CALGARY,
AB, July 18, 2022 /CNW/ - Cathedral Energy
Services Ltd. (TSX: CET) ("Cathedral" or the
"Company" or "CET") announced today a number of changes in
its management team going forward. Chad Robinson will be appointed the Chief
Financial Officer of the company, replacing Mr. Ian Graham who will be departing the
organization.
Chad joined Cathedral via the recent Lexa Drilling Technologies
acquisition, has over 24 years of energy financial experience and
played a critical role in helping to build Pacesetter Directional
Drilling. From 2006 to 2015, Mr. Robinson was an owner and CFO
before the company sold to Schlumberger as Canada's largest privately-owned, directional
drilling company. After Pacesetter, Chad was founder and President
of Resource Equity Partners, an oilfield boutique capital firm. He
moved from there to take the role of Calgary Operating and Managing
Partner for SCF Partners - a leading North American energy service
private equity firm. Most recently, he was also co-founder of Lexa
Drilling Technologies with Axel
Schmidt who is Cathedral's Senior Vice President,
Engineering and Technology.
Mr. Tom Connors, President and
CEO of Cathedral said "Chad is a proven leader and has a wealth of
experience in building successful, credible energy businesses. He
is joining Cathedral at a pivotal point in our story and we are
confident he will make a significant contribution to our strategy
of establishing the Company as one of the pre-eminent directional
drilling providers in North
America." Mr. Connors continued, "We would also like to
thank Mr. Ian Graham for his
significant effort and contribution through a period of substantial
transition and transformation of the Company."
Cathedral also announced that Vaughn
Spengler will assume the role of VP Canadian Operations.
Vaughn joined Cathedral via the September
2021 acquisition of Valiant Energy Services. Valiant
consistently outperformed the Canadian directional drilling market
on a utilization basis and delivered above-average margin
performance and financial results over many years. Vaughn has
continued to perform a very important role within the organization
and the Company is pleased to announce his appointment.
Finally, Cathedral announced the purchase of the final 9.02%
shares of Lexa Drilling Technologies ("Lexa") from a Director of
Cathedral, Mr. Rod Maxwell.
The shares of Lexa are being purchased on the same terms and
conditions as the other 90.98% of Lexa shares purchased by
Cathedral and announced in the press release of June 20, 2022. Cathedral will issue 159,836
common shares of Cathedral as consideration (the "Acquisition
Shares"). Mr. Maxwell abstained from voting on the
Transaction in accordance with Cathedral's corporate governance
policies. The Acquisition Shares are also subject to a four-month
hold period.
ABOUT CATHEDRAL
Cathedral Energy Services Ltd., based in Calgary, Alberta is incorporated under the
Business Corporations Act (Alberta) and operates in the U.S. under
Cathedral Energy Services Inc. Cathedral is publicly-traded on the
Toronto Stock Exchange under the symbol "CET". Cathedral is a
trusted partner to North American energy companies requiring high
performance directional drilling services. We work in partnership
with our customers to tailor our equipment and expertise to meet
their specific geographical and technical needs. Our experience,
technologies and responsive personnel enable our customers to
achieve higher efficiencies and lower project costs. For more
information, visit www.cathedralenergyservices.com
FORWARD-LOOKING
INFORMATION
This press release contains statements and information that may
constitute "forward-looking information" within the meaning of
applicable securities legislation, including statements identified
by the use of words such as "will", "expects", "positions",
"believe", "potential" and similar words, including negatives
thereof, or other similar expressions concerning matters that are
not historical facts. Forward-looking information in this news
release includes, but is not limited to, statements regarding
Cathedral's business plans and strategies for growth. Such
forward-looking information is based on various assumptions that
may prove to be incorrect, including, but not limited to,
assumptions with respect to: conditions in the oil and gas markets
and debt and equity markets generally; the ability of the Company
to successfully implement its strategic plans and initiatives and
whether such strategic plans and initiatives will yield the
expected benefits. Although the Company believes that such
assumptions are reasonable, the Company can give no assurance that
such forward-looking statements will prove to be correct or that
any of the events anticipated by such forward-looking statements
will occur, or if any of them do so, what benefits the Company will
derive there from. Actual results could differ materially due to a
number of factors and risks including, but not limited to: the
failure to close the Acquisition for any reason, including if the
Agreement is terminated for any reason, the risk that demand for
Cathedral's services will not be as anticipated; conditions in the
oil and gas and financial markets in Canada and the
United States; the ability of management to execute and fund
its business strategy; and the impact of general economic
conditions in Canada and
the United States. Additional
information regarding risks and uncertainties of the Company's
business are contained under the heading "Risk Factors" in the
Company's annual information form for the financial year ended
December 31, 2021 and the Company's
other public filings which are available under the Company's
profile on SEDAR at www.sedar.com. The forward-looking information
included in this news release is made as of the date of this news
release and the Company does not undertake an obligation to
publicly update such forward-looking information to reflect new
information, future events or otherwise, except as required by
applicable law.
www.cathedralenergyservices.com
SOURCE Cathedral Energy Services Ltd.