Independent Proxy Advisory Firm Glass Lewis Recommends Shareholders Vote for the Acquisition of Essential Energy Services By Element Technical Services

CALGARY, Alberta, Nov. 01, 2023 (GLOBE NEWSWIRE) -- Essential Energy Services Ltd. (“Essential” or the “Company”) (TSX: ESN) announced today that the Company has received a positive recommendation from Glass Lewis & Co., LLC (“Glass Lewis”) in support of the proposed acquisition of Essential by Element Technical Services Inc. (the “Acquisition”) announced on September 15, 2023. Glass Lewis is a leading independent, third-party proxy advisory firm who provides proxy voting recommendations to pension funds, investment managers, mutual funds and other institutional shareholders.

In making their recommendation, Glass Lewis commented:        

“The proposed transaction implies a valuation for Essential that appears generally fair relative to multiples paid in precedent industry transactions, in our view, and would allow Essential shareholders to exit their investment in the Company at a premium and in cash.”

“…we believe the proposed transaction is in the interests of shareholders. Accordingly, we recommend that shareholders vote FOR this proposal.”

This recommendation follows Institutional Shareholder Services Inc.’s recommendation that Essential shareholders vote FOR the Acquisition. The details of that announcement can be found in Essential’s press release dated October 31, 2023.

The special meeting of Essential shareholders to approve the Acquisition will be held on November 7, 2023 at the Calgary Petroleum Club, Viking Room, 319 – 5th Avenue SW, Calgary, Alberta, at 10:30 a.m. (Calgary time).

For further information regarding the Acquisition, readers are strongly encouraged to review Essential’s news releases dated September 15, 2023, October 5, 2023 and October 31, 2023, all of which are available under Essential’s profile on SEDAR+ at www.sedarplus.ca.

Essential shareholders requiring assistance may contact:
Odyssey Trust Company, the Company’s proxy solicitation & information agent:
Phone:	1-587-885-0960
Toll-free North America:	1-888-290-1175
E-mail:	[e-mail]
Or Essential:
Phone:	403-513-7272
E-mail:	[e-mail]