TIDEWATER MIDSTREAM ANNOUNCES EXERCISE OF OVER-ALLOTMENT OPTION AND CANCELLATION OF SECOND LIEN CREDIT FACILITY |THIS PRESS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWS AGENCIES| CALGARY, AB , Aug. 3, 2022 |CNW| - Tidewater Midstream and Infrastructure Ltd. ("Tidewater" or the "Company") (TSX: TWM ) announces that its syndicate of underwriters (the "Underwriters") led by CIBC Capital Markets, National Bank Financial, RBC Capital Markets and ATB Capital Markets Inc. have fully exercised their over-allotment option (the "Over-Allotment Option") to acquire an additional 6,312,000 units ("Units") at a price of $1.20 per Unit for additional gross proceeds of $7,574,400 . The Over-Allotment Option was granted to the Underwriters in connection with Tidewater''s previously announced bought deal financing, which included a public offering of 42,080,000 Units at a price of $1.20 per Unit (the "Offering"). Under the terms of the Offering, the Underwriters were granted the Over-Allotment Option, which was exercisable in whole or in part for a period of 30 days following the closing date of the Offering, to purchase up to an additional 6,312,000 Units at a price of $1.20 per Unit for market stabilization purposes and to cover over-allotments.