Cathedral Energy Services Reports Results for 2021 Q1

/NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA/

CALGARY, AB, May 13, 2021 /CNW/ – Cathedral Energy Services Ltd. (the “Company” or “Cathedral”) (TSX: CET) announces its consolidated financial results for the three months ended March 31, 2021 and 2020.  Dollars in 000’s except per share amounts.

This news release contains “forward-looking statements” within the meaning of applicable Canadian securities laws.  For a full disclosure of forward-looking statements and the risks to which they are subject, see “Forward-Looking Statements” later in this news release.

FINANCIAL HIGHLIGHTS
Dollars in 000’s except per share amounts

2021 Q1 KEY TAKEAWAYS

Revenues decreased by $7,930 or 41% from $19,295 in 2020 Q1 to $11,365 in 2021 Q1;

Adjusted gross margin increased from 12% to 21% primarily due to reductions in equipment rentals and reduction in the fixed component of cost of sales, offset by higher repairs;

Adjusted EBITDAS decreased from $1,012 in 2020 Q1 to $825 in 2021 Q1; and

Net debt (bank debt less cash) at end of 2021 Q1 was $2,387.

COVID-19

In March 2020, the World Health Organization declared a global pandemic due to COVID-19.  In response to the COVID-19 outbreak, governments around the world implemented measures to control the spread of the virus including closure of non-essential businesses and implementing travel bans and stay-at-home restrictions.  These actions contributed to the material deterioration in global economy including a dramatic decline in demand for oil, which resulted in a material decrease in the price for oil.  This decline in oil prices negatively affected drilling activities in Cathedral’s operating areas of U.S. and Canada.  The Company has made significant changes to its cost structure including laying off staff, reducing compensation, implementing reduced work weeks, closing facilities, eliminating discretionary expenses, deferring tool repairs and reducing capital expenditures, to better match our cost structure to expected operating levels. 

Oil prices have improved since the lows in April 2020 and this has resulted in improved drilling activity which is the prime driver behind Cathedral’s operations.  However, uncertainty exists concerning the timing and extent of COVID–19 vaccinations and the potential impact of COVID–19 variants including further government imposed restrictions, all of which can impact the demand for oil and therefore Cathedral’s services.  The overall situation remains dynamic and there remains a high level of uncertainty as to the ultimate duration and the extent of the impact on the economy and the financial effect on Cathedral is not known at this point in time. 

Cathedral’s service offerings are considered an “essential service” and therefore we are operating throughout the COVID-19 pandemic.  The health and safety of our workplace, employees, clients, vendors and the public at large is a top priority for Cathedral.  With the onset of the COVID-19 pandemic, Cathedral implemented our multi-stage response plan to protect our stakeholders and our staff have adapted accordingly to this new way of operating our business.

OUTLOOK

The outlook for the North American oilfield services industry looks to remain positive for the balance of 2021 and into 2022.  World oil prices continue to remain strong based upon a tightening of supply and demand as global demand improves as we move towards a post COVID-19 normal.  We expect overall industry activity levels to steadily improve as we move through the year as capital spending programs for E&P companies continue to expand in a measured fashion.

With the recent closing of an over-subscribed private placement of 12,654,500 common shares for gross proceeds of approximately $3,200 ($0.25 per common share), Cathedral will be able to accelerate its capex plan for 2021 including increasing our RapidFireTM Measurement-While-Drilling (“MWD”) job capacity to 12 and expansion of our nDuranceTM drilling motor fleet to meet increased demand.   

We expanded our Canadian market share meaningfully in Q1 and expect to continue to maintain our share or expand it further as we focus on differentiating through technology and service excellence and our customers return to similar or increased levels of activity work post spring breakup. 

Within the U.S. market, Cathedral has increased its daily job count with full service work which will assist in improving our average day rates.  We continue to shift our market focus towards more active areas of the U.S. such as the Permian basin where we can leverage the versatility of our RapidFire MWD system and high performing nDurance drilling motors. We expect to see continued improvement in financial results in this key market as we progress through 2021. 

Cathedral remains focused on our target markets where we believe we can provide value added performance and fit for purpose technology – delivering on our mantra of Better Performance Every Day.

2021 CAPITAL PROGRAM                                                                                                                   

During the three months ended March 31, 2021, the Company invested $591 (2020 – $855) in equipment.  The following table details the current period’s net equipment additions:

The Company’s 2021 capital plan has been updated to be in the range of $4,000.  The focus of 2021 capital plan will be motor power section additions for premium lines and addition of RapidFire™ Measurement-While-Drilling dual telemetry systems tools.

RESULTS OF OPERATIONS – THREE MONTHS ENDED MARCH 31

Revenues     2021 Q1 revenues were $11,365, which represented a decrease of $7,930 or 41% from 2020 Q1 revenues of $19,295. 

Canadian revenues (excluding motor rental revenues) increased to $7,440 in 2021 Q1 from $5,945 in 2020 Q1; a 25% increase.  This increase was the net result of: i) a 44% increase in activity days to 1,163 in 2021 Q1 from 810 in 2020 Q1 and ii) a 13% decrease in the average day rate to $6,397 in 2021 Q1 from $7,340 in 2020 Q1. 

There was a 24% year-over-year decline in the average active land rig count in Canada (source: Baker Hughes), however, Cathedral’s activity increased 44%.  Due to Cathedral’s client mix, we experienced growth despite the general market decline.  The decrease in day rates was due to a downward trend in day rates since 2020 Q1 and has continued into 2021 Q1. 

U.S. revenues (excluding motor rental revenues) decreased 77% to $2,706 in 2021 Q1 from $11,704 in 2020 Q1.  This decrease was the result of: i) a 68% decrease in activity days to 279 in 2021 Q1 from 865 in 2020 Q1; and ii) a 28% decrease in the average day rate to $9,699 in 2021 Q1 from $13,531 in 2020 Q1 (when converted to Canadian dollars).

The average active land rig count for the U.S. was down 51% in 2021 Q1 compared to 2020 Q1 (source: Baker Hughes).  The Company experienced a 68% decline in activity days resulting in a decrease in market share compared to 2020 Q1.  Day rates in USD decreased 24% to $7,659 USD in 2021 Q1 from $10,079 USD in 2020 Q1.  The 2021 Q1 rate is down due to a decrease in revenues from providing RSS services that are rented from a third party and reduction in base rates due to the mix of client services provided in 2021 Q1.      

Motor rentals decreased in Canada, but increased slightly in the U.S.  Combined rental revenues decreased to $1,219 in 2021 Q1 compared to $1,645 in 2020 Q1.  The decrease is due to a significant Canadian rental client not drilling in 2021 Q1; when this client returns to drilling it is anticipated that they will become a full service client.

Government grants  The Company recognized the benefit from the Canadian Emergency Wage Subsidy (“CEWS”) program of $205 (2020 – $nil) which reduced salary expenses as follows:

• Cost of sales $123;
• Selling, general and administrative expenses $66; and
• Technology group expenses $16.

Additionally, the Company received $135 (2020 – $nil) from the Canadian Emergency Rent Subsidy (“CERS”), which reduced cost of sales $100 (2020 – $nil) and selling, general and administrative $35 (2020 – $nil).

Gross margin and adjusted gross margin     Gross margin for 2021 Q1 was -4% compared to -11% in 2020 Q1.  Adjusted gross margin (see Non-GAAP Measurements) for 2021 Q1 was $2,420 or 21% compared to $2,307 or 12% for 2020 Q1.   

Adjusted gross margin, as a percentage of revenue, increased due several key reductions including lower third party equipment rentals, severance as 2020 Q1 had significant staffing reductions, trucking costs, reductions to fixed component of cost of salaries (mainly salary related) and to a lessor extent the benefit of government assistance.   These savings were partially offset by an increase in repairs as percentage of revenue as tool repairs which had been deferred were completed to increase the available base of tools to service the increased Canadian work.

Depreciation of equipment allocated to cost of sales decreased to $2,887 in 2021 Q1 from $4,376 in 2020 Q1.  Depreciation included in cost of sales as a percentage of revenue was 25% for 2021 Q1 and 23% in 2020 Q1.

Selling, general and administrative (“SG&A”) expenses     SG&A expenses were $1,765 in 2021 Q1; a decrease of $1,045 compared with $2,810 in 2020 Q1.  There were reductions in SG&A wages and related benefits and burdens due to a reduction in head count, wage rollbacks, reductions to severance compared to 2020 Q1 and the government assistance received as well as decreases in almost all categories of expenses due to efforts to reduce spending.  As a percentage of revenue, SG&A was 16% in 2021 Q1 compared to 15% in 2020 Q1. 

Technology group expenses     Technology group expenditures are related to supporting and upgrading existing technology as well in 2020 Q1 for finalization of new product development. Technology group expenses consist of salaries and related benefits and burdens as well as shop supplies.  Technology group activities spent on new product development were capitalized as intangible assets. 

Technology group expenses net of government assistance were $188 in 2021 Q1, a decrease of $342, compared with $530 in 2020 Q1.  For 2020 Q1, the portion of total technology group costs related to new product development was $195 and this amount was capitalized as intangible assets (2021 Q1 – $nil).  In 2020 Q2, Cathedral consolidated its MWD repairs and, as part of this realignment, combined our Technology Group and MWD repair department.  This has resulted in a reduction in overall head count of the combined group and will result in limited new product development in the near term.

Gain on disposal of equipment     During 2021 Q1, the Company had a gain on disposal of equipment of $188 compared to $1,004 in 2020 Q1.  These amounts mainly related to equipment lost-in-hole.  Proceeds from clients on lost-in-hole equipment are based on amounts specified in service agreements and, in most cases, these proceeds exceed the net book value of the equipment and result in a gain.  The timing of lost-in-hole recoveries is not in the control of the Company and therefore can fluctuate significantly from quarter-to-quarter.  In 2021 Q1, the Company received proceeds on disposal of equipment of $221 (2020 Q1 – $1,176).

Finance costs     Finance costs consist of interest expenses on operating loans, long-term debt and bank charges of $83 for 2021 Q1 versus $29 for 2020 Q1. 

Finance costs lease liability     The lease liability interest decreased slightly to $209 from $238. 

Foreign exchange     The Company had a foreign exchange gain of $446 in 2021 Q1 compared to loss of $(2,436) in 2020 Q1 due to the fluctuations of the Canadian dollar relative to the U.S. dollar.  The Company’s foreign operations are denominated in USD and therefore, upon consolidation, gains and losses due to fluctuations in the foreign currency exchange rates are recorded as other comprehensive income on the balance sheet as a component of equity.  However, gains and losses in the Canadian entity on U.S. denominated intercompany balances continue to be recognized in the statement of comprehensive income (loss).  Included in the 2021 Q1 foreign currency loss are unrealized gain of $444 (2020 Q1 – loss of $(2,464)) related to intercompany balances.

Impairment and direct write-downs     Due to the decline in projected drilling activity in 2020 the Company determined that indicators of impairment existed as at March 31, 2020.  The Company made a provision as a result of impairment test and direct write-downs of $6,994 in 2020 Q1 to right of use assets ($6,834) and intangibles ($160).  As part of the Company’s response to changes in drilling activity, the decision was made to consolidate its repair activities and there are plans to close or significantly reduce activities at certain locations and the right of use asset for these locations was written down to $nil.  There were $160 intangible projects in progress where it is uncertain when or if staff resources will be available to bring the projects to commercialization.  As such these projects were written down to $nil.  There were no impairments or direct write-downs in 2021 Q1.

Income tax     Previously, Cathedral derecognized deferred tax assets due to a recent history of tax losses within both of Cathedral’s legal entities.  As a result of this, where there are losses in the Canadian entity that are not recognized as deferred taxes the effective tax rate is not meaningful. 

Income tax expense is booked based upon expected annualized rates using the statutory rates of 25.5% for Canada and 23% for the U.S.

LIQUIDITY AND CAPITAL RESOURCES

Overview     On an annualized basis, the Company’s principal source of liquidity is cash generated from operations and proceeds from equipment lost-in-hole.    In addition, the Company has the ability to fund liquidity requirements through its credit facility and the issuance of debt and/or equity.   Cash flow – operating activities in 2021 Q1 was a use of cash of $408 compared to a use of cash $1,943 in 2020. The improvement was due to improved operating cash flows.

Future operations    As at March 31, 2021, the Company was in compliance with the terms and conditions of its bank credit facility.  The Company had obtained certain covenant relief, but the current covenant relief expires March 31, 2021.  Reverting back to the existing covenants, management’s forecasts indicate a potential breach of its financial covenants for the remainder of  fiscal 2021. A covenant violation would represent an event of default which would enable the lender to demand immediate repayment of all amounts due. As a result of these factors, there is a material uncertainty that may cast significant doubt with respect to the ability of the Company to continue as a going concern.

The Company has commenced discussions with its lender regarding covenant relief for the remainder of 2021 and based upon the terms being discussed, the Company expects to be in compliance with the revised covenants.  Management expects to reach an acceptable agreement with its lender on covenant relief.  No agreement has been reached to date and therefore, there can be no assurance that such agreement will be reached.  Assuming the Company is successful in obtaining covenant relief for any potential forecasted covenant violations, Management’s forecasts also show the Company meeting all of its financial commitments including interest payments over the next twelve months.

The consolidated financial statements have been prepared on a going concern basis, which presumes the Company will continue its operations for the foreseeable future and will be able to realize its assets and discharge its liabilities and commitments in the normal course of business. The consolidated annual financial statements do not reflect adjustments and classifications of assets, liabilities, revenues and expenses, which would be necessary if the Company were unable to continue as a going concern. Such adjustments could be material.

Working capital     At March 31, 2021, the Company had working capital of $9,432 (December 31, 2020 – $7,680). 

Credit facility     In June 2020, the Company amended its credit facility (the “Facility”) for temporary covenant relief.  The Company’s Facility consists of a $12,000 extendible revolving credit facility with a single lender which expires June 30, 2022.  The Facility is secured by a general security agreement over all present and future personal property.  The Facility provides a definition of EBITDA (“Credit Agreement EBITDA”) to be used in calculation of financial covenants.

The Facility bears interest at the financial institution’s prime rate plus 0.75% to 2.25% or bankers’ acceptance rate plus 1.75% to 3.00% with interest payable monthly.  Interest rate spreads for the Facility depend on the level of funded debt compared to the 12 month trailing Credit Agreement EBITDA.  The Facility provides a means to lock in a portion of the debt at interest rates through bankers’ acceptance (“BA”) based on the interest rate spread on the date the BA was entered into.

The financial covenants associated with the Facility excluding the CR period are:

Consolidated funded debt to consolidated Credit Agreement EBITDA ratio shall not exceed 3.0:1; and
Consolidated interest coverage ratio shall not be less than 2.5:1.

The covenant relief period (“CR period”) commenced on June 30, 2020 and ended on March 31, 2021.  During the CR period, the consolidated funded debt to consolidated Credit Agreement EBITDA ratio is waived and the consolidated interest coverage ratio is waived during the covenant relief period if funded debt is no more than $6,000.  During the CR period, the following apply:

• Consolidated funded debt to tangible net worth (“TNW”) ratio is to be no more than 10% for 2020 Q2 and Q3 and no more than 15% in 2021 Q1 and 2021 Q1. TNW is defined as shareholders’ equity plus subordinated debt less investments in or amounts owed by any related party which does not constitute subordinated debt;
• Advances are limited to $10,000;
• During the covenant relief period aggregate capital expenditures (excluding non-cash utilization of existing inventory) for the fiscal year ended December 31, 2020, are not to exceed $2,000; and
• During the covenant relief period interest increases to bear interest at the financial institution’s prime rate plus 1.75% to 3.25% or bankers’ acceptance rate plus 3.00% to 4.25% with interest payable monthly.

Compliance with Facility covenants

At March 31, 2021, the Company had drawn $3,633 of its credit facility and had $1,246 in cash.  At March 31, 2021 the Company had consolidated funded debt of $4,115 that includes five outstanding letters of credit (“LOC”) totaling $1,785 which are included in the funded debt calculation.  TNW was $35,611. 

The calculation of the financial covenants under the Facility as at March 31, 2021 is as follows:

The Company was in compliance with all revised covenants at March 31, 2021.  The Company has entered into discussions with its lender to amend or extend the revised covenants under its credit facility for periods up to and including June 30, 2022.

Contractual obligations     In the normal course of business, the Company incurs contractual obligations and those obligations are disclosed in the Company’s annual financial statements for the year ended December 31, 2020.   

As at March 31, 2021, the Company’s has commitment to purchase equipment of $224 which is expected to be incurred in 2021 Q2.

The Company has issued the following five LOC:

• three securing rent payments on property leases and renew annually with the landlords. Two LOCs total $700 CAD for the first ten years of the lease and then reduces to $500 for the last five years of the leases. The third LOC is currently for $629 USD and increases annually based upon annual changes in rent; and
• two securing the Company’s corporate credit cards in the amounts of $75 CAD and $175 USD.

Subsequent event     On May 5, 2021, Cathedral closed a non-brokered private placement of 12,654,500 common shares at a price of $0.25 per common share for gross proceeds of $3,164 (the “Private Placement”).  Insiders of the Company subscribed for 5,060,000 (40%) of the common shares issued.   All common shares issued under the Private Placement will be subject to a four-month hold period from the closing date under applicable Canadian securities laws, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside of Canada.

Share capital     At May 13, 2021, the Company has 63,045,516 common shares, 575,000 common share purchase warrants and 4,157,600 options outstanding with a weighted average exercise price of $0.34.

In 2021 Q2, the Company issued 700,000 stock options to staff with an average exercise price of $0.27 per option.

FORWARD LOOKING STATEMENTS

This news release contains certain forward-looking statements and forward-looking information (collectively referred to herein as “forward-looking statements”) within the meaning of applicable Canadian securities laws.  All statements other than statements of present or historical fact are forward-looking statements.  Forward-looking statements are often, but not always, identified by the use of words such as “anticipate”, “achieve”, “believe”, “plan”, “intend”, “objective”, “continuous”, “ongoing”, “estimate”, “outlook”, “expect”, “may”, “will”, “project”, “should” or similar words suggesting future outcomes.  In particular, this news release contains forward-looking statements relating to, among other things: the outlook for the North American oilfield services industry looks to remain positive for the balance of 2021 and into 2022; expect overall industry activity levels to steadily improve as we move through the year as capital spending programs for E&P companies continue to expand in a measured fashion; Cathedral will be able to accelerate its capex plan for 2021 including increasing our RapidFire^TM Measurement-While-Drilling job capacity to 12 and expansion of our nDurance^TM drilling motor fleet to meet increased demand; expect to continue to maintain our Canadian market share or expand it further as we focus on differentiating through technology and service excellence and our customers return to similar or increased levels of activity work post spring breakup;  continue to shift our market focus towards more active areas of the U.S. such as the Permian basin where we can leverage the versatility of our RapidFire MWD system and high performing nDurance drilling motors; expect to see continued improvement in financial results in U.S. market as we progress through 2021; decrease in Canadian rental revenue is due to a significant Canadian rental client not drilling in 2021 Q1; when this client returns to drilling it is anticipated that they will become a full service client; the final amended credit agreement is expected to be completed and signed prior to June 30, 2020; and projected capital expenditures and commitments and the financing thereof.

The Company believes the expectations reflected in such forward-looking statements are reasonable as of the date hereof but no assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon.

Various material factors and assumptions are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking statements.  Those material factors and assumptions are based on information currently available to the Company, including information obtained from third party industry analysts and other third party sources.  In some instances, material assumptions and material factors are presented elsewhere in this news release in connection with the forward-looking statements.  You are cautioned that the following list of material factors and assumptions is not exhaustive.  Specific material factors and assumptions include, but are not limited to:

• the performance of Cathedral’s business
• impact of economic and social trends;
• oil and natural gas commodity prices and production levels;
• capital expenditure programs and other expenditures by Cathedral and its customers;
• the ability of Cathedral to retain and hire qualified personnel;
• the ability of Cathedral to obtain parts, consumables, equipment, technology, and supplies in a timely manner to carry out its activities;
• the ability of Cathedral to maintain good working relationships with key suppliers;
• the ability of Cathedral to retain customers, market its services successfully to existing and new customers and reliance on major customers;
• risks associated with technology development and intellectual property rights;
• obsolesce of Cathedral’s equipment and/or technology;
• the ability of Cathedral to maintain safety performance;
• the ability of Cathedral to obtain adequate and timely financing on acceptable terms;
• the ability of Cathedral to comply with the terms and conditions of its credit facility;
• the ability of Cathedral to continue as a going concern in the future;
• the ability to obtain sufficient insurance coverage to mitigate operational risks;
• currency exchange and interest rates;
• risks associated with future foreign operations;
• risks associated with acquisitions, dispositions and business development efforts;
• environmental risks;
• business risks resulting from weather, disasters and related to information technology;
• changes under governmental regulatory regimes and tax, environmental, climate and other laws in Canada and the U.S.; and
• competitive risks.

Forward-looking statements are not a guarantee of future performance and involve a number of risks and uncertainties some of which are described herein.  Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause the Company’s actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements.  These risks and uncertainties include, but are not limited to, the risks identified in this news release and in the Company’s Annual Information Form under the heading “Risk Factors”.  Any forward-looking statements are made as of the date hereof and, except as required by law, the Company assumes no obligation to publicly update or revise such statements to reflect new information, subsequent or otherwise.

All forward-looking statements contained in this news release are expressly qualified by this cautionary statement. Further information about the factors affecting forward-looking statements is available in the Company’s current Annual Information Form that has been filed with Canadian provincial securities commissions and is available on www.sedar.com.

NON-GAAP MEASUREMENTS

Cathedral uses certain performance measures throughout this document that are not defined under GAAP. Management believes that these measures provide supplemental financial information that is useful in the evaluation of Cathedral’s operations and are commonly used by other oilfield companies. Investors should be cautioned, however, that these measures should not be construed as alternatives to measures determined in accordance with GAAP as an indicator of Cathedral’s performance. Cathedral’s method of calculating these measures may differ from that of other organizations, and accordingly, may not be comparable.

The specific measures being referred to include the following:

i)      Adjusted gross margin” – calculated as gross margin plus non-cash items (depreciation and share-based compensation); is considered a primary indicator of operating performance (see tabular calculation);

ii)     “Adjusted gross margin %” – calculated as adjusted gross margin divided by revenues; is considered a primary indicator of operating performance (see tabular calculation);

iii)    “Adjusted EBITDAS” – defined as earnings before finance costs, unrealized foreign exchange on intercompany balances, taxes, depreciation, non-recurring costs (including severance), write-down of equipment, write-down of inventory and share-based compensation; is considered an indicator of the Company’s ability to generate funds flow from operations prior to consideration of how activities are financed, how the results are taxed and measured and non-cash expenses (see tabular calculation);

iv)    “Net equipment additions” – is equipment additions expenditures less proceeds from equipment lost down-hole.  Cathedral uses net equipment additions to assess net cash flows related to the financing of Cathedral’s equipment additions.

The following tables provide reconciliations from GAAP measurements to non-GAAP measurements referred to in this news release:

Adjusted gross margin

Adjusted EBITDAS

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
March 31, 2021 and 2020
Dollars in ‘000s
(unaudited)

Notice of No Auditor Review of Unaudited Condensed Consolidated Interim Financial Statements

Under National Instrument 51-102, Part 4, subsection 4.3(3)(a), if an auditor has not performed a review of the interim financial statements, they must be accompanied by a notice indicating that the financial statements have not been reviewed by an auditor.

The accompanying unaudited condensed consolidated interim financial statements of Cathedral Energy Services Ltd. (the “Company”) have been prepared by and are the responsibility of the Company’s management. The Company’s independent auditor has not performed a review of these unaudited condensed consolidated interim financial statements in accordance with standards established by the Chartered Professional Accountants of Canada for a review of interim financial statements by an entity’s auditor.

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE LOSS
Three months ended March 31, 2021 and 2020
Dollars in ‘000s except per share amounts
(unaudited)

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
Three months ended March 31, 2021 and 2020
Dollars in ‘000s
(unaudited)

Cathedral Energy Services Ltd. (the “Company” or “Cathedral”), based in Calgary, Alberta is incorporated under the Business Corporations Act (Alberta) and operates in the U.S. under Cathedral Energy Services Inc.  The Company 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.

SOURCE Cathedral Energy Services Ltd.

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