CALGARY, Oct. 27, 2014 — Source Energy Services, “Source” and the Town of Sumner, “the Town” are pleased to announce the recent execution of a Development Agreement between the Town and Source, along with the creation of an Endowment Fund, the “Fund”, for the benefit of the Town.
The purpose of the Fund is to serve as a conduit between industry and the community, creating a new source of funding which can be used to benefit the Sumner community. The Fund is expected to be a 501(c)(3) non-profit corporation called the Sumner Community Foundation. The Foundation will be governed by a committee that will be chaired by and have a majority of independent, local residents who will have full discretion over the allocation of the Fund’s contributions. Funds can be used for public works projects, for example road repairs, as well as charitable projects such as parks or youth programs.
“We recognize the importance of contributing to the communities in which we operate and joined with the Town of Sumner to provide significant support to a wide variety of initiatives through the formation of this Endowment Fund,” says Brad Thomson, Chief Executive Officer at Source.
Whereas other mining operators often use Town roads, Source purposely designed its operations to avoid the use of Town roads. This means 100% of the Fund will be used for bettering the community, rather than for repairing roads damaged by industry.
“The Town of Sumner is pleased to enter into this long-term Development Agreement with Source Energy Services,” said Chairperson, Steve Palmquist. “The agreement endorses Source’s commitment to environmental responsibility, and the Town now directly benefits from Source’s business in Sumner.”
The Town and Source look forward to seeing the positive impact of this formal investment in the community.
About Source Energy Services
Source Energy Services is a private limited partnership that is an integrated supplier and distributor of high quality proppants in Canada and the United States. Source produces a high-quality monocrystalline silica sand, Source White, from its Sumner and Weyerhaeuser facilities in Wisconsin. The Source Energy Services distribution network is one of the most extensive frac sand distribution networks in North America, with a number of terminals in the WCSB, the Bakken, and the Eagle Ford. For more information visit www.sourceenergyservices.com
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