TriWest Capital-backed Source Energy postpones IPO

Source Energy Services Ltd, a provider of frac sand and logistical services to the oil and gas industry, has postponed its initial public offering on the Toronto Stock Exchange. Source, which recently priced the IPO to raise $300 million, said the delay was a result of “current adverse capital market conditions.” Calgary-based Source has been backed by Canadian private equity firm TriWest Capital Partners since 2013. Earlier this month, Bloomberg reported STEP Energy Services Ltd, a Calgary oilfield service provider backed by ARC Financial Corp, had also postponed its IPO.

PRESS RELEASE

Source Energy Services Ltd. Announces Postponement of Initial Public Offering

CALGARY, ALBERTA–(Marketwired – March 21, 2017) –

Source Energy Services Ltd. (the “Company”) today announced that its proposed initial public offering is being postponed due to current adverse capital market conditions.

A preliminary prospectus containing important information relating to the securities has been filed with securities commissions or similar authorities in all of the provinces and territories of Canada. The preliminary prospectus is still subject to completion or amendment. Copies of the preliminary prospectus are available on SEDAR at www.sedar.com under the Company’s profile. There will not be any sale or any acceptance of an offer to buy the securities until a receipt for the final prospectus has been issued.

About the Company
Source (through Source Energy Services Canada LP and Source Energy Services US LP) is a fully integrated producer, supplier and distributer of high-quality Northern White frac sand primarily to the Western Canadian Sedimentary Basin. Source provides its customers with a full mine to wellsite solution through its Wisconsin mine assets, processing facilities, unit train capable rail assets, strategically located terminal network and “last mile” logistics capabilities. Source’s full service approach allows customers to rely on its logistics capabilities to increase reliability of supply and to ensure the timely delivery of their growing frac sand requirements. In addition to its transload terminal network and in-basin storage capabilities, Source has also developed Sahara, a proprietary wellsite mobile sand storage and handling system.

CONTACT INFORMATION
Source Energy Services Ltd.
Brad Thomson
Chief Executive Officer
(403) 262-1312 (ext. 225)

Photo courtesy of Source Energy Sources Ltd