SHLE:CC - Source Energy Services Announces the Retirement of Brad Thomson and the Appointment of Scott Melbourn as President and Chief Executive Officer
(TheNewswire)
Calgary, Alberta - TheNewswire - March 30, 2022 - The Board of Directors of Source Energy ServicesLtd. (“ Source ” or the “ Company ”) ( TSX:SHLE)(OTC:SCEYF) announced today that Mr. BradThomson has elected to retire as President and Chief Executive Officerand as a director of the Company. Mr. Scott Melbourn has beenappointed President and Chief Executive Officer and will be appointedas a member of the Board. Mr. Thomson will continue in an advisoryrole until June 30, 2022, to ensure a seamless transition of dutiesand responsibilities to Mr. Melbourn.
The Board would like to thank Mr. Thomson for his leadership andcontributions since joining the Company in 2012. Mr. Thomson led theCompany from its early funding and growth of its asset base, throughits initial public offering in April of 2017. Under his leadership,Source grew from a small regional provider of trucking and terminalservices to an industry leading, fully integrated, provider of fracsand and associated logistics.
Mr. Melbourn, currently the Chief Operating Officer, has been withSource since 2011 and has been responsible for overseeing all aspectsof the operations, sales, and business development. He has a deepunderstanding of the Company’s operations and, as a part ofSource’s executive team, helped grow the business into what it istoday. The Board has full confidence that under the leadership of Mr.Melbourn, and other members of the senior leadership team, the Companywill continue to expand its offerings and capitalize on its leadingmarket position in the Western Canadian Sedimentary Basin
ABOUT SOURCE ENERGY SERVICES
Source is a company that focuses on the production and distribution ofhigh quality Northern White frac sand, as well as the distribution ofother bulk completion materials not produced by Source. Sourceprovides its customers with an end-to-end solution for frac sandsupported by its Wisconsin mines and processing facilities, itsWestern Canadian terminal network, its “last mile” logisticscapabilities and Sahara, a proprietary wellsite mobile sand storageand handling system.
Source’s full-service approach allows customers to rely on itslogistics platform to increase reliability of supply and to ensure thetimely delivery of frac sand and other bulk completion materials atthe wellsite.
FOR FURTHER INFORMATION PLEASE CONTACT
Scott Melbourn
President and Chief Executive Officer
(403) 262-1312 (ext. 222)
investorrelations@sourceenergyservices.com
Derren Newell
Chief Financial Officer
(403) 262-1312 (ext. 2 33 )
investorrelations@sourceenergyservices.com
FORWARD-LOOKING STATEMENTS
Certain statements contained in this press releaseconstitute forward-looking statements relating to, without limitation,expectations, intentions, plans and beliefs, including information asto the future events, results of operations and Source’s futureperformance (both operational and financial) and business prospects.In certain cases, forward-looking statements can be identified by theuse of words such as “anticipates”, “believes”,“continues” or variations of such words and phrases, or state thatcertain actions, events or results “may” or “will” be taken,occur or be achieved. Such forward-looking statements reflectSource’s beliefs, estimates and opinions regarding its futuregrowth, results of operations, future performance (both operationaland financial), and business prospects and opportunities at the timesuch statements are made, and Source undertakes no obligation toupdate forward-looking statements if these beliefs, estimates andopinions or circumstances should change unless required by applicablelaw. Forward-looking statements are necessarily based upon a number ofestimates and assumptions made by Source that are inherently subjectto significant business, economic, competitive, political and socialuncertainties and contingencies. Forward-looking statements are notguarantees of future performance. In particular, this press releasecontains forward-looking statements pertaining, but not limited, to:the resignation and appointment of directors and the Companycontinuing to expand its offerings and capitalize on its leadingmarket position in the Western Canadian Sedimentary Basin.
By their nature, forward-looking statements involve numerous currentassumptions, known and unknown risks, uncertainties and other factorswhich may cause the actual results, performance or achievements ofSource to differ materially from those anticipated by Source anddescribed in the forward-looking statements.
With respect to the forward-looking statements contained in this pressrelease assumptions have been made regarding, among other things:proppant market prices; future oil, natural gas and LNG prices; futureglobal economic and financial conditions; future commodity prices,demand for oil and gas and the product mix of such demand; levels ofactivity in the oil and gas industry in the areas in which Sourceoperates; the continued availability of timely and safe transportationfor Source’s products, including without limitation, Source’s railcar fleet and the accessibility of additional transportation by railand truck; the maintenance of Source’s key customers and thefinancial strength of its key customers; the maintenance of Source’ssignificant contracts or their replacement with new contracts onsubstantially similar terms and that contractual counterparties willcomply with current contractual terms; operating costs; that theregulatory environment in which Source operates will be maintained inthe manner currently anticipated by Source; future exchange andinterest rates; geological and engineering estimates in respect ofSource’s resources; the recoverability of Source’s resources; theaccuracy and veracity of information and projections sourced fromthird parties respecting, among other things, future industryconditions and product demand; demand for horizontal drilling andhydraulic fracturing and the maintenance of current techniques andprocedures, particularly with respect to the use of proppants;Source’s ability to obtain qualified staff and equipment in a timelyand cost-efficient manner; the regulatory framework governingroyalties, taxes and environmental matters in the jurisdictions inwhich Source conducts its business and any other jurisdictions inwhich Source may conduct its business in the future; future capitalexpenditures to be made by Source; future sources of funding forSource’s capital program; Source’s future debt levels; the impactof competition on Source; and Source’s ability to obtain financingon acceptable terms.
A number of factors, risks and uncertainties couldcause results to differ materially from those anticipated anddescribed herein including, among others: the effects of competitionand pricing pressures; risks inherent in key customer dependence;effects of fluctuations in the price of proppants; risks related toindebtedness and liquidity, including Source’s leverage, restrictivecovenants in Source’s debt instruments and Source’s capitalrequirements; risks related to interest rate fluctuations and foreignexchange rate fluctuations; changes in general economic, financial,market and business conditions in the markets in which Sourceoperates; changes in the technologies used to drill for and produceoil and natural gas; Source’s ability to obtain, maintain and renewrequired permits, licenses and approvals from regulatory authorities;the stringent requirements of and potential changes to applicablelegislation, regulations and standards; the ability of Source tocomply with unexpected costs of government regulations; liabilitiesresulting from Source’s operations; the results of litigation orregulatory proceedings that may be brought against Source; the abilityof Source to successfully bid on new contracts and the loss ofsignificant contracts; uninsured and underinsured losses; risksrelated to the transportation of Source’s products, includingpotential rail line interruptions or a reduction in rail caravailability; the geographic and customer concentration of Source; theimpact of climate change risk; the ability of Source to retain andattract qualified management and staff in the markets in which Sourceoperates; labor disputes and work stoppages and risks related toemployee health and safety; general risks associated with the oil andnatural gas industry, loss of markets, consumer and business spendingand borrowing trends; limited, unfavorable, or a lack of access tocapital markets; uncertainties inherent in estimating quantities ofmineral resources; sand processing problems; implementation ofrecently issued accounting standards; the use and suitability ofSource’s accounting estimates and judgments; the impact ofinformation systems and cyber security breaches; and risks anduncertainties related to COVID-19 or its variants, including changesin energy demand.
Although Source has attempted to identify important factors that couldcause actual actions, events or results to differ materially fromthose described in the forward-looking statements, there may be otherfactors that cause actions, events or results not to be asanticipated, estimated or intended. There can be no assurance thatforward-looking statements will materialize or prove to be accurate,as actual results and future events could differ materially from thoseanticipated in such statements. The forward-looking statementscontained in this press release are expressly qualified by thiscautionary statement. Readers should not place undue reliance onforward-looking statements. These statements speak only as of the dateof this press release. Except as may be required by law, Sourceexpressly disclaims any intention or obligation to revise or updateany forward-looking statements or information whether as a result ofnew information, future events or otherwise.
Any financial outlook and future-oriented financial informationcontained in this press release regarding prospective financialperformance, financial position or cash flows is based on assumptionsabout future events, including economic conditions and proposedcourses of action based on management’s assessment of the relevantinformation that is currently available. Projected operationalinformation contains forward-looking information and is based on anumber of material assumptions and factors, as are set out above.These projections may also be considered to contain future orientedfinancial information or a financial outlook. The actual results ofSource’s operations for any period will likely vary from the amountsset forth in these projections and such variations may be material.Actual results will vary from projected results. Readers are cautionedthat any such financial outlook and future-oriented financialinformation contained herein should not be used for purposes otherthan those for which it is disclosed herein. The forward-lookinginformation and statements contained in this document speak only as ofthe date hereof and have been approved by the Company’s managementas at the date hereof. The Company does not assume any obligation topublicly update or revise them to reflect new events or circumstances,except as may be required pursuant to applicable laws.
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