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News Release - STEP

Tuesday, October 21, 2014

ARC Financial Corp. Press Release

STEP Energy Services Ltd. wins the EY Prairies Entrepreneur of the Year Award in the Emerging Entrepreneur Category

Calgary, October 20, 2014

For the second time, an ARC Financial Corp. (“ARC”) sponsored oilfield services company led by Regan Davis has won the EY Prairies Entrepreneur of the Year Award in the Emerging Entrepreneur Category.

In 2011, while an Executive in Residence at ARC, Regan was introduced to Steve Glanville and Bailey Epp. Together they founded STEP Energy Services Ltd. (“STEP”), a technically focused deep coiled tubing company to service horizontal, multi-staged fractured wells. The three founders were recognized as Entrepreneurs’ of the Year at the EY Sponsored event on October 16, 2014. STEP was incorporated in March 2011 with a $75 million investment from ARC. The company has grown to 400 employees with annual revenues approaching $140 million. In 2015, the company is expected to enter the next phase of its growth with expansion into the US market.

In 2006, Flexpipe Systems Inc. (“Flexpipe”) was awarded the same distinction under Regan’s leadership. In 2002, ARC brought Regan into Flexpipe, which at the time was an early stage spoolable composite linepipe technology that was commercializing its product offering. Under Regan’s leadership, Flexpipe grew to over $90 million in revenue with 225 employees across North America. In 2008, the company was sold to Shawcor Ltd. for $135 million.

ARC would like to extend its congratulations to the team at STEP for their 2014 EY Prairies Entrepreneur of the Year Award. The cornerstone of ARC’s success is enduring relationships and our partnership with Regan Davis, Steve Glanville and Bailey Epp highlights the success that quality management teams and a long term capital partner bring to the Canadian oilfield service industry.

ARC Financial Corp.

With $3.7 billion of capital across the seven ARC Energy Funds, ARC Financial Corp. is Canada's leading energy-focused private equity manager. Through its 25 year history, ARC has invested in over 170 companies including 27 oilfield service specific companies. ARC's business success has been made possible by its partnerships with talented management teams and its relationships with long term and supportive institutional investors.

ARC Financial Corp.

Douglas Freel, Senior Vice-President & Director