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

Executive Summary

• Source Energy Services Ltd. received TSX approval to amend its NCIB, increasing the authorized repurchase amount to up to $15.6 million (1,189,458 common shares), representing 10% of its public float.
• The amendment adds a further 796,558 shares that can be purchased for cancellation before the program’s termination on May 12 2026.
• An amended and restated automatic securities purchase plan (A&R ASPP) will be entered into, allowing purchases during blackout periods at the broker’s discretion.

Key Details

• Authorized Repurchase: Up to 1,189,458 common shares (≈10% of public float as of 30 Apr 2025).
• Maximum Dollar Amount: $15.6 million.
• Shares Already Purchased Pre‑Amendment: 392,900 shares at an average price of $12.598 per share.
• Remaining Shares Available Post‑Amendment: 796,558 shares.
• Program Termination Date: May 12 2026.
• Daily Repurchase Limit: 25% of ADTV (7,289 shares), unchanged from prior NCIB.
• Weekly Block Purchase Exception: One block purchase per calendar week may exceed the daily limit.
• A&R ASPP Mechanics:
• Allows broker‑directed purchases during regulatory blackouts.
• Pricing and quantity determined solely by the designated broker, subject to TSX rules.
• Purchases made under A&R ASPP count toward NCIB totals.
• Management Discretion: Timing and size of repurchases will consider liquidity, operational performance, alternative capital uses, share price, and market conditions; no obligation to purchase a set amount.
• Strategic Rationale: Board believes current market price undervalues the shares; the NCIB is intended to reduce outstanding shares and enhance shareholder value.

Notable Quotes

(No direct quotes were included in the release.)