Source Energy Services Reports 2023 AGM Voting Results

Calgary, AB – TheNewswire – May 5, 2023 – Source Energy Services Ltd. (“Source” or the “Company”) (TSX:SHLE) reports results from its annual meeting of shareholders held May 5, 2023 (the “Meeting”).

2023 AGM VOTING RESULTS

Election of Directors

All of the proposed nominees were elected to Source’s board of directors (the “Board”) by Shareholders present or represented by proxy at the Meeting. The voting results are as follows:

The voting results for Steven Sharpe are a result of the proxy advisory firm Glass Lewis’s recommendation that shareholders withhold from voting for Mr. Sharpe solely because of his position as Chair of the Compensation and Corporate Governance Committee. Glass Lewis has indicated that it generally recommends against the chair of the nominating committee if the board has less than 30% gender diverse directors. Source has 20% gender diverse directors.  In contrast, the proxy advisory firm Institutional Shareholder Services Inc.  recommended shareholders vote in favour of Mr. Sharpe’s election. Source has learned that the significant shareholder which in fact withheld its votes from Mr. Sharpe did so in error, attempted to rectify its error prior to the vote, but was unable to. The board of Source remains of the view that Mr. Sharpe has made a valuable contribution and brings extensive and valuable experience to Source’s Board.       

Shareholder Approval of Other Matters

Shareholders also voted at the Meeting to approve each of the other resolutions described in Source’s Notice of Annual Meeting of Shareholders and Management Information Circular, dated March 8, 2023 (the “Information Circular”), as follows: (i) the ordinary resolution to fix the number of directors to be elected at the meeting at five (5) was approved by 100% of the votes cast by Shareholders; and (ii) the ordinary resolution approving the appointment of Ernst & Young LLP as the auditor of the Company was approved by 100% of the votes cast by Shareholders.

ABOUT SOURCE ENERGY SERVICES

Source is a company that focuses on the integrated production and distribution of high quality 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, its “last mile” logistics capabilities and Sahara, a proprietary wellsite 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 wellsite.

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