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CALGARY, Alberta - Source Energy Services Ltd. (TSX:SHLE), a provider of frac sand and other bulk completion materials for the oil and gas industry, announced the results of its annual general meeting (AGM) held on Monday. The company, which has seen its stock surge over 10% in the past week and maintains a market capitalization of $116.7 million, reported that all proposed nominees were elected to its board of directors during the shareholder meeting.
The elected board members are Scott Melbourn, Chris Johnson, Jeff Belford, and Steven Sharpe. The detailed results of the votes show a high level of shareholder support, with Melbourn receiving 99.98% of votes in favor, Johnson with 98.59%, Belford at 99.15%, and Sharpe closely following with 98.58% of the votes for their election.
In addition to electing directors, shareholders approved other key resolutions. An ordinary resolution to fix the number of directors at four was passed with 81.95% approval. Moreover, the appointment of Ernst & Young LLP as the company’s auditor received near-unanimous support with 99.99% of the votes.
Source Energy Services specializes in the integrated production and distribution of frac sand, leveraging its mines and processing facilities in Wisconsin and Peace River, as well as a network of terminals in Western Canada. The company also offers logistics services, including trucking operations and its proprietary Sahara well site mobile sand storage and handling system, to ensure the reliable and timely delivery of materials at well sites. According to InvestingPro data, the company has demonstrated strong operational performance with 18.3% revenue growth and maintains a healthy financial position with a current ratio of 1.51.
The company’s full-service approach is designed to help customers streamline their supply chain for frac sand and other bulk materials necessary for oil and gas completion processes.
The information reported is based on a press release statement from Source Energy Services Ltd.
In other recent news, Source Energy Services Ltd. reported a strong performance for the first quarter of 2025, significantly surpassing analysts’ expectations. The company posted an earnings per share (EPS) of $1.74, well above the forecasted $0.94. Revenue also exceeded predictions, totaling $208.6 million against a forecast of $174.75 million. This robust performance was driven by record sand sales volumes and strategic operational enhancements. Additionally, Source Energy’s net income rose significantly to $23.6 million, marking an increase of $21.7 million compared to the same quarter last year. The company’s strategic projects, such as the new dryer installation and expanded logistics capabilities, contributed to its success. Analysts from various firms noted the positive outlook, with Source Energy maintaining its expectations for market growth in 2025. The company’s ability to capture key customers in Northeast BC and its strong logistics capabilities were highlighted as key factors in its performance.
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