Tranche Update on PHX Energy Services Corp.'s Equity Buyback Plan announced on August 11, 2022.

PHX Energy Services Corp. is a Canada-based oil and natural gas services company. The Company provides horizontal and directional drilling services and technologies to oil and natural gas exploration and development companies. The Company reports three operating segments on a geographical basis throughout the Gulf Coast, Northeast and Rocky Mountain regions of the United States, throughout the Western Canadian Sedimentary Basin, and internationally in Albania. Its technologies include PowerDrive Orbit Rotary Steerable System (RSS), Velocity Real-Time System, Echo system, PowerDrive Orbit RSS, P-360 Measurement While Drilling (MWD) system and others. It also supplies technology to the Middle East regions. Its Canadian directional drilling operations are conducted through Phoenix Technology Services LP. Its United States operations, conducted through its wholly owned subsidiary, Phoenix Technology Services USA Inc. (Phoenix USA).