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.
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
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.
SOURCE Cathedral Energy Services Ltd.