STEP Energy Services Ltd. purchaser entered into a definitive asset purchase agreement to acquire substantially all the operating assets of GASFRAC Energy Services Inc. (TSX:GFS) on March 3, 2015. A special committee has been formed to look into the transaction. Until the transaction is completed, GASFRAC will continue to operate its business under the supervision of its board of directors and the Monitor. The transaction is subject to the approval of the Alberta Court of the Queen's Bench and United States Bankruptcy Court and the transaction is expected to close in early April 2015. On March 20, 2015, the Court of Queen's Bench of Alberta and the United States Bankruptcy Court approved the transaction. CIBC World Markets, Inc. acted as a financial advisor for GASFRAC Energy Services, Inc., Borden Ladner Gervais LLP and Vinson & Elkins LLP acted as a legal advisor for GASFRAC Energy Services, Inc. Ernst & Young Inc. acted as court appointed monitor for to GASFRAC Energy Services. Norton Rose Canada LLP and United States counsel is Norton Rose Fulbright US LLP acted as legal advisors for Ernst & Young Inc.

STEP Energy Services Ltd. completed the acquisition of substantially all the operating assets of GASFRAC Energy Services Inc. (TSX:GFS) on April 6, 2015.