STEP Energy Services Ltd. Announces Appointment of New Independent Director Rachel Moore and Retirement of Donna Garbutt

CALGARY, Alberta, Sept. 05, 2023 (GLOBE NEWSWIRE) -- STEP Energy Services Ltd. (“STEP”) is pleased to announce the appointment of Ms. Rachel Moore as an independent director of STEP’s board of directors, effective October 1, 2023. Ms. Moore is currently serving as the executive vice president, corporate services, at Ovintiv Inc. (TSE:OVV), a position she has held since January 2020. Ms. Moore previously served as Ovintiv’s vice president, human resources since January 2015. Before joining Ovintiv, Ms. Moore held a variety of senior leadership positions including executive vice president, human resources at Savanna Energy Services Corporation, and vice president, human resources, at Enerflex Systems Ltd. Ms. Moore currently serves on the board of directors for the Wilder Institute (Calgary Zoo) in support of wildlife conservation and previously served as the chair of the board for the United Way of Calgary and Area. Ms. Moore holds a Bachelor of Arts degree in political science and a Master of Business Administration from the University of Calgary.

Steve Glanville, president and CEO of STEP, commented, “We are pleased to welcome Rachel as our newest member of our board of directors. We look forward to her contributions and the positive impact she will make as we continue to innovate, grow, and reach new milestones.”

STEP also announces that Ms. Donna Garbutt will be retiring as a member of the board of directors effective September 30, 2023. Ms. Garbutt has served as a member of the board since April 2017 and was chair of STEP’s HSE Committee.

Mr. Glanville adds, “On behalf of the board and management team, I want to express our appreciation to Donna for her significant contributions and exceptional leadership during her tenure on STEP’s board, where she also served as chair of STEP’s HSE Committee. We extend our heartfelt gratitude for her commitment over the last six years and wish her a fulfilling and happy retirement.”

Following the retirement of Ms. Garbutt and the appointment of Ms. Moore, STEP’s board of directors will consist of seven members.

FORWARD-LOOKING STATEMENTS

This press release contains certain information that is forward-looking and is subject to important risks and uncertainties (such statements are usually accompanied by words such as "anticipate", "expect", "believe", "may", "will", "should", "estimate", "intend" or other similar words). All statements other than statements of historical fact are forward-looking statements. Forward-looking statements in this document are intended to provide STEP security holders and potential investors with information regarding STEP and its subsidiaries, including management's assessment of STEP's and its subsidiaries' future plans and financial outlook.

In particular, this press release contains forward-looking statements pertaining to, but not limited to information regarding the retirement of Ms. Garbutt and the appointment of Ms. Moore. All forward-looking statements reflect STEP's beliefs and assumptions based on information available at the time the statements were made and as such are not guarantees of future performance. As actual results could vary significantly from the forward-looking information, the reader is cautioned not to place undue reliance on forward-looking information and should not use future-oriented information or financial outlooks for anything other than their intended purpose.

The forward-looking information and statements contained in this press release speak only as of the date of the document, and none of the Company 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. We do not update our forward-looking information due to new information or future events unless we are required to by law. For additional information on the assumptions made, and the risks and uncertainties which could cause actual results to differ from the anticipated results, refer to the most recent Quarterly Report to Shareholders and Annual Report filed under STEP’s profile on SEDAR at www.sedar.com.

ABOUT STEP

STEP is an energy services company that provides coiled tubing, fluid and nitrogen pumping and hydraulic fracturing 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. STEP has a high-performance, safety-focused culture and its experienced technical office and field professionals are committed to providing innovative, reliable, and cost-effective solutions to its clients.

Founded in 2011 as a specialized deep capacity coiled tubing company, STEP has grown into a North American service provider delivering completion and stimulation services to exploration and production (“E&P”) companies in Canada and the U.S. Our Canadian services are focused in the Western Canadian Sedimentary Basin (“WCSB”), while in the U.S., our fracturing and coiled tubing 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.

Our four core values; Safety, Trust, Execution and Possibilities inspire our team of professionals to provide differentiated levels of service, with a goal of flawless execution and an unwavering focus on safety.

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