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CATHEDRAL ENERGY SERVICES ACQUIRES THE CANADIAN DIRECTIONAL BUSINESS OF ENSIGN ENERGY SERVICES INC. AND FORMS STRATEGIC ALLIANCE
CATHEDRAL ENERGY SERVICES ACQUIRES THE CANADIAN DIRECTIONAL BUSINESS OF ENSIGN ENERGY SER...
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[{"type":"text","content":"\n \n \n \n CATHEDRAL ENERGY SERVICES ACQUIRES THE CANADIAN DIRECTIONAL BUSINESS OF ENSIGN ENERGY SERVICES INC. AND FORMS STRATEGIC ALLIANCE\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 Oct. 27, 2022\n \n \n /CNW/ - Cathedral Energy Services Ltd. (TSX: CET) (\"\n \n Cathedral\n \n \" or the \"\n \n Company\n \n \" or \"CET\") and Ensign Energy Services Inc. (TSX: ESI) are pleased to announce the acquisition of the operating assets and personnel of Ensign's Canadian directional drilling business (the \"Transaction\") by Cathedral for a purchase price of CAN$5.0 million. As part of the Transaction, Cathedral and Ensign have entered into a Marketing and Technology Alliance (\"the Marketing Alliance\") which will further help support and expand the customer base of both companies in the Canadian market. The purchase price will be satisfied through the issuance by Cathedral to Ensign Drilling Inc. of 7,017,988 common shares of Cathedral (the \"Consideration Shares\"). In addition to a 4-month statutory hold period on the Consideration Shares, the parties have agreed to customary contractual restrictions on resale.\n \n \n \n \n \n \n \n \n \n \n Tom Connors\n \n , Cathedral's President & CEO, stated, \"The addition of a Marketing Alliance with Ensign further cements our position as a leader in the directional drilling space and allows for further differentiation of our business model as we drive value for our customers through a combined technology offering that will continue to push efficiency benchmarks within the industry. This acquisition also demonstrates that we continue to deliver on a consolidation strategy that significantly strengthens our business.\"\n \n \n Ensign's President and COO,\n \n Robert Geddes\n \n commented: \"Our investment and strategic partnership with Cathedral will add value to our customers through improved drilling performance over time as we further advance directional specific technologies and provide a differentiated service offering in the market together. Th...