STEP Energy Services Ltd. Announces Changes to Executive Leadership Team

CALGARY, Alberta, Sept. 27, 2021 (GLOBE NEWSWIRE) -- STEP Energy Services Ltd. (“STEP”) is pleased to announce the appointment of Mr. Klaas Deemter as STEP’s Senior Vice President Finance (“SVP Finance”) effective October 12, 2021. As STEP’s SVP Finance, Mr. Deemter will work with STEP’s Executive Vice President and Chief Financial Officer, Michael Kelly, on a leadership transition plan that will see Mr. Deemter assume initial responsibility for strategic initiatives with a plan to succeed Mr. Kelly as STEP’s Chief Financial Officer upon the release of STEP’s third quarter 2021 financial statements. With the appointment of Mr. Deemter to the CFO role, Mr. Kelly, who’s retirement was announced in June, will assist STEP in an advisory capacity through the fourth quarter to allow for an orderly transition period. 

Mr. Deemter comes to STEP with significant financial experience after holding progressively senior roles with Trican Well Service Ltd., recently serving as interim CFO. Mr. Deemter has a Bachelor of Management from the University of Lethbridge and is a member of the Institute of Chartered Professional Accountants of Alberta.

Regan Davis, STEP’s Chief Executive Officer commented, “I am pleased to welcome Klaas to the STEP team and am looking forward to putting his broad finance experience and passion for the oilfield services sector to work as we continue to uphold our promise to deliver an exceptional client experience. I would also like to personally thank Mr. Kelly for his dedication to STEP and wish him well in his future endeavours.”

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 “plan”, “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. Deemter, the retirement of Mr. Kelly, and the succession of Mr. Deemter as STEP’s Chief Financial Officer.

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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