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

CALGARY, AB / ACCESS Newswire / October 6, 2025 / Source Energy Services Ltd. ("Source" or the "Company") is pleased to announce that the Toronto Stock Exchange (the "TSX") has accepted Source's application to amend its previously approved Normal Course Issuer Bid ("NCIB") to purchase up to 1,189,458 of its outstanding common shares ("Common Shares") for cancellation through the facilities of the TSX. The number of Common Shares authorized for purchase represents 10% of Source's public float as of April 30, 2025, as calculated pursuant to TSX rules. Under the amended NCIB, Source is permitted to purchase up to $15.6 million of its Common Shares, subject to the maximum of 1,189,458 Common Shares including 392,900 Common Shares purchased prior to the amendment of the NCIB. The amended NCIB will terminate on May 12, 2026 and allows for a further 796,558 Common Shares to be purchased for cancellation. Pursuant to the rules of the TSX, the maximum number of Common Shares that the Company may repurchase in any one day is 25% of the ADTV, which totals 7,289 Common Shares and is unchanged from the previously approved NCIB. Source may also make one block purchase per calendar week which exceeds the daily repurchase restriction.

Under Source's NCIB as previously approved, as of October 6, 2025 Source's broker under the NCIB had purchased 392,900 Common Shares at an average price of $12.598 pursuant to the terms and conditions of an automatic securities purchase plan.

In connection with such amendments, Source intends to enter into an amended and restated automatic securities purchase plan with a designated broker (the "A&R ASPP") whereby Common Shares may be repurchased at times when such purchases would otherwise be prohibited pursuant to regulatory restrictions or self-imposed blackouts (the "Blackout Periods"). Pursuant to the A&R ASPP, the timing for the purchase of Common Shares during the Blackout Periods, the number of Common Shares purchased and the price payable for the Common Shares will be determined by the designated broker in its sole discretion, without consultation with Source, having regard to the price limitations and other terms of the A&R ASPP and the rules of the TSX. Outside of the Blackout Periods, Common Shares may be purchased by the designated broker under the NCIB based on management's discretion, in compliance with the rules of the TSX and applicable securities laws. All purchases made under the A&R ASPP will be included in computing the number of Common Shares purchased under the NCIB.