Ad blocking detected

Thank you for visiting We have detected you cannot see ads being served on our site due to blocking. Unfortunately, due to the high cost of data, we cannot serve the requested page without the accompanied ads.

If you have installed ad-blocking software, please disable it (sometimes a complete uninstall is necessary). Private browsing Firefox users should be able to disable tracking protection while visiting our website. Visit Mozilla support for more information. If you do not believe you have any ad-blocking software on your browser, you may want to try another browser, computer or internet service provider. Alternatively, you may consider the following if you want an ad-free experience.

Canadian Insider Ultra Club
$500/ year*
Daily Morning INK newsletter
+3 months archive
Canadian Market INK weekly newsletter
+3 months archive
30 publication downloads per month from the PDF store
Top 20 Gold, Top 30 Energy, Top 40 Stock downloads from the PDF store
All benefits of basic registration
No 3rd party display ads

* Price is subject to applicable taxes.

Paid subscriptions and memberships are auto-renewing unless cancelled (easily done via the Account Settings Membership Status page after logging in). Once cancelled, a subscription or membership will terminate at the end of the current term.

STEP Energy Services Ltd. Announces Closing of Previously Announced Acquisition of Tucker Energy Services Holdings, Inc.


CALGARY, Alberta, April 02, 2018 (GLOBE NEWSWIRE) -- STEP Energy Services Ltd. (TSX:STEP) (“STEP” or the “Company”) has closed its previously announced acquisition of all of the issued and outstanding capital stock of Tucker Energy Services Holdings, Inc. (the “Acquisition”).

Concurrent with the closing of the Acquisition, STEP has closed its previously announced amended and restated credit agreement with a syndicate of lenders, which includes a $330 million revolving syndicated credit facility, $10 million operating facility and US$7.5 million operating facility (the “New Credit Facilities”).

As previously announced, on March 15, 2018, STEP closed its bought-deal equity financing of 6,055,000 subscription receipts at a price of $9.30 per subscription receipt for gross proceeds of $56,311,500. In accordance with their terms, each subscription receipt was exchanged for one common share of the Company upon the closing of the Acquisition and the net proceeds from the sale of the subscription receipts were released from escrow. Holders of the subscription receipts are not required to take any action in order to receive the common shares of the Company. 

STEP funded the Acquisition with a combination of cash on hand and the net proceeds from the equity financing, with the balance funded from borrowings under the New Credit Facilities.

About Step

STEP Energy Services is an oilfield service company founded in 2011 that provides fully integrated coiled tubing and fracturing solutions. STEP’s combination of modern, fit-for-purpose fracturing and coiled tubing equipment has differentiated it in plays where wells are deeper, have longer laterals, and higher pressure.

Initially operating only in Canada as a specialized, deep capacity coiled tubing provider, STEP’s service offering has expanded to include fully integrated coiled tubing and fracturing solutions in Canada and in the U.S. STEP operates in the Montney, Duvernay, and Viking in Canada, and in the Anadarko, Arkoma, Permian, Eagle Ford, and Haynesville in the U.S. STEP’s continuing track record of safety, efficiency and execution drives repeat business from its blue-chip exploration and production clients.

For more information please contact:

Regan Davis
President & Chief Executive Officer


Telephone:  403-457-1772
Email:  [email protected].

Comment On!

Upload limit is up to 1mb only
To post messages to your Socail Media account, you must first give authorization from the websites. Select the platform you wish to connect your account to (via Easy Blurb).