were acquired in connection with a non-brokered private placement of 14,659,000 Common Shares (the "Private Placement") to raise gross proceeds of $6.4 million, which partially funded the Issuer's acquisition of the operating assets of Discovery Downhole Services (the "Acquisition"), as announced by the Issuer on February 11, 2022.

Prior to closing of the Private Placement and the Acquisition, the Acquiror held, together with its joint actor, 11,066,234 Common Shares which represented approximately 17.49% of the then issued and outstanding Common Shares. Following closing of the Private Placement and the Acquisition, the Acquiror holds, together with its joint actor, a total of 14,372,234 Common Shares which represents approximately 14.35% of the issued and outstanding Common Shares.

The Acquiror participated in the Private Placement in the ordinary course of business and acquired the Common Shares for investment purposes and not for the purpose of influencing the control or direction of the Issuer. However, the Acquiror may from time to time initiate discussions with the board of directors or management of the Issuer or with third parties concerning changes in the Issuer's business or corporate structure and may make proposals to the Issuer in that regard. Depending on various factors including, without limitation, the Issuer's financial position, the price levels of the Common Shares, conditions in the securities markets and general economic and industry conditions, the Issuer's business or financial condition and other factors and conditions the Acquiror deems appropriate, the Acquiror may increase or decrease its beneficial ownership of Common Shares or other securities of the Issuer whether in the open market, by privately negotiated agreement or otherwise.

The Issuer is located at 6030 – 3rd Street S.E., Calgary, Alberta, T2H 1K2. The Acquiror is located at 17010 Interstate 20, Cisco, Texas, 76437. A copy of the early warning report in relation to the acquisition of the Common Shares can be obtained from Matthew D. Wilks (817-850-3600) or on the SEDAR profile of the Issuer at www.sedar.com.

SOURCE Wilks Brothers, LLC.