STEP Energy Services Ltd. announces management changes


CALGARY, Alberta, June 21, 2021 (GLOBE NEWSWIRE) – STEP Energy Services Ltd. (“STEP”) is pleased to announce that effective July 1, 2021, Steve Glanville, Vice President of Operations and Chief Operating Officer will assume the role of President and Chief Operating Officer. Mr. Glanville will remain focused on the Company’s North American operations, but his portfolio will expand to include external business and strategy, investor relations and communications.

Regan Davis, President and CEO of STEP commented: “Steve’s contributions have taken the company from a business plan with three employees to a leading organization, known for its enviable culture, with Leading edge in field execution, technology and services in both Canada and the United States. Steve’s leadership and operational skills will come in handy in his new role.

Mr. Davis will retain his role as Chief Executive Officer of the Company.

STEP also announced today that Michael Kelly, Executive Vice President and Chief Financial Officer of STEP, will retire from STEP effective December 31, 2021. Mr. Kelly plans to remain with STEP until the end of the year Civilian to assist in the search for a new CFO and allow for an orderly transition period. STEP has started the search for a new CFO and more information will be provided once the appointment is made.

Mr. Davis commented: “Michael chose to step down from the board and join the leadership team in 2018 with the goal of building the financial sophistication of the organization and strengthening our balance sheet. With the improvement in the business outlook and the success we have had in reducing our debt and strengthening our balance sheet, Michael has let us know that he wants to retire at the end of the year. We thank Michael for his contribution to STEP, both on the board of directors and within the management team and wish him a happy retirement. “

FORWARD-LOOKING STATEMENTS

Certain statements contained in this press release constitute “forward-looking statements” or “forward-looking information” within the meaning of applicable securities laws (collectively, “forward-looking statements”). These statements relate to management’s expectations regarding future events, results of operations and future performance (both operational and financial) and business prospects of the Company. All statements other than statements of historical fact are forward-looking statements. Use of any of the words “expects”, “will” and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in these forward-looking statements. Although the Company believes that the expectations reflected in the forward-looking statements included in this press release are reasonable, such statements do not constitute guarantees of future performance or results and may prove to be incorrect and should not be unduly relied upon.

In particular, this press release contains forward-looking statements regarding the new role of Mr. Glanville, the retirement of Mr. Kelly and the appointment of his replacement.

The forward-looking information and statements contained in this press release speak only as of the date of the document, and none of STEP or its subsidiaries assumes any obligation to update or revise them publicly to reflect new events. or circumstances, unless it is necessary. in accordance with applicable laws. The reader is cautioned not to place undue reliance on forward-looking information.

ABOUT THE STAGE

STEP is an oilfield services company that provides stand-alone and fully integrated fracturing, coiled tubing and cable solutions. Our combination of modern equipment and our commitment to safety and quality of workmanship have differentiated STEP in areas where wells are deeper, have longer sidelines and higher pressures.

Founded in 2011 as a high capacity coiled tube company, STEP now provides an integrated solution for coiled tube and high capacity fracturing services to exploration and production (“E&P”) companies in Canada. and the United States. Our Canadian services are concentrated in the WCSB, while in the United States, our services are concentrated in the Permian and Eagle Ford basins in Texas, the Uinta-Piceance and Niobrara-DJ basins in Colorado and the Bakken in North Dakota.

For more information please contact:

Regan davis Michael kelly
President and CEO Executive Vice President and Chief Financial Officer
Telephone: 403-457-1772 Telephone: 587-393-9731
Web: www.stepenergyservices.com


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