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STEP Energy Services Ltd. Announces Mutual Termination of Arrangement Agreement

Dec 20, 2024•over 1 year ago

Contract Type

agreement

CalgaryManufacturingEnergyOil And GasRenewable Energy

Description

STEP Energy Services Ltd. has announced that it has mutually terminated an arrangement agreement with 2659160 Alberta Ltd. and the limited partnerships comprising ARC Energy Fund 8. The termination is without liability or cost to any party, and it was made after it became clear that the requisite minority shareholder approval could not be achieved.

Company Information

Company

STEP Energy Services Ltd

Location

Calgary, Alberta, Canada

About

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.

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Agreement Insights

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Companies with recent agreements are 2.3x more likely to make additional purchases within 6 months

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