▸ Aircraft assets are long-lived assets, requiring long lead times to develop and manufacture, with some components and models becoming obsolete or less in demand over time, in particular when newer, more advanced aircraft are manufactured.· · · · · ● 1 ▸ The oilfield services industry is characterized by rapid and significant technological advancements and introductions of new products and services using new technologies. As competitors and others use or develop new technologies or· · · · · ● 1 ▸ Our ability to repurchase stock may be limited and no assurance can be given that we will be able to effectuate our stock repurchase program in the future at indicated levels or at all.· · · ● ● ● 3 ▸ Public health emergencies and resulting adverse economic conditions have had, and may continue to have, a material adverse effect on our financial condition, results of operations, and cash flows.· · · ● ● ● 3 ▸ Failure to effectively and timely address the energy transition to a lower carbon footprint could adversely affect our oil and gas business.· ● ● ● ● ● 5 rw ▸ In certain economic and commodity price environments, we may experience increased difficulties, delays or failures in collecting outstanding receivables from our customers, due to, among other reasons, a reduction in their cash flow from· · · ● · · 1 ▸ The markets in which we operate are generally highly competitive and have relatively few barriers to entry. The principal competitive factors in our markets are price, product and service quality and availability, responsiveness, experience,· · · ● · · 1 ▸ Wexford beneficially owns a substantial amount of our common stock and may sell such common stock in the public or private markets. Sales of these shares of common stock or sales of substantial amounts of our common stock by other· · · ● · · 1 ▸ Our ability to generate sufficient cash in the next nine months necessary to repay or refinance our existing revolving credit facility at or prior to maturity is subject to a number of risks and uncertainties.· · ● · · · 1 ▸ Outcomes of rate cases may impact the capital expenditure budgets of our infrastructure customers and may result in lower demand for our services.· · ● ● ● · 3 ▸ The Inflation Reduction Act of 2022 could accelerate the transition to a low carbon economy and could impose new costs on our operations.· · ● ● ● · 3 ▸ We cannot predict the impact of the ongoing war in Ukraine and the instability in the Middle East on the global economy, energy markets, geopolitical stability, industries in which we operate and our business.· · ● ● ● · 3 rw ▸ Changes in environmental laws could increase costs and harm our business, financial condition and results of operations.· ● · · · · 1 ▸ These provisions also could discourage proxy contests and make it more difficult for you and other stockholders to elect directors and take other corporate actions. As a result, these provisions could make it more difficult for a third party to· ● · · · · 1 ▸ An increase in the prices of certain materials used in our businesses could adversely affect our business, financial condition, results of operation and cash flows.● ● ● ● ● · 5 ▸ An increase in the supply of raw frac sand having similar characteristics as the raw frac sand we produce and sell could make it more difficult for us to market our sand on favorable terms or at all.● · · · · · 1 ▸ Opportunities associated with government contracts could lead to increased governmental regulation applicable to us.● ● ● ● ● · 5 ▸ Our business and operations have been and will likely continue to be adversely affected by the COVID-19 pandemic.● ● ● · · · 3 ▸ Our largest customer in 2020, Gulfport, filed for voluntary relief under Chapter 11 of the Bankruptcy Code.● · · · · · 1 ▸ Our liquidity needs could restrict our operations and make us more vulnerable to adverse economic conditions.● ● ● ● · · 4 ▸ The outcomes of investigations and litigation relating to our contracts with PREPA may have a material adverse effect on our business, financial condition, results of operations and cash flows.● ● ● ● · · 4 ▸ We have and will continue to incur increased costs and obligations as a result of being a public company.● · · · · · 1 ▸ We provide well completion services and drilling services in the Utica, SCOOP, STACK, Permian Basin, Marcellus, Granite Wash, Cana Woodford and Eagle Ford resource plays located in the continental U.S. We provide infrastructure services● · · · · · 1 ▸ A significant reduction by Wexford of its ownership interests in us could adversely affect us.● ● ● ● ● ● 6 ▸ A terrorist attack or armed conflict could harm our business.● ● ● ● ● ● 6 ▸ Advancements in oilfield service technologies could have a material adverse effect on our business, financial condition, results of operations and cash flows.● ● ● ● ● ● 6 ▸ Changes in tax laws and regulations or adverse outcomes resulting from examination of our tax returns may adversely affect our business, results of operations, financial condition and cash flow.● ● ● ● ● ● 6 ▸ Concerns over general economic, business or industry conditions may have a material adverse effect on our results of operations, liquidity and financial condition.● ● ● ● ● ● 6 ▸ Conservation measures and technological advances could reduce demand for oil and natural gas and our services.● ● ● ● ● ● 6 ▸ Demand for our frac sand products could be reduced by changes in well stimulation processes and technologies, as well as changes in governmental regulations and other applicable law.● ● ● ● ● ● 6 ▸ Development of permanent infrastructure in the Canadian oil sands region or other locations where we locate our remote accommodations could negatively impact our remote accommodations business.● ● ● ● ● ● 6 ▸ Diminished access to water and inability to secure or maintain necessary permits may adversely affect operations of our frac sand processing plants.● ● ● ● ● ● 6 ▸ Future performance of our natural sand proppant services business will depend on our ability to succeed in competitive markets, and on our ability to appropriately react to potential fluctuations in the demand for and supply of frac sand.● ● ● ● ● ● 6 ▸ Health and food safety issues and food-borne illness concerns could adversely affect our remote accommodations business.● ● ● ● ● ● 6 ▸ If oil prices or natural gas prices decline, the demand for our oil and natural gas services could be adversely affected.● ● ● ● ● ● 6 ▸ If our intended expansion of our business is not successful, our financial condition, profitability and results of operations could be adversely affected, and we may not achieve increases in revenue and profitability that we hope to realize.● ● ● ● ● ● 6 ▸ If the price of our common stock fluctuates significantly, your investment could lose value.● ● ● ● ● ● 6 ▸ If we are unable to employ a sufficient number of skilled and qualified workers, our capacity and profitability could be diminished and our growth potential could be impaired.● ● ● ● ● ● 6 ▸ In the course of our business, we may become subject to lawsuits, indemnity or other claims, which could materially and adversely affect our business, results of operations and cash flows.● ● ● ● ● ● 6 ▸ Inaccuracies in estimates of volumes and qualities of our sand reserves could result in lower than expected sales and higher than expected production costs.● ● ● ● ● ● 6 ▸ Increasing transportation and related costs could have a material adverse effect on our business.● ● ● ● ● ● 6 ▸ Increasing trucking regulations may increase our costs and negatively impact our results of operations.● ● ● ● ● ● 6 ▸ Loss of our information and computer systems could adversely affect our business.● ● ● ● ● ● 6 ▸ Losses and liabilities from uninsured or underinsured activities could have a material adverse effect on our financial condition and operations.● ● ● ● ● ● 6 ▸ Our business depends upon our ability to obtain specialized equipment and parts from third-party suppliers, and we may be vulnerable to delayed deliveries and future price increases.● ● ● ● ● ● 6 ▸ Our customer base is concentrated and the loss of one or more of our significant customers, or their failure to pay the amounts they owe us, could cause our revenue to decline substantially.● ● ● ● ● ● 6 ▸ Our largest stockholder controls a significant percentage of our common stock, and its interests may conflict with those of our other stockholders.● ● ● ● ● ● 6 rw ▸ Our operations are subject to hazards inherent in the oil and natural gas and infrastructure industries, which could expose us to substantial liability and cause us to lose customers and substantial revenue.● ● ● ● ● ● 6 rw ▸ Our operations may be limited or disrupted in certain parts of the continental U.S. and Canada during severe weather conditions, which could have a material adverse effect on our financial condition and results of operations.● ● ● ● ● ● 6 ▸ Our operations require substantial capital and we may be unable to obtain needed capital or financing on satisfactory terms or at all, which could limit our ability to grow or conduct our business.● ● ● ● ● ● 6 rw ▸ Our revolving credit facility provides for fluctuating interest rates, which may increase or decrease our interest expense.● ● ● ● ● ● 6 rw ▸ Provisions in our certificate of incorporation and bylaws and Delaware law make it more difficult to effect a change in control of the company, which could adversely affect the price of our common stock.● ● ● ● ● ● 6 ▸ Revenue generated and expenses incurred by our remote accommodation business are denominated in the Canadian dollar and could be negatively impacted by currency fluctuations.● ● ● ● ● ● 6 ▸ group Risks Inherent to Our Common Stock● ● ● ● ● ● 6 ▸ group Risks Related to Our Business and the Industries We Serve● ● ● ● ● ● 6 ▸ Shortages, delays in delivery and interruptions in supply of major components, replacement parts or, other equipment, supplies or materials may adversely affect our rental business.● ● ● ● ● ● 6 rw ▸ The customized nature, and remote location, of the modular camps that we provide and service present unique challenges that could adversely affect our ability to successfully operate our remote accommodations business.● ● ● ● ● ● 6 ▸ The cyclicality of the oil and natural gas industry may cause our operating results to fluctuate.● ● ● ● ● ● 6 ▸ The nature of our infrastructure services business exposes us to potential liability for warranty claims and faulty engineering, which may reduce our profitability.● ● ● ● ● ● 6 ▸ The occurrence of any of these events could have a material adverse effect on our business, cash flows, results of operations and financial position.● ● ● ● ● ● 6 ▸ The timing of new contracts and termination of existing contracts may result in unpredictable fluctuations in our cash flows and financial results.● ● ● ● ● ● 6 ▸ These provisions create the possibility that a corporate opportunity that would otherwise be available to us may be used for the benefit of one of our affiliates.● ● ● ● ● ● 6 ▸ Unionization efforts could increase our costs or limit our flexibility.● ● ● ● ● ● 6 ▸ We are subject to extensive environmental, health and safety laws and regulations that may subject us to substantial liability or require us to take actions that will adversely affect our results of operations.● ● ● ● ● ● 6 ▸ We face distribution and logistics challenges in our business.● ● ● ● ● ● 6 ▸ We may be subject to claims for personal injury and property damage, which could materially adversely affect our financial condition and results of operations.● ● ● ● ● ● 6 ▸ We may be unable to obtain sufficient bonding capacity to support certain service offerings, and the need for performance and surety bonds could reduce availability under our revolving credit facility.● ● ● ● ● ● 6 rw ▸ We may experience losses in excess of our recorded reserves for receivables.● ● ● ● ● ● 6 ▸ We may have difficulty managing growth in our business, which could adversely affect our financial condition and results of operations.● ● ● ● ● ● 6 ▸ We may issue preferred stock whose terms could adversely affect the voting power or value of our common stock.● ● ● ● ● ● 6 ▸ We may not accurately estimate the costs associated with infrastructure services provided under fixed price contracts, which could have an adverse effect on our financial condition, results of operations and cash flows.● ● ● ● ● ● 6 ▸ We may not be able to provide services that meet the specific needs of oil and natural gas exploration and production companies or utilities at competitive prices.● ● ● ● ● ● 6 rw ▸ We rely on a few key employees whose absence or loss could adversely affect our business.● ● ● ● ● ● 6 
