STEP Energy Services Ltd. Announces Changes to Executive Leadership Team

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

Regan Davis, STEP’s President and Chief Executive Officer commented, “Steve’s contributions have advanced the company from a business plan with three employees to an industry-leading organization, recognized for an enviable culture, with leading field execution, technology, and service offerings in both Canada and the US. Steve’s leadership and operational acumen will serve him well in his new role.”

Mr. Davis will continue in his role as the Company’s Chief Executive Officer.

STEP also announced today that Michael Kelly, STEP’s Executive Vice-President and Chief Financial Officer, will be retiring from STEP effective December 31, 2021. Mr. Kelly expects to remain with STEP until the end of the calendar year in order to assist in STEP’s search for a new CFO, and to allow for an orderly transition period. STEP has commenced a search for a new CFO, and further information will be provided once an appointment is made.

Mr. Davis commented, “Michael elected to step off the board and join the senior executive team in 2018 with the focus to develop the financial sophistication of the organization and strengthening our balance sheet. With the improving business outlook and the success we have had in reducing our debt and strengthening our balance sheet, Michael has let us know that he wishes to retire at the end of the year. We thank Michael for his contributions to STEP, both on the board and the senior executive team and wish him well in his 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 the expectations of management about future events, results of operations and the Company’s future performance (both operational and financial) and business prospects. All statements other than statements of historical fact are forward-looking statements. The 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 such forward-looking statements. While the Company believes the expectations reflected in the forward-looking statements included in this Press Release are reasonable, such statements are not guarantees of future performance or outcomes and may prove to be incorrect and should not be unduly relied upon.

In particular, this Press Release contains forward looking statements pertaining to the new role of Mr. Glanville, 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 publicly update or revise them to reflect new events or circumstances, except as may be required pursuant to applicable laws. The reader is cautioned not to place undue reliance on forward-looking information.

ABOUT STEP

STEP is an oilfield service company that provides stand-alone and fully integrated fracturing, coiled tubing and wireline solutions. Our combination of modern equipment along with our commitment to safety and quality execution has differentiated STEP in plays where wells are deeper, have longer laterals and higher pressures.

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

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