CALGARY, AB, Oct. 5, 2020 /CNW/ –

To cut through the noise and confusion of the misleading statements being made by Wilks Brothers, we are writing this letter to explain to our stakeholders, in clear and concise terms, why the Amended Recapitalization Transaction should be approved.  This open letter will provide clarity to Calfrac stakeholders on the rationale behind the decisions made by the Calfrac Board of Directors.

We are limiting this letter to the two most important points: 

  1. There are two executable outcomes available for Calfrac stakeholders, the Amended Recapitalization Transaction and the original Recapitalization Transaction. The Amended Recapitalization Transaction is clearly the better outcome for Shareholders, and is contractually supported by the holders of 78% of Calfrac’s Unsecured Notes;
  2. The cash and warrants offered to Shareholders under the Amended Recapitalization Transaction provide real value, and the opportunity for Shareholders to participate in a recovery of Calfrac’s business
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