Announced the completion of the conversion incentive program announced November 22, in respect of its 10.0% 1.5 Lien Senior Secured Convertible PIK Notes due 2023. Approximately $44.8 million principal amount of Notes were converted under the Program. As a result of the Program, the Company: the company issued approximately 33.6 million common shares upon conversion of the participating Notes; reduced its outstanding indebtedness by approximately $44.8 million, leaving approximately $2.7 million principal amount of Notes outstanding; and realized savings of approximately $2.3 million of interest otherwise payable on the Notes to the maturity date. Calfrac Well Services Ltd. shares T.CFW are trading down $0.09 at $5.96.