Mr. Steve Glanville reports

STEP ENERGY SERVICES ANNOUNCES NORMAL COURSE ISSUER BID

Step Energy Services Ltd. has received approval from the Toronto Stock Exchange to proceed with a normal course issuer bid for its common shares.

Under the NCIB, Step may repurchase up to 3,611,653 common shares, representing 5 per cent of its issued and outstanding common shares as at Dec. 6, 2023. The NCIB is to commence on Dec. 19, 2023, and end on Dec. 18, 2024, or such earlier date as Step may complete its maximum allowable purchases under the bid. Under the NCIB, other than purchases made under block purchase exemptions, Step may purchase up to 22,557 common shares on the TSX during any trading day, which represent approximately 25 per cent of the average daily trading volume on the TSX of 90,228 for the six months ended Nov. 30, 2023.

Step believes that the current market price of the common shares does not accurately reflect their underlying value and that an NCIB represents an appropriate and desirable use of its available funds to increase shareholder value.

Any purchases made under the NCIB will be made by Step at then prevailing market prices through the facilities of the TSX and/or alternative Canadian trading systems. The actual number of common shares purchased pursuant to the NCIB and the timing of such purchases will be determined by Step. Although Step intends to purchase common shares under the NCIB, there can be no assurances that any such purchases will be completed. Any common shares purchased under the NCIB will be cancelled.

In connection with the NCIB, Step has entered into an automatic securities purchase plan (ASPP) with a designated broker. The ASPP is intended to allow for the purchase of common shares during certain predetermined blackout periods during which Step would ordinarily not be permitted to purchase common shares. Purchases under the ASPP will be determined by the designated broker in its sole discretion based on the purchasing limits set by Step in accordance with the rules of the TSX, applicable securities laws and the terms of the ASPP. The ASPP has been precleared by the TSX and will become effective on Dec. 19, 2023, concurrently with the commencement of the NCIB. Outside of blackout periods, common shares may be purchased under the NCIB based on management's discretion in compliance with TSX rules and applicable securities laws. All purchases made under the ASPP will be included in computing the number of common shares purchased under the NCIB.

About Step Energy Services Ltd.

Step is an energy service company that provides coiled tubing, fluid and nitrogen pumping, and hydraulic fracturing solutions. Its combination of modern equipment along with its commitment to safety and quality execution has differentiated Step in plays where wells are deeper, and 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 companies in Canada and the United States. Its Canadian services are focused on the Western Canadian sedimentary basin while in the United States, its 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.

Its four core values -- safety, trust, execution and possibilities -- inspire its team of professionals to provide differentiated levels of service, with a goal of flawless execution and an unwavering focus on safety.

We seek Safe Harbor.