STEP Energy Services Ltd. Announces Receipt of Final Order

Executive Summary

• The Alberta Court of King’s Bench granted final approval of STEP Energy Services Ltd.’s previously announced plan of arrangement, allowing the Purchaser Parties to acquire all outstanding STEP shares not already owned by ARC Energy Fund entities.
• Shareholder approval was obtained at a special meeting on December 12, 2025; the transaction is now expected to close on December 16, 2025, subject to satisfaction or waiver of customary closing conditions.
• The arrangement consolidates ownership under ARC Energy Fund 8 and related entities, completing STEP’s transition to new controlling shareholders.

Key Details

• Court Order: Final order issued by the Court of King’s Bench of Alberta confirming the plan of arrangement filed on October 17, 2025.
• Purchaser Parties:
• ARC Energy Fund 8 Canadian Limited Partnership
• ARC Energy Fund 8 United States Limited Partnership
• ARC Energy Fund 8 International Limited Partnership
• ARC Capital 8 Limited Partnership
• 2659160 Alberta Ltd. (the “Purchaser”) – together with the above, the “Purchaser Parties.”
• Shares Acquired: All issued and outstanding common shares of STEP not already owned by ARC Energy Fund 8, ARC Energy Fund 6 entities, ARC Capital 6 Limited Partnership, or any other person controlled/managed by ARC Financial Corp.
• Shareholder Approval: Obtained at a special meeting of STEP shareholders on December 12, 2025.
• Closing Date: Anticipated December 16, 2025, contingent upon satisfaction or waiver of the conditions set out in the definitive arrangement agreement (dated October 17, 2025).
• Conditions to Closing: Standard closing conditions and waivers as defined in the arrangement agreement (e.g., regulatory approvals, third‑party consents, no material adverse change).
• Effect of Arrangement: Upon closing, the Purchaser Parties will hold 100% of STEP’s common equity, effecting a change of control.

Notable Quotes

(No executive quotes were included in the release.)