CATHEDRAL ENERGY SERVICES ANNOUNCES ORGANIZATIONAL UPDATES AND CF APPOINTMENT
CALGARY, Alta., July 18, 2022 /CNW/ – Cathedral Energy Services Ltd. (TSX: CET) (“cathedral“or the”Companyor “CET”) today announced a number of changes to its leadership team going forward. Chad Robinson will be appointed Chief Financial Officer of the company, replacing Mr. Ian Graham who will leave the organization.
Chad joined Cathedral through the recent acquisition of Lexa Drilling Technologies, has over 24 years of experience in the energy finance industry and was instrumental in building Pacesetter Directional Drilling. From 2006 to 2015, Mr. Robinson served as owner and chief financial officer before the company was sold to Schlumberger as a from Canada largest private directional drilling company. After Pacesetter, Chad was Founder and President of Resource Equity Partners, an oilfield boutique equity firm. He then served as an operations and management partner in Calgary for SCF Partners, a leading North American energy services private equity firm. More recently, he was also a co-founder of Lexa Drilling Technologies with Axel Schmidt who is Cathedral’s Senior Vice President, Engineering and Technology.
Mr. Tom ConnorsPresident and CEO of Cathedral, said, “Chad is a proven leader and has extensive experience in building successful and credible energy businesses. He joins Cathedral at a pivotal time in our history and we are confident that he will make a significant contribution to our strategy to make the Company one of the leading providers of directional drilling in North America. Mr. Connors continued, “We would also like to thank Mr. Ian Graham for his considerable efforts and contribution throughout a period of substantial transition and transformation of the Company.”
The cathedral also announced that Vaughn Spengler will assume the role of Vice President of Canadian Operations. Vaughn joined Cathedral via the September 2021 acquisition of Valiant Energy Services. Valiant has consistently outperformed the Canadian directional drilling market on a utilization basis and has delivered above average margins and financial results for many years. Vaughn has continued to play a very important role within the organization and the Society is pleased to announce his appointment.
Finally, Cathedral announced the purchase of the remaining 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 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 “Vesting Shares”). Mr. Maxwell abstained from voting on the transaction in accordance with Cathedral’s corporate governance policies. The vesting shares are also subject to a four month hold period.
ABOUT THE CATHEDRAL
Cathedral Energy Services Ltd., based in Calgary, AB is incorporated under the Business Corporations Act (alberta) and operates in the United States as Cathedral Energy Services Inc. Cathedral is listed on the Toronto Stock Exchange under the symbol “CET”. Cathedral is a trusted partner for North American energy companies in need of high performance directional drilling services. We work in partnership with our clients to tailor our equipment and expertise to meet their specific geographic and technical needs. Our experience, technologies and responsive staff enable our clients to achieve greater efficiency and lower project costs. For more information visit www.cathedralenergyservices.com
This press release contains statements and information that may constitute “forward-looking information” within the meaning of applicable securities laws, including statements identified by the use of words such as “will”, “expects ‘, ‘positions’, ‘believes’, ‘potential’ and similar words, including their negative forms, or other similar expressions relating to matters which are not historical facts. Forward-looking information in this press release includes, but is not limited to, statements regarding Cathedral’s business plans and growth strategies. This forward-looking information is based on various assumptions which may prove to be incorrect, including, but not limited to, assumptions regarding: conditions in the oil and gas markets and the debt and equity markets generally; the Company’s ability to successfully implement its strategic plans and initiatives and whether these strategic plans and initiatives will produce the expected benefits. Although the Company believes that these assumptions are reasonable, the Company cannot guarantee that these forward-looking statements will prove to be accurate or that any of the events anticipated by these forward-looking statements will occur, or if any of them will occur. , what benefits the Company will derive. Actual results could differ materially due to a number of factors and risks, including, but not limited to: the inability 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 Canada and United States; management’s ability to execute and fund its business strategy; and the impact of general economic conditions Canada and United States. Additional information regarding the risks and uncertainties of the Company’s business can be found under the heading “Risk Factors” in the Company’s Annual Information Form for the year ended. December 31, 2021 and other public documents filed by the Company which are available under the Company’s profile on SEDAR at www.sedar.com. The forward-looking information included in this press release is made as of the date of this press release, and the Company undertakes no obligation to publicly update such forward-looking information to reflect new information, future events or otherwise, unless required. by applicable law.
SOURCE Cathedral Energy Services Ltd.
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