Ensign Energy acquires Citadel Drilling

Canada NewsWire CALGARY, AB , July 21, 2026 /CNW/ -- Ensign Energy Services Inc. (" Ensign ") is pleased to announce that it, through a subsidiary, has entered into an agreement with the shareholders of Citadel Drilling Ltd. (" CDL ") for Ensign to acquire, subject to certain closing conditions, all of the issued and outstanding shares of CDL (the " Transaction ") for consideration of US$65 million (subject to closing adjustments).  Ensign will be funding the purchase price with cash on hand and available Credit Facilities. Robert Geddes, Ensign's President and Chief Operating Officer, commented on the Transaction: "The acquisition of Citadel's business in the US Permian area provides Ensign with an expanded fleet of 6 high-spec AC drilling rigs supported by a top notch, experienced management team, highly trained technical crews, and a complement of managed pressure drilling packages with engineering support (operated as Opla Energy Services).  The Transaction broadens our client base, increases our Permian capacity by 20% and increases our market share in this highly active region, while delivering meaningful cost synergies. Citadel's high-spec fleet is equipped in a manner closely aligned with Ensign's, featuring automated drilling control systems and other high spec equipment capable of drilling the ultralong reach lateral sections required in the Permian.

The Transaction provides Citadel's customers with the benefit of a significantly expanded operational platform, including access to additional rig capacity, advanced drilling technologies, and a broader suite of oilfield services, while preserving the strong customer relationships and service excellence that have defined the Citadel brand. We look forward to welcoming Citadel's employees to the Ensign team." Ensign is a global leader in oilfield services, headquartered out of Calgary, Alberta, operating in Canada, the United States and internationally. We are one of the world's top land-based drilling and well servicing contractors serving crude oil, natural gas, and geothermal operators.

Our premium services include contract drilling, underbalanced and managed pressure drilling, rental equipment, well servicing and production services. Please visit our website at ensignenergy.com . Ensign's Common Shares are publicly traded through the facilities of the Toronto Stock Exchange under the trading symbol ESI.

TPH&Co, the Energy Business of Perella Weinberg Partners, is serving as financial advisor to CDL on the Transaction. Advisory Regarding Forward-Looking Statements Forward‐looking information, or forward‐looking statements, have been included in this news release to provide information about the Transaction. This information may not be appropriate for other purposes.

Forward‐looking statements are typically identified by words such as "subject to", ''anticipate'', ''expect'', ''project'', ''estimate'', ''forecast'', ''plan'', ''intend'', ''target'', ''believe'', "likely" and similar words suggesting future outcomes or statements regarding an outlook. Forward‐looking information or statements in this news release include statements with respect to the Transaction and expected regulatory approval and satisfaction of all closing conditions. Although Ensign believes these forward‐looking statements are reasonable based on the information available on the date such statements are made and processes used to prepare the information, such statements are not guarantees of future performance and readers are cautioned against placing undue reliance on forward‐looking statements.

By their nature, these statements involve a variety of assumptions, known and unknown risks and uncertainties and other factors, which may cause actual results and achievements to differ materially from those expressed or implied by such statements. Assumptions regarding the expected regulatory approval and satisfaction of all closing conditions are material to and underlie all forward-looking statements, as they may impact the closing of the Transaction.   The forward‐looking statements are subject to risks and uncertainties, including, but not limited to those risks and uncertainties with respect to receipt of regulatory approval.  All subsequent forward‐looking statements, whether written or oral, attributable to Ensign and the Transaction are expressly qualified in their entirety by these cautionary statements. SOURCE Ensign Energy Services Inc. View original content to download multimedia: http://www.newswire.ca/en/releases/archive/July2026/21/c8604.html Canada Newswire July 21, 2026 - 6:30 PM PDT News by QuoteMedia www.quotemedia.com