STEP Energy Services Ltd. Announces Receipt of Final Order

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CALGARY, Alberta — STEP Energy Services Ltd. (“STEP” or the “Company”) is pleased to announce that the Court of King’s Bench of Alberta has granted the final order in respect of the previously announced plan of arrangement (the “Arrangement“) involving ARC Energy Fund 8 Canadian Limited Partnership, ARC Energy Fund 8 United States Limited Partnership, ARC Energy Fund 8 International Limited Partnership and ARC Capital 8 Limited Partnership (collectively, “ARC Energy Fund 8“), 2659160 Alberta Ltd. (the “Purchaser” and, together with ARC Energy Fund 8, the “Purchaser Parties“) and STEP under Section 193 of the Business Corporations Act (Alberta), whereby the Purchaser Parties will acquire all of the issued and outstanding common shares of STEP (the “Shares“) not already owned by ARC Energy Fund 8, ARC Energy Fund 6 Canadian Limited Partnership, ARC Energy Fund 6 United States Limited Partnership, ARC Energy Fund 6 International Limited Partnership, ARC Capital 6 Limited Partnership, or any other person controlled or managed, directly or indirectly by ARC Financial Corp. This final court approval follows the shareholder approval that was obtained at the special meeting of STEP’s shareholders on December 12, 2025.

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Subject to the satisfaction or waiver of the conditions to implementing the Arrangement as set out in the definitive arrangement agreement dated October 17, 2025 among STEP and the Purchaser Parties, the Arrangement is anticipated to close on December 16, 2025.

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FORWARD-LOOKING INFORMATION & STATEMENTS

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This news release contains “forward-looking information” or “forward-looking statements” within the meaning of applicable securities laws (collectively, “forward-looking statements”). In some cases, forward-looking statements are identifiable by the terminology used, such as “may,” “expect,” “believe,” “plan,” “anticipate,” “intend,” “could,” “estimate,” “continue,” “will,” or similar expressions or the negative of such expressions are intended to identify forward-looking statements. In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances are considered forward-looking statements. Forward-looking statements in this news release, include, among other things, references, expressed or implied, to: the completion and timing of the closing of the Arrangement; the effects of the Arrangement; the ability of STEP and the Purchaser Parties to satisfy the other conditions to the completion of the Arrangement; and other information or statements that relate to future events or circumstances and which do not directly and exclusively relate to historical facts. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect the Company’s expectations only as of the date of this news release. The Company disclaims any intention or obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

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ABOUT STEP

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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.

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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 companies in Canada and the U.S. Our Canadian services are focused in the Western Canadian Sedimentary Basin, while in the U.S., our 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.

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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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Contacts

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For more information:

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Steve Glanville

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President and Chief Executive Officer

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Telephone: 403-457-1772

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Klaas Deemter
Chief Financial Officer
Telephone: 403-457-1772

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