CALGARY, Alberta, Aug. 02, 2022 (GLOBE NEWSWIRE) -- PHX Energy Services Corp. ("PHX Energy" "we" "our" or the "Corporation") (TSX: PHX) announces that it has withdrawn from the Russian market. This decision was made as a result of the Russian government’s invasion of Ukraine (the "Invasion"), and in the context of international sanctions that have followed, including the comprehensive sanctions program imposed by Canada. The withdrawal follows actions that the Corporation has taken over the past few months to limit operational activities in Russia, in view of the introduction and expansion of international sanctions against Russia, while maintaining duties to employees and existing customers. The disposition of our Russian subsidiary, Phoenix TSR LLC (“Phoenix TSR”), was undertaken in an orderly fashion for a negligible amount of consideration and in compliance with applicable sanctions laws. With the exit transaction now complete, the Corporation has no further ongoing business in Russia.