Akita Drilling Ltd. NORMAL COURSE ISSUER BID

CALGARY, AB, July 31, 2025 /CNW/ - The Toronto Stock Exchange (the "Exchange") has accepted Akita Drilling Ltd.'s (the "Corporation") Notice of Intention to Make a Normal Course Issuer Bid (the "Notice") pursuant to which the Corporation indicated that it intends, subject to the receipt of regulatory approval, to make a normal course issuer bid for certain of its outstanding Class A Non-Voting Shares ("Class A Shares") on the terms set forth in the Notice. In authorizing the normal course issuer bid for Class A Shares, the board of directors of the Corporation has been motivated by its desire to align the intrinsic value of the Corporation's business with current trading prices for the shares. Share purchases under the bid would be an advantageous use of the Corporation's funds and would enhance shareholder value while maintaining a balanced approach to debt repayment. These purchases benefit shareholders who continue to hold Class A Shares in that their equity interest in the Corporation's assets is increased. The Corporation has determined to purchase only Class A Shares, due to the insufficient liquidity in the Class B Common Shares of the Corporation. The insufficient liquidity in the Class B Common Shares does not warrant the inclusion of them in this Normal Course Issuer Bid.

On July 23, 2025, 38,080,407 Class A Shares were outstanding. Under the rules of the Exchange, in the period commencing on August 6, 2025, and ending on August 5, 2026, the Corporation may acquire up to 1,904,020 Class A Shares, being approximately 5% of the Class A Shares outstanding as at July 23, 2025. If market conditions permit, the Corporation presently anticipates that it will acquire up to 1,904,020 Class A Shares, which number represents approximately 5% of the Class A Shares outstanding as at July 23, 2025.

Any shares purchased pursuant to the Notice will be cancelled. Class A Shares will be purchased at the market price of the shares at the time of purchase and will be purchased on behalf of the Corporation by a registered investment dealer through the facilities of the Exchange and in accordance with Exchange requirements. The funding for any purchase of Class A Shares pursuant to the normal course issuer bid will be financed out of working capital of the Corporation.

The average daily trading volume for the Class A Shares for the six-month period ending June 30, 2025, was 24,175, with a daily limit of 6,043.

A copy of the Notice may be obtained by any shareholder without charge, by contacting the Secretary of the Corporation at the head office of the Corporation.

Akita Drilling Ltd. is an Alberta Company engaged in the contract drilling business and its outstanding Class A Non-Voting Shares are listed on the Toronto Stock Exchange under the symbol "AKT.A".

SOURCE AKITA Drilling Ltd.

INVESTOR INQUIRIES: Darcy Reynolds, CPA, CA, Vice President, Finance and Chief Financial Officer, [phone]