PHX Energy Announces Increased 2018 Capital Expenditure Program to Support New Atlas Power Rental Division and Continued Growth in the Permian Basin

May 30, 2018

CALGARY, Alberta, May 30, 2018 (GLOBE NEWSWIRE) -- PHX Energy Services Corp. ("PHX Energy" or the "Corporation") (TSX:PHX) announces that its Board of Directors (the “Board”) has approved an increase to the Corporation’s 2018 capital expenditure program (the “program”) by $8 million to $18.5 million. The increase to the 2018 program is expected to be principally directed to the expansion of PHX Energy’s fleet of performance drilling motors, including its proprietary high performance 7.25" Atlas motor (“Atlas”), to support increasing activity in the Permian basin region of the Corporation’s US operations.

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