December 30, 2020

Source Energy Services Ltd.'s Recapitalization Transaction

Goodmans LLP acted as counsel to Source Energy Services Ltd. and its subsidiaries (“Source” or the “Company”) in connection with the successful completion of its recapitalization transaction pursuant to a corporate plan of arrangement under the Canada Business Corporations Act (the “CBCA”).

Source is a TSX-listed company and is the largest supplier of hydraulic fracturing sand in the Western Canadian sedimentary basin. The recapitalization transaction enabled Source to address its liquidity challenges and near term debt maturities in the midst of acute challenges in the Western Canadian oil and gas industry.

The transaction was completed with strong support from the Company’s noteholders, shareholders and lenders and provides Source with enhanced liquidity and financial flexibility to advance its business objectives and emerge from the current industry downturn as a stronger company.

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