The Globe and Mail reports in its Tuesday edition that fracking sand provider Source Energy Services has cut the size of its initial public offering to about $250-million from $300-million amid a decline in oil prices. A Bloomberg dispatch to The Globe says that the Calgary company plans to sell shares at between $13 to $15 apiece, down from $17 to $20 a share previously. The company expects to sell 16.7 million to 19.2 million shares, implying a raise of about $251-million at the mid-point of the share and price range. Source is backed by TriWest Capital Partners. About 16.2 million to 18.7 million shares will be sold by a treasury offering, while between 500,000 to 600,000 will be sold through a secondary offering. Bank of Nova Scotia, Morgan Stanley and Bank of Montreal are leading the share sale. Last week, another fracking services company, STEP Energy Services, postponed its own IPO after oil this month dipped below $50 (U.S.) a barrel for the first time in 2017 as near-record U.S. stockpiles and rising output weighed on the production reductions by OPEC and its allies. Source plans to use the proceeds from the offering to pay for the acquisition of a new facility near Blair, Wis., and pay down debt.