Star Metro - Source Energy Services Announces TSX Approval of Amended Normal Course Issuer Bid

Under Source's NCIB as previously approved, as of October 6, 2025 Source's broker under the NCIB had purchased 392,900 Common Shares at an average price of $12.598 pursuant to the terms and conditions of an automatic securities purchase plan.

In connection with such amendments, Source intends to enter into an amended and restated automatic securities purchase plan with a designated broker (the "A&R ASPP") whereby Common Shares may be repurchased at times when such purchases would otherwise be prohibited pursuant to regulatory restrictions or self-imposed blackouts (the "Blackout Periods"). Pursuant to the A&R ASPP, the timing for the purchase of Common Shares during the Blackout Periods, the number of Common Shares purchased and the price payable for the Common Shares will be determined by the designated broker in its sole discretion, without consultation with Source, having regard to the price limitations and other terms of the A&R ASPP and the rules of the TSX. Outside of the Blackout Periods, Common Shares may be purchased by the designated broker under the NCIB based on management's discretion, in compliance with the rules of the TSX and applicable securities laws. All purchases made under the A&R ASPP will be included in computing the number of Common Shares purchased under the NCIB.

Source's Board of Directors and management believe that the market price of Source's Common Shares do not reflect their underlying value. Accordingly, the NCIB allows Source to allocate capital in a manner that reduces its issued and outstanding Common Shares and thereby enhances shareholder value.

The decisions regarding the timing and size of purchases under the NCIB are subject to management's discretion and will be based on various factors, including the Company's liquidity position, the Company's financial and operational performance, alternative uses of capital, the trading price of the Common Shares and general market conditions. The NCIB does not obligate Source to acquire a specific dollar amount or number of shares and may be modified or discontinued at any time. Source has repurchased 392,900 Common Shares pursuant to its previously approved NCIB.

ABOUT SOURCE ENERGY SERVICES

Source Energy Services is a company that focuses on the integrated production and distribution of frac sand, as well as the distribution of other bulk completion materials not produced by Source. Source provides its customers with an end-to-end solution for frac sand supported by its Wisconsin and Peace River mines and processing facilities, its Western Canadian terminal network and its "last mile" logistics capabilities, including its trucking operations, and Sahara, a proprietary well site mobile sand storage and handling system.

Source's full-service approach allows customers to rely on its logistics platform to increase reliability of supply and to ensure the timely delivery of frac sand and other bulk completion materials at the well site. For more information about Source, please visit www.sourceenergyservices.com.

FORWARD-LOOKING STATEMENTS

Certain statements contained in this press release constitute forward-looking statements relating to, without limitation, expectations, intentions, plans and beliefs, including information as to future events, which include statements regarding Source's intentions or expectations with respect to the NCIB and any Common Share repurchases thereunder as well as results of operations and Source's future performance (both operational and financial) and business prospects. In certain cases, forward-looking statements can be identified by the use of words such as "intends", "anticipates", "believes", "can" or variations of such words and phrases, or state that certain actions, events or results "may" or "will" be taken, occur or be achieved. Such forward-looking statements reflect Source's beliefs, estimates and opinions regarding its future growth, results of operations, future performance (both operational and financial), and business prospects and opportunities at the time such statements are made, and, except as may be required by applicable law. Forward-looking statements are necessarily based upon a number of estimates and assumptions made by Source that are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Forward-looking statements are not guarantees of future performance. In particular, this press release contains forward-looking statements pertaining, but not limited, to: the amendment of the NCIB; the anticipated benefits of the NCIB to the value of Source's underlying shares; potential purchases of Common Shares under the NCIB; the Company's intention to enter into an amended and restated automatic securities purchase plan with a designated broker; Source's decisions regarding the timing and size of purchases under the NCIB; and Source's general business strategies and objectives.

By their nature, forward-looking statements involve numerous current assumptions, known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Source to differ materially from those anticipated by Source and described in the forward-looking statements. With respect to the forward-looking statements contained in this press release, assumptions have been made regarding, among other things: the anticipated benefits of the NCIB; the ability to purchase Common Shares under the NCIB; the ability to enter into an amended and restated automatic securities purchase plan; proppant market prices; future oil, natural gas and natural gas liquids prices; future global economic and financial conditions; future commodity prices, demand for oil and gas and the product mix of such demand; levels of activity in the oil and gas industry in the areas in which Source operates; the continued availability of timely and safe transportation for Source's products, including without limitation, rail accessibility; the maintenance of Source's key customers and the financial strength of its key customers; the maintenance of Source's significant contracts or their replacement with new contracts on substantially similar terms and that contractual counterparties will comply with current contractual terms; operating costs; that the regulatory environment in which Source operates will be maintained in the manner currently anticipated by Source; future exchange and interest rates; geological and engineering estimates in respect of Source's resources; the recoverability of Source's resources; the accuracy and veracity of information and projections sourced from third parties respecting, among other things, future industry conditions and product demand; demand for horizontal drilling and hydraulic fracturing and the maintenance of current techniques and procedures, particularly with respect to the use of proppants; Source's ability to obtain qualified staff and equipment in a timely and cost-efficient manner; the regulatory framework governing royalties, taxes and environmental matters in the jurisdictions in which Source conducts its business and any other jurisdictions in which Source may conduct its business in the future; future capital expenditures to be made by Source; future sources of funding for Source's capital program; Source's future debt levels; the impact of competition on Source; and Source's ability to obtain financing on acceptable terms.

A number of factors, risks and uncertainties could cause results to differ materially from those anticipated and described herein including, among others: failure to realize on anticipated benefits of the NCIB; the effects of competition and pricing pressures; risks inherent in key customer dependence; effects of fluctuations in the price of proppants; risks related to indebtedness and liquidity, including Source's leverage, restrictive covenants in Source's debt instruments and Source's capital requirements; risks related to interest rate fluctuations and foreign exchange rate fluctuations; the risk that (i) the U.S. and/or Canadian governments increase the rate or scope of the tariffs on the import of goods from one country to the other, (ii) the U.S. and/or Canada imposes any other form of tax, restriction or prohibition on the import or export of products from one country to the other, and (iii) the tariffs imposed by the U.S. on other countries and responses thereto could have a material adverse effect on the Canadian, U.S. and global economies, and by extension the Canadian oil and natural gas industry and Source; changes in general economic, financial, market and business conditions in the markets in which Source operates; Source's ability to obtain, maintain and renew required permits, licenses and approvals from regulatory authorities; the stringent requirements of and potential changes to applicable legislation, regulations and standards; the ability of Source to comply with unexpected costs of government regulations; liabilities resulting from Source's operations; the results of litigation or regulatory proceedings that may be brought against Source; the ability of Source to successfully bid on new contracts and the loss of significant contracts; uninsured and underinsured losses; risks related to the transportation of Source's products, including potential rail line interruptions or a reduction in railcar availability or the impact of weather; Source's ability to retain and attract qualified management and staff in the markets in which Source operates; labour disputes and work stoppages and risks related to employee health and safety; general risks associated with the oil and natural gas industry, loss of markets, consumer and business spending and borrowing trends; limited, unfavourable, or a lack of access to capital markets; and the use and suitability of Source's accounting estimates and judgments. Although Source has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in its forward-looking statements, there may be other factors, including those described under the heading "Risk Factors" in Source's Annual Information Form, that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will materialize or prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement. Readers should not place undue reliance on forward-looking statements. These statements speak only as of the date of this press release. Except as may be required by law, Source expressly disclaims any intention or obligation to revise or update any forward-looking statements or information whether as a result of new information, future events or otherwise.

Investor Relations Inquiries:
Scott Melbourn
Chief Executive Officer
(403) 262-1312
[email protected]

Media Inquiries:
Meghan Somers
Communications Advisor
(403) 262-1312
[email protected]

SOURCE: Source Energy Services Ltd.

View the original press release on ACCESS Newswire

T.Murray--SMC