Company Highlights

November 6, 2015

STEP Energy Services Performs its First Hydraulic Fracturing Job and Reaches New Canadian Coil Tubing Depth Record

Calgary, AB (October 26, 2015) – STEP Energy Services Ltd. (“STEP”) has achieved a number of corporate milestones and an industry record within the last month.

First hydraulic fracturing project completed

STEP has just completed its first hydraulic fracturing stimulation for a major operator in northeastern Alberta. In Q1 of this year, STEP announced that it purchased all of the assets and related technology of GASFRAC Energy Services Inc. (“GASFRAC”). The acquisition added 115,000 pressure pumping horsepower to STEP’s existing coiled tubing and pumping service lines.

“STEP has spent the last seven months converting the equipment to a conventional hydraulic fracturing fleet,” says Mike Burvill, vice president of fracturing operations. “The fleet has been built using the same attention to execution, preventative maintenance, HSE, engaged culture, and core values that led to the rapid growth of our coiled tubing business line.”

Mr. Burvill continues, “Our client was very happy with the treatment itself, as well as the condition and function of our equipment and the performance by our team of professionals.”

New Canadian Total Depth Record

STEP is also pleased to share the successful completion of record breaking coiled tubing project in Alberta. On the morning of October 15, the rig tagged in at 7,069m (23,186 ft) with 2-3/8" (60.3 mm) CT, breaking the company’s record set in August of 6,868m (22,534 ft) with 2-3/8" (60.3 mm). This milestone is an industry first and marks the fourth depth record logged in a row; it is also the first time STEP has had three CT units on one pad.

Todd Rainville, vice president of sales and marketing says, “Despite the challenging economic climate, our culture of safety, flawless execution and client service has allowed STEP to continue to work for active producers in our industry and achieve these great milestones”.