Stampede Drilling Inc. (TSXV:SDI) entered into a purchase and sale agreement to acquire Six Drilling Rigs and Related Assets for approximately CAD 21.5 million on August 3, 2022. The Purchase Price will be funded by proceeds from a concurrent short form prospectus offering of common shares at a price of CAD 0.32 per Offered Share for minimum gross proceeds of CAD 22.5 million and maximum gross proceeds of CAD 25 million. Stampede has directed approximately $21.5 million of the proceeds of the Offering towards the purchase price of the Acquisition with the residual amount of proceeds expected to be used to partially fund capital upgrades on the purchased assets and other capital expenditures as determined by the Corporation. Conditions to closing under the Agreement include, but are not limited to, the following: (a) the accuracy of each party's representations and warranties and the performance of their respective covenants; (b) the Offering shall be completed with proceeds sufficient to fund the Purchase Price; and (c) the absence of a material adverse change in the assets to be acquired. The Acquisition is expected to close on September 30, 2022.

Stampede Drilling Inc. (TSXV:SDI) completed the acquisition of Six Drilling Rigs and Related Assets on August 23, 2022.