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Cathedral Energy Services Ltd. T.CET

Alternate Symbol(s):  CETEF | T.CET.W

Cathedral Energy Services Ltd is a Canadian based company. It is primarily involved and engaged in the business of providing directional drilling services to oil and natural gas companies in western Canada and the United States. The Directional Drilling division provides horizontal, directional and underbalanced drilling services. Geographically the company caters its services to Canada and the United States, of which a majority of the revenue is derived from the United States.


Cathedral Energy Services Ltd. > Altitude Energy Partners- BNN

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July 04, 2022 - 10:09 AM
160 Reads
Post# 34798967

Altitude Energy Partners- BNN


48m ago

 

Cathedral Energy Services buying U.S. company Altitude Energy Partners

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Cathedral Energy Services Ltd. has signed a deal to buy the directional drilling services business of Altitude Energy Partners LLC in an agreement it valued at about US$100 million in cash and shares in a bid to grow its U.S. business.

Altitude, a portfolio company of Black Bay Energy Capital LLC, has significant operations in Texas, most prominently in the Permian Basin.

Under the deal, Cathedral says it will pay nearly US$62.7 million in cash and issue about 67 million shares.

The Calgary-based company says it plans to operate under the Altitude name in the U.S. with the Altitude management team also leading Cathedral's existing U.S. directional drilling business.

Lee Harns, the current president and CEO of Altitude, will remain as president of the business unit.

The deal will also see J.R. Boyles, a director and founder of Altitude, appointed to Cathedral's board of directors.