1TRICAN WELL SERVICE Q2 2005

Financial Review

Three months ended June 30, Six months ended June 30,($ millions, except per share amounts, unaudited) 2005 2004 2005 2004

Revenue $ 94.7 $ 67.7 $ 259.1 $ 186.2Operating income * 17.2 10.3 79.5 51.3Net income 8.0 2.4 44.7 26.0Net income per share (basic) $ 0.14 $ 0.04 $ 0.79 $ 0.48 (diluted) $ 0.14 $ 0.04 $ 0.76 $ 0.46Funds provided by operations* 17.6 8.8 47.3 29.4

Trican Well Service Ltd. is pleased to announce its financial and operating results for the three and six months ended June 30, 2005 with comparisons to the same periods last year. The results for the quarter reflect the impact of spring break-up, which historically hampers activity in most of the Company’s Canadian areas of operations. Despite a significant amount of precipitation received in Alberta in June, continued strong demand for services in Canada and continued record results from our International operations combined to produce the best second quarter in the Company’s history.

Revenue increased 40% for the three months and 39% for the six months ended June 30 compared to the same periods in 2004 despite a reduction in the number of wells drilled in the Western Canadian Sedimentary Basin (WCSB). Net income of $8.0 million represents a 229% increase over the $2.4 million recorded in the second quarter of 2004. Similarly, the Company recorded earnings per share of $0.14 ($0.14 diluted) versus earnings per share of $0.04 ($0.04 diluted) for the comparable period in 2004, a 250% increase on a diluted basis. Funds from operations of $17.6 million for the quarter increased $8.8 million, or 100%, over the same period last year.

For the six months ended June 30, 2005, net income totalled $44.7 million, an increase of 72% over the same period in 2004. Earnings per share on a year-to-date basis increased 65% to $0.76 on a diluted basis versus $0.46 for the comparable prior period of 2004. Funds from operations increased $17.9 million or 61% to $47.3 million over the comparable period in 2004.

Operations Review

CanadaActivity levels in the WCSB remained relatively consistent with last year as the WCSB again saw higher than normal amounts of rain. Some areas received more than three times the 30-year historical average amount of precipitation. Approximately 3,926 wells were drilled in the second quarter versus 4,026 wells in the same quarter of 2004. Despite the slight decrease in well count, increased equipment capacity for the Company drove higher job count quarter-over-quarter.

Although there were no new equipment additions during the quarter, the Company operated six additional cement units, two more fracturing crews, four additional deep coil units and two more coalbed methane (CBM) fracturing crews, relative to the second quarter of 2004.

INTERIM REPORT SIX MONTHS

ENDED JUNE 30, 2005

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As noted in the March quarterly report, the Board of Directors approved an increase in the capital expansion program of $32.6 million which will bring the total Canadian operations capital budget for 2005 to $101.0 million. This investment will be used to augment the Company’s deep fracturing capacity by adding two new deep fracturing crews that will provide additional pumping capacity to better utilize our existing equipment on deeper wells, and to add two more conventional nitrogen pumping units to complement the additional fracturing capacity. By the end of July, we expect our 13th conventional fracturing crew and third and fourth state-of-the-art CBM fracturing crews to be operational.

InternationalInternational operations, which include operations in Russia and Kazakhstan, achieved record results in both total revenue and revenue per job for the quarter, relative to the same period in 2004. Activity levels remained relatively high as spring break-up does not effect our International operations to the same extent as in Canada. Additional equipment capacity combined with continued healthy demand for services drove strong results. Three additional fracturing crews have been added since the second quarter of 2004 bringing the total number of crews to five. An additional twin cementer was added in the third quarter of 2004 which brought the total number of units to three.

Operations from our Kazakhstan base began strongly in the second quarter but have been recently curtailed due to ongoing uncertainty surrounding a key customer. The Company has begun to explore other options for re-deployment of the equipment and has received strong interest from new customers in Russia.

The Board of Directors approved a $3.6 million increase in the capital budget for International operations bringing the total budget to $19.6 million. These additional funds will be used to provide support equipment and pumping capacity for our fracturing operations.

Management’s Discussion and Analysis

This Management’s Discussion and Analysis (MD&A) should be read in conjunction with the unaudited interim consolidated financial statements of Trican as at, and for the three and six months ended June 30, 2005 and 2004, and should also be read in conjunction with the audited consolidated financial statements and MD&A contained in Trican’s annual report for the year ended December 31, 2004. The interim consolidated financial statements have been prepared in accordance with Canadian generally accepted accounting principles (GAAP). This MD&A is dated July 27, 2005. Additional information including the Company’s Annual Information Form is available on SEDAR at www.sedar.com.

QUARTERLY COMPARATIVE INCOME STATEMENTS ($ thousands, unaudited)

Quarter-Over- % of % of Quarter % Three months ended June 30, 2005 Revenue 2004 Revenue Change ChangeRevenue 94,654 100.0% 67,681 100.0% 26,973 40%Expenses Materials and operating 72,634 76.7% 54,232 80.1% 18,402 34% General and administrative 4,773 5.0% 3,159 4.7% 1,614 51%Operating income* 17,247 18.2% 10,290 15.2% 6,957 68% Interest expense 436 0.5% 561 0.8% (125) (22)% Depreciation and amortization 5,866 6.2% 4,078 6.0% 1,788 44% Foreign exchange (gain) / loss (1,442) (1.5)% 432 0.6% (1,874) (434)% Other expense / (income) (298) (0.3)% (188) (0.3)% (110) (59)%Income before income taxes and non-controlling interest 12,685 13.4% 5,407 8.0% 7,278 135%Provision for income taxes 4,638 4.9% 2,336 3.5% 2,302 99%Income before non-controlling interest 8,047 8.5% 3,071 4.5% 4,976 162%Non-controlling interest 94 0.1% 656 1.0% (562) (86)%Net income 7,953 8.4% 2,415 3.6% 5,538 229%

The Company is managed in three divisions – Well Service, Production Services and Corporate. The Well Service Division provides deep coiled tubing, nitrogen, fracturing, which includes coalbed methane fracturing, and cementing services in Canada, Russia and Kazakhstan. The Production Services Division provides acidizing, intermediate depth coiled tubing, and industrial services in Canada.

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FINANCIAL REVIEW

WELL SERVICE DIVISION Quarter- Over- OVERVIEW % of % of Quarter Three months ended June 30, ($ thousands, unaudited) 2005 Revenue 2004 Revenue ChangeRevenue 86,728 60,874 42%Expenses Materials and operating 65,265 75.3% 48,237 79.2% 35% General and administrative 834 1.0% 649 1.1% 29% Total expenses 66,099 76.2% 48,886 80.3% Operating income* 20,629 23.8% 11,988 19.7% 72%Number of jobs 4,231 3,895 9%Revenue per job 20,598 15,780 31%

The Well Service Division’s record financial performance for the year reflects continued strong demand for services and the impact of expanded equipment capacity, both in Canada and internationally. Revenue for the Well Service Division for the three months ended June 30, 2005 increased by 42% to $87 million compared to the same period in 2004. Within this division, Canadian operations accounted for 77% of revenue for the quarter while International operations contributed 23%. Last year, Canadian operations made up 80% of divisional revenue and International operations contributed 20%. All service lines contributed to the increase in revenue; however, the largest gains were in fracturing, cementing and deep coiled tubing service lines. Average revenue per job of $20,598 was the second highest on record and was 31% higher than the comparable prior quarter. The number of jobs completed increased by 9% to 4,231 which was the highest on record for a second quarter. Quarter- Over- WELL SERVICE - CANADIAN OPERATIONS % of % of Quarter Three months ended June 30, ($ thousands, unaudited) 2005 Revenue 2004 Revenue ChangeRevenue 66,524 48,524 37%Expenses Materials and operating 50,053 75.2% 39,726 81.9% 26% General and administrative 209 0.3% 136 0.3% 54% Total expenses 50,262 75.6% 39,862 82.1% Operating income* 16,262 24.4% 8,662 17.9% 88%Number of jobs 3,879 3,625 7%Revenue per job 17,221 13,794 25%

Canadian operations revenue for the quarter increased 37% over the same period in 2004 due to expanded equipment capacity and higher revenue per job. Over the last year, the Company has added two additional fracturing crews, two new state-of-the-art CBM crews, four deep coil units and six cementing units. This additional equipment and continued strong demand for services drove a 7% increase in jobs performed and produced the highest job count for a second quarter in the Company’s history. CBM-related revenues were up 238% relative to the second quarter of 2004 and would have been higher; however, significant precipitation in southern Alberta negatively impacted CBM activity. Revenue per job set a new Company record for a second quarter increasing 25% to $17,221. Revenue per job benefited from more work being performed in the deeper, more technically challenging areas of the WCSB, the addition of CBM-related work and a price book increase in August 2004.

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Materials and operating expense for the quarter decreased as a percentage of revenue to 75.2% compared to 81.9% for the same period in 2004. Growth in the higher margin services and a continued focus on deeper, more technical, work contributed to this improvement. General and administrative expenses remained relatively unchanged on a quarter-over-quarter basis. Quarter- Over- WELL SERVICE – INTERNATIONAL OPERATIONS % of % of Quarter Three months ended June 30, ($ thousands, unaudited) 2005 Revenue 2004 Revenue ChangeRevenue 20,204 12,350 64%Expenses Materials and operating 15,212 75.3% 8,511 68.9% 79% General and administrative 625 3.1% 513 4.2% 22% Total expenses 15,837 78.4% 9,024 73.1% Operating income* 4,367 21.6% 3,326 26.9% 31%Number of jobs 352 270 30%Revenue per job 57,816 46,058 26%

Revenue for the quarter from International operations (which comprises fracturing and cementing services) increased by 64% compared to the same period in 2004 and established a new record for quarterly revenue as a result of strong demand for services, expanded equipment capacity and a new record high for revenue per job. Three additional fracturing crews were added after the second quarter of 2004, bringing the total number of crews to five. An additional twin cementer was added in the third quarter of 2004, which brings the total number of units to three. The additional equipment capacity, coupled with continued strong demand for services, established new records for total fracturing jobs completed as well as total jobs completed. Revenue per job increased by 26% to $57,816 over the comparable prior quarter, establishing another record due to completion of more technical fracturing jobs and larger primary cementing jobs.

Materials and operating expense in the quarter increased as a percentage of revenue to 75.3% from the 68.9% recorded in the second quarter of 2004. This was less, however, than the 76.9% recorded in the first quarter of 2005. The increase was due primarily to higher fuel, repairs and maintenance costs, an increase in salaries and higher infrastructure costs. Additional salaries and infrastructure costs were incurred for the new base in Nyagan, and for the existing base in Raduzhny, in order to support the additional equipment added. This investment will enable us to better serve our customers and provides a platform for our future growth. General and administrative costs remained relatively unchanged and decreased as a percentage of revenue relative to the second quarter of 2004. Quarter- PRODUCTION SERVICES DIVISION Over- % of % of Quarter Three months ended June 30, ($ thousands, unaudited) 2005 Revenue 2004 Revenue ChangeRevenue 7,926 6,807 16%Expenses Materials and operating 6,879 86.8% 5,597 82.2% 23% General and administrative 42 0.5% 60 0.9% (30)% Total expenses 6,921 87.3% 5,657 83.1% Operating income* 1,005 12.7% 1,150 16.9% (13)%Number of jobs 464 614 (24)%Revenue per job 12,176 8,453 44%Number of hours 1,685 3,363 (50)%

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The Production Services Division includes acidizing services, intermediate depth coiled tubing services and industrial services. During the quarter, revenue from the Production Services Division increased 16% over the same period of 2004 primarily as a result of a significant increase in industrial services work. Although the number of jobs completed decreased 24% as a result of significant precipitation in southern Alberta late in the quarter, the average revenue per job increased 44% to $12,176 relative to the same period in 2004 and was the highest on record for a quarter. Revenue per job benefited from the pipeline work completed by industrial services during the quarter. The number of hours for the intermediate depth coiled tubing service line decreased by 50% versus the second quarter of 2004 due to the wet weather experienced. This decline, however, was offset by an increase in the average revenue per hour. Both revenue per job and revenue per hour benefited from the August 2004 price book increase and an increase in the amount of work being performed in the deeper, more technically challenging areas of the WCSB.

Materials and operating expenses as a percentage of revenue increased to 86.8% from 82.2% in 2004 due to lower levels of activity, higher chemical sales, which have relatively lower margins, and higher third-party costs associated with our industrial services work. General and administrative expenses remained relatively unchanged on a quarter-over-quarter basis. Quarter- CORPORATE DIVISION Over- % of Total % of Total Quarter Three months ended June 30, ($ thousands, unaudited) 2005 Revenue 2004 Revenue ChangeExpenses Materials and operating 490 0.5% 398 0.6% 23% General and administrative 3,897 4.1% 2,450 3.6% 59% Total expenses 4,387 4.6% 2,848 4.2% Operating loss* (4,387) (2,848) 54%

Corporate Division expenses consist mainly of general and administrative expenses. Overall expenses increased $1.5 million quarter-over-quarter and increased as a percentage of revenue. Materials and operating expense remained consistent with the comparable prior period. General and administrative expense increased by $1.4 million due to higher stock-based compensation costs, deferred share unit (DSU) costs, staffing and incentive bonus accruals. Stock-based compensation costs accounted for $0.3 million of the increase while staffing and bonus accruals combined for $0.3 million. DSU costs accounted for $0.8 million of the increase compared with nil for the corresponding prior period, as DSUs were introduced in the third quarter of 2004 and a second issuance was granted in 2005.

Other Expenses and IncomeInterest expense decreased $0.1 million quarter-over-quarter to $0.4 million primarily as a result of a larger proportion of capital lease payments being applied to principal rather than interest. Depreciation and amortization expense increased by $1.8 million for the quarter relative to the same period in 2004 due to continued expansion of the Company’s equipment capacity and operations facilities. Foreign exchange gains increased by $1.9 million compared to the corresponding prior quarter as a result of a significant decline in the Canadian dollar against the U.S. dollar.

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YEAR-TO-DATE COMPARATIVE INCOME STATEMENTS

Year- % of % of Over-Year % Six months ended June 30, ($ thousands, unaudited) 2005 Revenue 2004 Revenue Change ChangeRevenue 259,135 100.0% 186,153 100.0% 72,982 39%Expenses Materials and operating 169,447 65.4% 128,544 69.1% 40,903 32% General and administrative 10,238 4.0% 6,273 3.4% 3,965 63%Operating income* 79,450 30.7% 51,336 27.6% 28,114 55% Interest expense 918 0.4% 1,214 0.7% (296) (24)% Depreciation and amortization 11,266 4.3% 8,121 4.4% 3,145 39% Foreign exchange (gain)/loss (1,215) (0.5)% 540 0.3% (1,755) (325)% Other expense/(income) (210) (0.1)% (380) (0.2)% 170 45%Income before income taxes and non-controlling interest 68,691 26.5% 41,841 22.5% 26,850 64%Provision for income taxes 23,824 9.2% 14,395 7.7% 9,429 66%Income before non-controlling interest 44,867 17.3% 27,446 14.7% 17,421 63%Non-controlling interest 165 0.1% 1,397 0.8% (1,232) (88)%Net income 44,702 17.3% 26,049 14.0% 18,653 72%

WELL SERVICE DIVISION Year- Over- OVERVIEW % of % of Year Six months ended June 30, ($ thousands, unaudited) 2005 Revenue 2004 Revenue ChangeRevenue 238,825 168,369 42%Expenses Materials and operating 153,767 64.4% 114,558 68.0% 34% General and administrative 1,392 0.6% 1,194 0.7% 17% Total expenses 155,159 65.0% 115,752 68.7% Operating income* 83,666 35.0% 52,617 31.3% 59%Number of jobs 10,534 9,679 9%Revenue per job 22,842 17,665 29%

The Well Service Division’s record financial performance for the year reflects continued strong demand for services and the impact of expanded equipment capacity in both Canada and Russia. Revenue for the Well Service Division for the six months ended June 30, 2005 increased by 42% to $239 million, compared to the same period in 2004. Within this division, Canadian operations accounted for 85% of revenue for the year while International operations contributed 15%. Last year Canadian operations made up 87% of divisional revenue and International operations contributed 13%. Average revenue per job increased by 29% to $22,842 while the number of jobs completed increased by 9% to 10,534.

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Year- Over- WELL SERVICE - CANADIAN OPERATIONS % of % of Year Six months ended June 30, ($ thousands, unaudited) 2005 Revenue 2004 Revenue ChangeRevenue 202,604 146,704 38%Expenses

Materials and operating 126,237 62.3% 99,632 67.9% 27% General and administrative 416 0.2% 281 0.2% 48% Total expenses 126,653 62.5% 99,913 68.1%

Operating income* 75,951 37.5% 46,791 31.9% 62%Number of jobs 9,885 9,170 8%

Revenue per job 20,648 16,380 26%

Canadian operations revenue for the six months ended June 30, 2005 increased 38% over the same period in 2004 due to expanded equipment capacity and higher revenue per job, despite a 2% decrease in wells drilled in the WCSB for the same period. Additional equipment and continued strong demand for services drove an 8% increase in jobs performed. CBM-related revenues were up 276% on a year-over-year basis. Revenue per job increased 26% to $20,648, benefiting from more work being performed in the deeper, more technically challenging areas of the WCSB, the addition of CBM-related work and a price book increase in August 2004.

Materials and operating expense on a year-to-date basis decreased as a percentage of revenue to 62.3% compared to 67.9% for the same period in 2004. Growth in the higher margin services and a continued focus on deeper, more technical work contributed to this improvement. General and administrative expenses remained relatively unchanged on a year-over-year basis. Year- Over- WELL SERVICE - INTERNATIONAL OPERATIONS % of % of Year Six months ended June 30, ($ thousands, unaudited) 2005 Revenue 2004 Revenue ChangeRevenue 36,221 21,665 67%Expenses

Materials and operating 27,530 76.0% 14,926 68.9% 84% General and administrative 976 2.7% 913 4.2% 7% Total expenses 28,506 78.7% 15,839 73.1%

Operating income* 7,715 21.3% 5,826 26.9% 32%Number of jobs 649 509 28%Revenue per job 56,256 42,733 32%

Revenue from our International operations for the six months ended June 30, 2005 increased by 67% compared to the same period in 2004. Additional equipment capacity, coupled with continued strong demand for services, helped drive record results. The total number of jobs completed increased 28% to 649 compared with the comparable prior period. Revenue per job increased by 32% to $56,256 as a result of larger and higher-margin fracturing jobs completed, and larger primary cementing jobs.

Materials and operating expense for the year increased as a percentage of revenue to 76% from the 68.9% recorded in the comparable prior year. The increase was due primarily to higher proppant costs related to larger overall job sizes, higher fuel, repairs and maintenance costs, and increases in salaries and infrastructure costs. General and administrative costs remained relatively unchanged on a year-to-date basis and decreased as a percentage of revenue relative to the same period last year.

9TRICAN WELL SERVICE Q2 2005

Year- PRODUCTION SERVICES DIVISION Over- % of % of Year Six months ended June 30, ($ thousands, unaudited) 2005 Revenue 2004 Revenue ChangeRevenue 20,310 17,784 14%Expenses Materials and operating 14,835 73.0% 13,156 74.0% 13% General and administrative 83 0.4% 78 0.4% 6% Total expenses 14,918 73.5% 13,234 74.4% Operating income* 5,392 26.5% 4,550 25.6% 19%Number of jobs 1,024 1,361 (25)%Revenue per job 10,943 8,916 23%

Number of hours 8,668 10,649 (19)%

Revenue from the Production Services Division increased by 14% on a year-over-year basis as a result of a significant increase in industrial services work as well as strong activity levels in the WCSB that benefited intermediate depth coiled tubing and chemical sales. Although the number of jobs completed decreased 25% as a result of an early spring break-up during the first quarter, and significant precipitation in southern Alberta during the latter part of the second quarter, the average revenue per job increased 23% to $10,943 relative to the same period in 2004. Revenue per job benefited from the pipeline work completed by industrial services during the first and second quarters. The number of hours for the intermediate depth coiled tubing service line decreased by 19% on a year-over-year basis due to the wet weather experienced. However, this decline was more than offset by an increase in the average revenue per hour. Both revenue per job and revenue per hour benefited from the August 2004 price book increase and an increase in the amount of work being performed in the deeper, more technically challenging areas of the WCSB.

Materials and operating expenses on a year-to-date basis as a percentage of revenue decreased to 73% from 74% due to increased operational leverage on our fixed cost structure. General and administrative expenses remained relatively unchanged on a year-over-year basis.

Year- CORPORATE DIVISION Over- % of Total % of Total Year Six months ended June 30, ($ thousands, unaudited) 2005 Revenue 2004 Revenue ChangeExpenses Materials and operating 845 0.3% 830 0.4% 2% General and administrative 8,763 3.4% 5,001 2.7% 75% Total expenses 9,608 3.7% 5,831 3.1% Operating loss* (9,608) (5,831) 65%

Corporate Division expenses overall on a year-to-date basis increased both as a percentage of revenue and in total. Material and operating expense remained consistent with the comparable prior period. General and administrative expense increased by $3.8 million due to higher stock-based compensation costs, deferred share unit (DSU) costs, professional and other fees, an increase to the bad debt provision, as well as higher staffing and incentive bonus accruals. Stock-based compensation costs accounted for $1.7 million of the increase, professional and other fees totalled $0.3 million, the bad debt provision increased by $0.2 million, and staffing and bonus accruals combined for $0.8 million. DSU costs accounted for $0.8 million of the increase compared with nil for the corresponding prior period as DSUs were introduced in the third quarter of 2004 and a second issuance was granted in 2005.

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Other Expenses and IncomeInterest expense year-to-date decreased $0.3 million to $0.9 million compared to the same period in 2004 primarily as a result of a larger proportion of capital lease payments being applied to principal rather than interest, and repayment of small loans associated with the Company’s International operations. Depreciation and amortization expense on a year-over-year basis increased by $3.1 million due to continued expansion of the Company’s equipment capacity and operations facilities. Foreign exchange gains increased by $1.8 million compared to the prior year as a result of a significant decline in the Canadian dollar against the U.S. dollar.

Liquidity and Investing ActivitiesFunds from operations for the three months ended June 30, 2005 amounted to $17.6 million. This represents an increase of 100% from the 2004 second quarter amount of $8.8 million.

At June 30, 2005, the Company had working capital of $61.8 million, a 17% decrease over the December 31, 2004 level of $74.3 million. Lower sales as a result of spring break-up led to lower accounts receivable. A large increase in current taxes payable, due to previously deferred future taxes from the Trican Partnership now becoming current income taxes payable, were offset by higher inventory levels in Russia and Kazakhstan which supported increased activity relative to December 31, 2004. Included in the current portion of long-term debt are loans arising from our Russian subsidiary totaling $2.9 million. These loans were repaid in July 2005. The Company also has an operating line of credit to finance working capital requirements. At June 30, 2005, all of this line was available for use.

Capital expenditures for the quarter totalled $36.1 million compared with $18.2 million for the same period in 2004. The majority of this investment was directed to the acquisition of fracturing equipment.

Capital ResourcesThe Company had long-term debt (excluding current portion) of $11.0 million at the end of the second quarter, compared with $13.9 million at the end of 2004. This debt is in the form of lease facilities involving certain pieces of the Company’s operating equipment. The Company believes that its strong balance sheet and unutilized borrowing capacity combined with funds from operations will provide sufficient capital resources to fund its ongoing operations and future expansion.

Cash RequirementsThe Company has historically financed its capital expenditures with funds from operations, equity issues and debt. In response to the strong demand for services and the expectation of continued strength in the near term, the Company has undertaken a number of projects to increase its equipment capacity in all of its major service lines. The Company has expanded its 2005 capital budget to $120.5 million and estimates that $73.3 million of funding will be required to complete the ongoing capital program. All capital expenditures will be financed by funds from operations and/or credit facilities.

The Company continues to review opportunities for growth in Canada, Russia and other parts of the world. The capital budget may be increased if viable business opportunities are identified by the Company.

Financing ActivitiesThe Company’s $25.0 million extendible revolving equipment and acquisition line was extended by its lender for an additional year. Should this facility not be extended in the future, outstanding amounts will be transferred to a four-year term facility repayable in equal quarterly installments. At June 30, 2005, no amounts were drawn on the facility.

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The Board of Directors, Trican’s shareholders and regulatory bodies approved a stock split of the Company’s common shares, on a three-for-one basis, which began trading on a split basis May 26, 2005. The trading price for Trican’s common shares had increased substantially in the last year and the Board of Directors believed the stock split would encourage greater market liquidity and wider distribution among retail investors. As at July 27, 2005, the Company had 56,639,252 common shares and 4,476,430 employee stock options outstanding. For further information please review our management information circular which can be found at www.sedar.com.

Business RisksA complete discussion on business risks faced by the Company may be found in Trican’s 2004 annual report.

OutlookStrong commodity prices continue to drive demand for services in both Canada and internationally, and have supported a recent price book increase in Canada as well as increases to new contracts entered into in Russia. In Canada, many industry watchers are predicting high levels of activity to continue throughout 2005 and to even surpass levels experienced in 2004. Management remains encouraged by the potential for the Company’s International operations. We are aware, however, of the unique opportunities and challenges presented by this market.

With the significant investment undertaken in equipment and facilities in recent years, and the $120.5 million in capital expenditures planned for 2005, the Company is committed to meeting the demands of its customers and becoming the pre-eminent pressure pumping company in our areas of operations. With strong demand for services anticipated, and our additional equipment capacity, the Company is well positioned to continue to deliver strong financial and operational performance.

Summary of Quarterly Results

2005 2004 2003($ millions, except per share amounts; unaudited) Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3Revenue 94.7 164.5 126.7 95.4 67.7 118.5 85.3 82.9Net income from continuing operations 8.0 36.7 24.8 14.5 2.4 23.6 14.1 11.7Earnings per share from continuing operations Basic 0.14 0.65 0.45 0.26 0.04 0.44 0.26 0.22 Diluted 0.14 0.63 0.43 0.25 0.04 0.42 0.25 0.21 Net income 8.0 36.7 24.8 8.2 2.4 23.6 14.1 11.7Earnings per share Basic 0.14 0.65 0.45 0.15 0.04 0.44 0.26 0.22 Diluted 0.14 0.63 0.43 0.14 0.04 0.42 0.25 0.21

FORWARD-LOOKING STATEMENTSThis document contains forward-looking statements as required under OSC Form 51-102F1 concerning, among other things, the Company’s prospects, expected revenues, expenses, profits, developments and strategies for its operations, all of which are subject to certain risks, uncertainties and assumptions. These forward-looking statements are identified by their use of terms and phrases such as “anticipate,” “achievable,” “believe,” “expect,” “estimate,” and other similar terms and phrases. These statements are based on certain assumptions and analysis made by the Company in light of its experience and its perception of known trends, current conditions, expected future developments and other factors it believes are appropriate under the circumstances. Such statements are subject to many external variables such as fluctuating prices for crude oil and natural gas, changes in drilling activity and general global economic, political, business and weather conditions. If any of these uncertainties materialize, or if assumptions are incorrect, actual results may vary materially from those expected.

Headquartered in Calgary, Alberta, Trican’s principal operations are in Canada. The Company also has operations in Russia and Kazakhstan. The Canadian operations are conducted through bases in British Columbia, Alberta and Saskatchewan, and provide services to customers across the entire Western Canadian Sedimentary Basin (WCSB). International operations are conducted through Russian bases in the Tyumen region of western Siberia, in the towns of Raduzhny and Nyagan. Kazakhstan operations are conducted through a base in Kyzylorda. Trican provides a comprehensive array of specialized products, equipment and services that are used by exploration and production companies during the exploration and development of oil and gas reserves.

* Operating income and funds from operations are not recognized measures under Canadian generally accepted accounting principles (GAAP). Management believes that, in addition to net income, operating income and funds from operations are useful supplemental measures. Operating income provides investors with an indication of earnings before depreciation, taxes and interest. Funds from operations provides investors with an indication of cash available for capital commitments, debt repayments and other expenditures. Investors should be cautioned that operating income and funds from operations should not be construed as an alternative to net income determined in accordance with GAAP as an indicator of Trican’s performance. Trican’s method of calculating operating income and funds from operations may differ from that of other companies and accordingly may not be comparable to measures used by other companies.

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CONSOLIDATED BALANCE SHEETS

June 30, December 31, 2005 2004(Stated in thousands of dollars) (unaudited) ASSETS Current assets Cash and short-term deposits $ 16,649 $ 14,355 Accounts receivable 84,590 93,656 Inventory 31,012 22,133 Prepaid expenses 8,198 5,835 140,449 135,979Property and equipment 245,230 198,617Future income tax assets 2,069 2,171Other assets 2,879 2,980Goodwill (note 1) 12,014 8,657 $ 402,641 $ 348,404

LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities Accounts payable and accrued liabilities $ 47,148 $ 42,003 Current income taxes payable 23,007 11,391 Current portion of long-term debt 8,503 8,236 78,658 61,630 Long-term debt (note 5) 11,013 13,893Future income tax liabilities 41,119 49,734Non-controlling interest 741 569Shareholders’ equity Share capital (note 3) 74,575 70,185 Contributed surplus 3,298 2,076 Foreign currency translation adjustment (5,282) (3,500) Retained earnings 198,519 153,817 271,110 222,578 $ 402,641 $ 348,404

See accompanying notes to the consolidated financial statements.

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CONSOLIDATED STATEMENTS OF OPERATIONS AND RETAINED EARNINGS

Three Months Three Months Six Months Six Months Ended June 30, Ended June 30, Ended June 30, Ended June 30,(Stated in thousands of dollars, except per share amounts; unaudited) 2005 2004 2005 2004 Revenue $ 94,654 $ 67,681 $ 259,135 $ 186,153Expenses Materials and operating 72,634 54,232 169,447 128,544 General and administrative 4,773 3,159 10,238 6,273Operating income 17,247 10,290 79,450 51,336 Interest expense 436 561 918 1,214 Depreciation and amortization 5,866 4,078 11,266 8,121 Foreign exchange (gain)/loss (1,442) 432 (1,215) 540 Other income (298) (188) (210) (380)Income before income taxes and non-controlling interest 12,685 5,407 68,691 41,841Provision for income taxes (note 4) 4,638 2,336 23,824 14,395Income before non-controlling interest 8,047 3,071 44,867 27,446Non-controlling interest 94 656 165 1,397Net income 7,953 2,415 44,702 26,049Retained earnings, beginning of period 190,566 118,409 153,817 94,775Retained earnings, end of period $ 198,519 $ 120,824 $ 198,519 $ 120,824Earnings per share Basic $ 0.14 $ 0.04 $ 0.79 $ 0.48 Diluted $ 0.14 $ 0.04 $ 0.76 $ 0.46

See accompanying notes to the consolidated financial statements.

15TRICAN WELL SERVICE Q2 2005

CONSOLIDATED CASH FLOW STATEMENTS

Three Months Three Months Six Months Six Months Ended June 30, Ended June 30, Ended June 30, Ended June 30,(Stated in thousands of dollars; unaudited) 2005 2004 2005 2004 Cash Provided By (Used In): Operations Net income $ 7,953 $ 2,415 $ 44,702 $ 26,049 Charges to income not involving cash: Depreciation and amortization 5,866 4,078 11,266 8,121 Future income tax expense 4,903 1,064 (8,464) (6,887) Non-controlling interest 94 656 165 1,397 Stock-based compensation 895 591 1,647 754 Gain on disposal of property and equipment (230) – (102) – Unrealized foreign exchange gain (1,898) (34) (1,869) (34) Funds provided by operations 17,583 8,770 47,345 29,400 Net change in non-cash working capital from operations 22,044 12,430 12,944 15,795 39,627 21,200 60,289 45,195 Investing Purchase of property and equipment (36,113) (18,209) (58,084) (31,870) Proceeds from the sale of property and equipment 491 – 638 – Purchase of other assets – (525) (6) (957) Business acquisitions – (2,643) (4,185) (2,643) Net change in non-cash working capital from the purchase of property and equipment 4,337 5,575 2,344 6,430 (31,285) (15,802) (59,293) (29,040) Financing Net proceeds from issuance of share capital 992 1,884 3,965 4,341 Repayment of long-term debt (1,354) (1,058) (2,667) (2,404) (362) 826 1,298 1,937 Increase in cash and short-term deposits 7,980 6,224 2,294 18,092Cash and short-term deposits, beginning of period 8,669 35,567 14,355 23,699Cash and short-term deposits, end of period $ 16,649 $ 41,791 $ 16,649 $ 41,791Supplemental Information Income taxes paid 5,618 3,355 20,343 4,424 Interest paid 436 561 918 1,214

See accompanying notes to the consolidated financial statements.

16 TRICAN WELL SERVICE Q2 2005

Notes to the Interim Consolidated Financial StatementsSix Months Ended June 30, 2005 (Unaudited)

The Company’s interim financial statements do not conform in all respects to the requirements of generally accepted accounting principles for annual financial statements. The Company’s interim financial statements should be read in conjunction with the most recent annual financial statements. The Company’s interim financial statements follow the same accounting policies and methods of their application as the most recent annual financial statements, except where any change has been noted in the interim financial statements.

The Company’s businesses are seasonal in nature with the highest activity in the winter months (first and fourth fiscal quarters) and the lowest activity during spring break-up (second fiscal quarter) due to road weight restrictions and reduced accessibility to remote areas.

NOTE 1 – ACQUISITIONS

In June 2004, the Company purchased 19,472 shares of R-Can Services Ltd. from existing shareholders for $3.0 million, representing 40% of the issued and outstanding shares increasing the Company’s ownership to 95%. In accordance with the terms of the purchase agreement, contingent consideration of $4.2 million was paid in the first quarter of 2005 based on R-Can achieving specified earnings levels in 2004 and was recorded as an additional cost of the purchase allocated to goodwill net of an accrual for contingent consideration.

NOTE 2 - SEGMENTED INFORMATION

The Company provides a comprehensive array of specialized products, equipment, services and technology to customers through two operating divisions:• Well Service provides cementing, fracturing, deep coiled tubing and nitrogen services which are performed on new and producing oil

and gas wells;

• Production Services provides acidizing, intermediate depth coiled tubing and industrial services which are predominantly used in the stimulation and reworking of existing oil and gas wells.

Well Production (Stated in thousands) Service Services Corporate TotalThree months ended June 30, 2005 Revenue $ 86,728 $ 7,926 $ – $ 94,654Operating income (loss) 20,629 1,005 (4,387) 17,247Interest expense 70 – 366 436Depreciation and amortization 5,125 595 146 5,866Assets 339,147 39,378 24,116 402,641Goodwill 5,962 6,052 – 12,014Capital expenditures 33,456 1,790 867 36,113Three months ended June 30, 2004 Revenue $ 60,874 $ 6,807 $ – $ 67,681Operating income (loss) 11,988 1,150 (2,848) 10,290Interest expense 208 – 353 561Depreciation and amortization 3,401 502 175 4,078Assets 216,279 40,739 47,342 304,360Goodwill 2,605 6,052 – 8,657Capital expenditures 17,957 78 174 18,209

17TRICAN WELL SERVICE Q2 2005

Well Production (Stated in thousands) Service Services Corporate TotalSix months ended June 30, 2005 Revenue $ 238,825 $ 20,310 $ – $ 259,135Operating income (loss) 83,666 5,392 (9,608) 79,450Interest expense 150 – 768 918Depreciation and amortization 9,792 1,171 303 11,266Assets 339,147 39,378 24,116 402,641Goodwill 5,962 6,052 – 12,014Capital expenditures 54,016 2,505 1,563 58,084Goodwill expenditures 4,185 – – 4,185Six months ended June 30, 2004 Revenue $ 168,369 $ 17,784 $ – $ 186,153Operating income (loss) 52,617 4,550 (5,831) 51,336Interest expense 458 – 756 1,214Depreciation and amortization 6,768 1,007 346 8,121Assets 216,279 40,739 47,342 304,360Goodwill 2,605 6,052 – 8,657Capital expenditures 30,954 363 553 31,870Goodwill expenditures – – – –

The Company’s operations are carried on in two geographic locations: Canada and International, which is substantially comprised of Russian operations:

(Stated in thousands) Canada International Total Three months ended June 30, 2005 Revenue $ 74,450 $ 20,204 $ 94,654Operating income 12,883 4,364 17,247Property and equipment 223,534 21,696 245,230Goodwill 7,086 4,928 12,014Three months ended June 30, 2004 Revenue $ 55,331 $ 12,350 $ 67,681Operating income 7,029 3,261 10,290Property and equipment 154,954 6,455 161,409Goodwill 7,086 1,571 8,657Six months ended June 30, 2005 Revenue $ 222,914 $ 36,221 $ 259,135Operating income 71,755 7,695 79,450Property and equipment 223,534 21,696 245,230Goodwill 7,086 4,928 12,014Six months ended June 30, 2004 Revenue $ 164,488 $ 21,665 $ 186,153Operating income 45,625 5,711 51,336Property and equipment 154,954 6,455 161,409Goodwill 7,086 1,571 8,657

18 TRICAN WELL SERVICE Q2 2005

NOTE 3 – SHARE CAPITAL

The issued and outstanding common shares of the Company along with securities convertible into common shares are as follows:

(Stated in thousands) June 30, 2005 December 31, 2004Issued and outstanding: Common shares 56,597 55,651Securities convertible into common shares: Employee stock options 4,184 4,565 60,781 60,216

The Company’s shareholders approved a subdivision of its issued and outstanding common shares on a three-for-one basis at the Company’s Annual and Special Meeting held on May 12, 2005. The completion of the share split occurred on May 26, 2005 upon approval of securities regulators. All common share and per common share amounts have been restated to retroactively reflect the share split.

Stock-based compensation:In 2003, the Company chose to adopt the amended standards for stock-based compensation. The amended standards require that all transactions whereby goods and services are received in exchange for stock-based compensation result in expenses recognized in the Company’s financial statements. The transitional provisions permitted prospective application for awards not previously accounted for using the fair market value method. Had compensation expense been determined based on the fair value of stock-based compensation granted since inception of the original accounting standard in 2002, the Company’s net income from continuing operations and net income, as well as their respective earnings per share (EPS), for the three and six months ended June 30, 2005 and 2004 would have been as follows:

Three months ended June 30, 2005 2004 (Stated in thousands, except per share amounts) As reported Pro forma As reported Pro forma Net income $ 7,953 $ 7,787 $ 2,415 $ 2,249Basic EPS 0.14 0.14 0.04 0.04Diluted EPS 0.14 0.13 0.04 0.04 Six months ended June 30, 2005 2004 (Stated in thousands, except per share amounts) As reported Pro forma As reported Pro forma Net income $ 44,702 $ 44,371 $ 26,049 $ 25,718Basic EPS 0.79 0.79 0.48 0.47Diluted EPS 0.76 0.75 0.46 0.45

These pro forma earnings reflect compensation cost amortized over the option’s vesting period.

NOTE 4 – INCOME TAXES

(Stated in thousands) Three months ended June 30, Six months ended June 30, 2005 2004 2005 2004Current tax provision $ (265) $ 1,272 $ 32,288 $ 21,282Future tax provision 4,903 1,064 (8,464) (6,887)Provision for income taxes $ 4,638 $ 2,336 $ 23,824 $ 14,395

19TRICAN WELL SERVICE Q2 2005

NOTE 5 – LONG TERM DEBT

In April 2005, the Company extended its $25.0 million extendible revolving equipment and acquisition line to April 30, 2006. Advances are available under the extendible revolving equipment and acquisition line either at the bank’s prime rate plus 0.75%, Bankers’ Acceptance plus 1.5%, or in combination. The facility is extendible annually at the option of the lenders. Should this facility not be extended, outstanding amounts will be transferred to a four-year term facility repayable in equal quarterly installments. This facility is subject to covenants that are typical for this type of arrangement. This facility, together with the operating line, is secured by a general security agreement. At June 30, 2005, no amounts were drawn on the extendible revolving equipment and acquisition facility.

NOTE 6 – COMPARATIVE FIGURES

Comparative figures have been restated to conform to current period’s presentation.

20 TRICAN WELL SERVICE Q2 2005

BOARD OF DIRECTORSKenneth M. Bagan (1) (2)

President and Chief Executive Officer Wellco Energy Services Trust Gary R. Bugeaud (2)

Partner, Burnet, Duckworth & Palmer LLP

Murray L. CobbePresident and Chief Executive Officer

Donald R. LuftSenior Vice President, Operations andChief Operating Officer

Douglas F. Robinson (1) (2)

President and Chief Executive OfficerEnerchem International Inc.

Victor J. Stobbe (1)

Chief Financial OfficerWave Energy Ltd.

OFFICERSMurray L. CobbePresident and Chief Executive Officer

Donald R. LuftSenior Vice President, Operations andChief Operating Officer

Michael G. Kelly, C.A.Vice President, Finance and Chief Financial Officer

Gary R. BugeaudCorporate Secretary

Dale M. DusterhoftVice President, Technical Services

David L. CharltonVice President, Marketing

John D. Ursulak, C.A.Corporate Controller

(1) Member of the Audit Committee(2) Member of the Compensation and Corporate Governance Committee

CORPORATE OFFICETrican Well Service Ltd.2900, 645 - 7th Avenue S.W.Calgary, Alberta T2P 4G8Telephone: (403) 266-0202Facsimile: (403) 237-7716Website: www.trican.ca

AUDITORSKPMG LLP, Chartered AccountantsCalgary, Alberta

SOLICITORSBurnet, Duckworth & Palmer LLPCalgary, Alberta

BANKERSRoyal Bank of CanadaCalgary, Alberta

REGISTRAR AND TRANSFER AGENTComputershare Trust Company of CanadaCalgary, Alberta

STOCK EXCHANGE LISTINGThe Toronto Stock ExchangeTrading Symbol: TCW

INVESTOR RELATIONS INFORMATIONRequests for information should be directed to:

Murray L. CobbePresident and Chief Executive Officer

Michael G. Kelly, C.A.Vice President, Finance and Chief Financial Officer

Corporate Information