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CATHEDRAL ENERGY SERVICES ACQUIRES PRODUCTION TESTING EQUIPMENT AND COMMITS TO ACQUIRE ADDITIONAL UNITS FOR MARCELLUS EXPANSION
CATHEDRAL ENERGY SERVICES ACQUIRES PRODUCTION TESTING EQUIPMENT AND COMMITS TO ACQUIRE ADDITIONAL...
About this update from Act Energy Technologies Ltd.
[{"type":"text","content":"\n\n\n\n Sep. 16, 2010 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\n/NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA/\n\nCALGARY, Sept. 16 /CNW/ - Cathedral Energy Services Ltd. (the "Company" or "Cathedral" / TSX: CET) is pleased to announce it has acquired the production testing assets of a private company at a cost of $2.3 million. The assets acquired include nine production testing units along with related portable offices, flare stacks, incinerators and field vehicles. Three of the acquired units are expected to be deployed in to the U.S. market and the remaining six units added to Cathedral's Canadian fleet. Cathedral expects to incur approximately $900,000 of costs to upgrade the purchased equipment.\nIn addition, Cathedral has ordered an additional three high pressure production testing units which will be deployed into the Marcellus shale play in the U.S. northeast at a cost of $2.2 million. The Company expects these units to be operational in 2010 Q4. This equipment will be contracted to a major oil and natural gas producer and will bring the number of high pressure units operating in the Marcellus region by Cathedral to six.\nThese expenditures are anticipated to be funded from a combination of cash flow from operations and the Company's credit facility.\nWith the acquisition of the production testing assets noted above and the further build out of units for the Marcellus region, Cathedral expects to have 30 units in Canada and 26 units in the U...