First coiled-tubing-delivered nitrogen frac job is performed in early January, followed by steady activity with full equipment utilization. Company grows, adding equipment, technical capability and people. Job pricing is strong. Second equipment spread begins operating in June.

Company develops and begins testing its Grand Canyon^TM lightweight proppant (LWP^TM) process, with the first commercial job performed in October.

Third equipment spread delivered in January. In February Canyon applies to patent its Grand Canyon^TM Process, which continues to perform well. Canyon adds acidizing service line, performing the first job in April, followed by innovative foam-based fracturing, with the first job performed in August.

In May Canyon enters the public markets through a $55million initial public offering on the Toronto Stock Exchange, and begins trading under the symbol “FRC”. Proceeds are used to construct first conventional fracturing spread aimed at diversifying Canyon into deeper natural gas work.

Canada’s oil and natural gas sector experiences all-time record activity, with 26,000 wells drilled. Despite this overall boom, year ends with falling field activity in response to low natural gas prices.

Continued weak natural gas prices lead to sharply reduced NGC activity and greater focus on shallow gas activity. Canyon begins considering a strategic repositioning into deeper unconventional plays, which will require higher-rate, higher-pressure equipment as well as proving to its customers that Canyon has these capabilities.

Grand Canyon^TM Process remains highly successful and customers are pleased. Canyon works hard to maintain shallow gas work while repositioning into deeper, unconventional work, where job sizes are larger and activity remains at reasonable levels. Overall capacity of only 25,000 HHP makes it difficult to gain entry to high-capacity pressure pumping work.

Fall 2008 brings worldwide financial crisis, threat of rising Alberta energy royalties, collapse in crude oil prices and virtual seizing up of investment in oil and natural gas sector. A difficult year for Canyon.

Oil and natural gas drilling all but collapses. Larger pressure pumping competitors lay off up to 30 percent of staff. Continued downturn in well stimulation activity prompts Canyon to undertake a strategic refocusing on deeper, unconventional play types where reasonable demand for multi-stage hydraulic fracturing remains.

In the fourth quarter Canyon raised $47 million, despite challenging capital market conditions, and accelerates construction of heavy-duty new equipment suited to the higher-rate, higher-pressure work being targeted. Year’s financial results are weak.

The recapitalization and refocusing of Canyon deliver virtually instant success thanks to strong customer take-up of new service capabilities. Canyon obtains work in long-term Montney projects, Deep Basin vertical and horizontal completions, and in the Cardium light oil play, gaining repeat work from large customers.

In the second quarter Canyon raised $44 million, despite challenging capital market conditions, and accelerates construction of heavy-duty new equipment suited to the higher-rate, higher-pressure work being targeted.

Amid surging demand for well stimulation services, the year brings strong growth in activity across Western Canada, generating a complete financial turnaround. Annual EBITDA grows from essentially zero in 2009 to $89.7 million in 2010. New base in Estevan, Saskatchewan opens in December. Capacity grows from 38,000 HHP entering 2010 to 110,500 HHP exiting the year.

Canyon continues to grow, providing services in virtually every play type in the Western Canadian Sedimentary Basin, including new tight light oil plays and shale gas plays. Revenues and EBITDA continue to set quarterly records.

By late summer Canyon’s team is 600-strong – while most of Canyon’s 2004 founding team of senior operating personnel remain with the Company. The year’s $82 million capital program adds 50,000 HHP. Capital program for 2012 is budgeted at $90 million, which will grow capacity to more than 225,000 HHP.