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CATHEDRAL ENERGY SERVICES ACQUIRES LEXA DRILLING TECHNOLOGIES; ADDS TECHNOLOGY LEADERSHIP WITH AXEL SCHMIDT AND ADDS CHAD ROBINSON IN KEY STRATEGY ROLE
CATHEDRAL ENERGY SERVICES ACQUIRES LEXA DRILLING TECHNOLOGIES; ADDS TECHNOLOGY LEADERSHIP...
About this update from Act Energy Technologies Ltd.
[{"type":"text","content":"\n \n \n \n CATHEDRAL ENERGY SERVICES ACQUIRES LEXA DRILLING TECHNOLOGIES; ADDS TECHNOLOGY LEADERSHIP WITH AXEL SCHMIDT AND ADDS CHAD ROBINSON IN KEY STRATEGY ROLE\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n CALGARY, AB\n \n \n ,\n \n \n June 20, 2022\n \n \n /CNW/ - Cathedral Energy Services Ltd. (TSX: CET) (\"Cathedral\" or the \"Company\") today announced the acquisition of 90.98% of LEXA Drilling Technologies Inc. (\"LEXA\"), a\n \n Calgary\n \n -based, downhole technology company for equity consideration in Cathedral, (the \"Transaction\"). As part of the Transaction, Mr.\n \n Axel Schmidt\n \n will join Cathedral as Senior Vice President, Engineering and Technology while Mr.\n \n Chad Robinson\n \n will join as Vice President, Corporate Development. LEXA also brings an experienced engineering and development team.\n \n \n \"The principals of LEXA have deep experience in building sizable directional drilling companies as well as highly-innovative and reliable tools to differentiate those services\" said\n \n Tom Connors\n \n , Cathedral's President and CEO. \"Axel and Chad were instrumental in building Pacesetter Directional Drilling (now owned by Schlumberger) into a formidable Canadian competitor. Axel has a strong tool development history, especially in creating highly-reliable MWD (measurement-while-drilling) and RSS (rotary steerable) technology for the Canadian marketplace and his experience and insight will be invaluable as we build out our differentiated technology platform into the future. Going forward, we are excited at the opportunity for Axel to enhance our MWD offering and ensure it remains among the top performing and most reliable products in the industry.\"\n \n \n LEXA is focused on the development and commercialization of high data rate positive pulse MWD technology. They are also focused on developing technology that enhances and enables drilling automation through remote downhole directional equipment. The addition of high-performance pulse technology to Cathedral's industry leading electromagn...