WILKS BROTHERS, LLC ACQUIRES UNITS OF CATHEDRAL ENERGY SERVICES LTD.

CISCO, TX, April 26, 2022 /CNW/ - Wilks Brothers, LLC announced today that on April 25, 2022, its joint actors, Dan and Staci Wilks (the "Acquiror"), acquired 10,000,000 units ("Units") of Cathedral Energy Services Ltd. (the "Issuer") at a price of $0.70 per Unit for a total of $7,000,000. Each Unit was comprised of one common share ("Common Share") and one-half of one common share purchase warrant ("Warrant"). Each Warrant is exercisable to acquire one additional Common Share (a "Warrant Share") until April 25, 2023 at an exercise price of $0.85 per Warrant Share, subject to adjustment in certain events. The Units were acquired in connection with a "bought deal" short form prospectus offering of 37,786,700 Units (the "Offering") to raise gross proceeds of $26,450,690, the closing of which was announced by the Issuer on April 25, 2022.

Prior to closing of the Offering, the Acquiror held, together with its joint actor, 14,372,234 Common Shares which represented approximately 14.35% of the then issued and outstanding Common Shares. Following closing of the Offering, the Acquiror holds, together with its joint actor, a total of 24,372,234 Common Shares and 5,000,000 Warrants which represent approximately 17.67% of the issued and outstanding Common Shares and 20.55% on a partially diluted basis.

The Acquiror participated in the Offering in the ordinary course of business and acquired the Units 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 and Warrants, 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 of Warrants 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.