Stampede Drilling Inc. Announces New Credit Agreement

CALGARY, ALBERTA, September 21, 2023 – Stampede Drilling Inc. (“Stampede” or the “Company”) (TSXV:
SDI) announced today that it has entered into a new $50 million credit agreement with HSBC Bank
Canada and The Toronto-Dominion Bank (the “Credit Agreement”). Under the Credit Agreement, which
has an initial term of three years, Stampede will have an available limit of $20 million under a
non-revolving term loan (the “Term Loan Facility”), $15 million under a revolving credit facility
(the “Syndicated Facility”) and $15 million under an additional revolving credit facility (the
“Operating Facility”, and collectively with the Term Loan Facility and the Syndicated Facility, the
“Credit Facilities”).

The proceeds of the Term Loan Facility will be used to fund the repayment of Stampede’s existing
indebtedness under its current amended and restated facility letter dated April 19, 2022, as
amended from time to time, with HSBC Bank Canada. The proceeds of the Syndicated Facility and
Operating Facility will be used for the general corporate purposes of the Company.

The principal amount outstanding under the Credit Facilities shall be repaid on or before September
20, 2026 (or such later dates as to which the maturity dates of each Credit Facility may be
extended from time to time in accordance with the terms of the Credit Agreement), at an annual
interest rate determined in connection with the performance of the Company in respect to certain
financial covenants. The Credit Agreement provides for customary positive and negative covenants,
including limitations and permitted dealings in respect of debt,
acquisitions, dispositions, distributions and capital expenditures.

Forward-Looking Statements

Certain statements contained in this News Release constitute forward-looking statements or
forward-looking information (collectively, “forward-looking information”). Forward-looking
information relates to future events or the Company’s future performance. All information other
than statements of historical fact is forward-looking information. The use of any of the words
“anticipate”, “plan”, “contemplate”, “continue”, “estimate”, “expect”, “intend”, “propose”,
“might”, “may”, “will”, “could”, “should”, “believe”, “predict”, and “forecast” are intended to
identify forward-looking information.

This News Release contains forward-looking information pertaining to, among other things: the use
of proceeds of the Credit Facilities; the annual interest rate applicable to the Credit Facilities;
and the possible extension of the Credit Facilities in accordance with the terms of the Credit
Agreement.

Forward-looking information is based on certain assumptions that the Company has made in respect
thereof as at the date of this News Release regarding, among other things: that Stampede’s
businesses will continue to achieve sustainable financial results and that future results of
operations will be consistent with past performance and management expectations in relation
thereto; oil and gas industry exploration and development activity levels; prevailing commodity
prices, interest rates, carbon prices, tax rates and exchange rates; future operating costs; and
the availability of capital.

While Stampede believes the expectations and material factors and assumptions reflected in the
forward- looking information is reasonable as of the date hereof, there can be no assurance that
these expectations, factors and assumptions will prove to be correct. Forward-looking information
is not a guarantee of future performance and actual results or events could differ materially from
the expectations of the Company expressed in or implied by such forward-looking information.
Accordingly, readers should not place undue reliance on forward-looking information. All
forward-looking information is subject to a number of known and unknown risks and uncertainties
including, but not limited to: the condition of the global economy, including trade, inflation, the
ongoing conflict in Ukraine and other geopolitical risks; the condition of the crude oil and
natural gas industry and related commodity prices; other commodity prices and the potential impact
on the Company and the industry in which the Company operates, including levels of exploration and
development activities; the impact of increasing competition; fluctuations in operating results;
the ongoing significant volatility in world markets and the resulting impact on drilling and
completions programs; foreign currency exchange rates; interest rates; labour and material
shortages; cyber security risks; natural catastrophes; and certain other risks and uncertainties
detailed in the Company’s management’s discussion and analysis and annual information form each
dated March 16, 2023, for the year ended December 31, 2022, the Company’s management’s discussion
and analysis dated July 27, 2023, and from time to time in Stampede’s public disclosure documents
available on SEDAR+ at www.sedarplus.ca.

This list of risk factors should not be construed as exhaustive. Readers are cautioned that events
or circumstances could cause actual results to differ materially from those predicted, forecasted,
or projected.

Statements, including forward-looking information, are made as of the date of this News Release and
the Company does not undertake any obligation to update or revise any forward-looking information,
whether as a result of new information, future events or otherwise, except as may be required by
applicable securities laws. The forward-looking information contained in this News Release is
expressly qualified by this cautionary statement.

For further information, please contact:

Lyle Whitmarsh
President & Chief Executive Officer Stampede Drilling Inc.
Tel: (403) 984-5042

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defi ed in policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.