Calgary, Alberta – September 24, 2018 – On behalf of the management team and board of directors of STEP Energy Services Ltd. (“STEP” or the “Company”), Mr. Regan Davis, President & Chief Executive Officer, is pleased to announce that Mr. Michael Kelly will join the executive leadership team of STEP effective October 1, 2018, as a Executive Vice-President, and will concurrently resign from STEP’s board of directors on that date. During October, Michael Kelly will be available to STEP as a strategic and business advisor as he transitions from certain of his other business commitments, and Michael will assume the role of Executive Vice President and Chief Financial Officer of STEP in mid-November, 2018.
“We are excited to announce Michael’s move into our Leadership Team as of October 1,” said Mr. Regan Davis. “On behalf of the Board and management team, I want to thank Michael for his significant contributions to STEP as a member of the Board, and welcome him to an executive role. Michael brings deep industry knowledge to our team, and will provide additional leadership in the advancement of STEP’s strategic and financial plans.”
Michael Kelly has served on STEP’s board of directors since March 2014. From 2015 until 2017, Mr. Kelly was executive vice-president and chief financial officer at PTW Energy Services Ltd. (“PTW”), a private electric and instrumentation services company with operations spanning North America. From 2013 until joining PTW, Mr. Kelly was the president of Hogarth Ventures Ltd. where he provided consulting and advisory services to clients involved in the energy sector. From 1997 until 2013, Mr. Kelly served as an executive with Trican Well Service Ltd. (“Trican”), where from 1997 to 2009, Mr. Kelly was the vice-president, finance and chief financial officer, followed by the position of senior vice-president, EAME and CIS where he oversaw Trican’s international operations until his departure in 2013. Mr. Kelly graduated from the University of Calgary with a Bachelor of Commerce. He is a chartered accountant and a member of the Institute of Chartered Accountants of Alberta, and is a certified director from the Institute of Corporate Directors.
Robert Sprinkhuysen, who has served as STEP’s Chief Financial Officer since September of 2011, will remain as Chief Financial Officer of STEP until Mr. Kelly assumes the role in mid-November, 2018, and then Mr. Sprinkhuysen will transition within STEP to the position of Vice-President, Business Development.
This document contains certain forward‐looking information and statements within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "should", "believe", "plans" and similar expressions are intended to identify forward‐looking information or statements. In particular, but without limiting the foregoing, this document contains forward‐ looking information and statements pertaining to executive and director position changes.
The forward‐looking information and statements contained in this document reflect several material factors and expectations and assumptions of the Company including, without limitation, that the individuals named will undertake the anticipated position changes on the identified timeframes. The Company believes the material factors, expectations and assumptions reflected in the forward‐looking information and statements are reasonable but no assurance can be given that these factors, expectations and assumptions will prove to be correct.
The forward‐looking information and statements included in this document are not guarantees of future performance and should not be unduly relied upon. Such information and 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 information or statements including, without limitation, changes in the work commitments by the named key individuals.
The forward‐looking information and statements contained in this document 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. The reader is cautioned not to place undue reliance on forward‐looking information.
STEP Energy Services is an oilfield service company founded in 2011 that provides fully integrated coiled tubing and fracturing solutions. STEP’s combination of modern, fit-for-purpose fracturing and coiled tubing equipment has differentiated STEP in plays where wells are deeper, have longer laterals, and higher pressure.
Initially operating only in Canada as a specialized, deep capacity coiled tubing provider, STEP’s service offering expanded to include fully integrated coiled tubing and fracturing solutions. STEP operates in the Montney, Duvernay and Viking in Canada, and in the Anadarko, Arkoma, Permian, Eagle Ford, and Haynesville in the U.S. STEP’s continuing track record of safety, efficiency and execution drives repeat business from its blue-chip exploration and production clients.
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