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CATHEDRAL ENERGY SERVICES ANNOUNCES CLOSING OF ACQUISITION OF ALTITUDE ENERGY PARTNERS FOR $100MM USD
CATHEDRAL ENERGY SERVICES ANNOUNCES CLOSING OF ACQUISITION OF ALTITUDE ENERGY PARTNERS FO...
About this update from Act Energy Technologies Ltd.
[{"type":"text","content":"\n \n \n \n CATHEDRAL ENERGY SERVICES ANNOUNCES CLOSING OF ACQUISITION OF ALTITUDE ENERGY PARTNERS FOR $100MM USD\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 July 14, 2022\n \n \n /CNW/ - Cathedral Energy Services Ltd. (TSX: CET) (\"\n \n Cathedral\n \n \" or the \"\n \n Company\n \n \") is pleased to announce that the Company has closed its previously announced acquisition (the \"\n \n Acquisition\n \n \") of Altitude Energy Partners, LLC (\"\n \n Altitude\n \n \") for a total purchase price of approximately USD\n \n $100,000,000\n \n (the \"\n \n Purchase Price\n \n \"). The Purchase Price was satisfied through the issuance of 67,031,032 common shares in the capital of Cathedral (\"\n \n Common Shares\n \n \") and a cash amount of USD\n \n $62,675,000\n \n .\n \n \n Following the completion of the Acquisition, the Company plans to continue to use the Altitude name and brand in the US.  Further, the Altitude management team and its people will lead and operate Cathedral's existing US directional drilling business. Mr.\n \n Lee Harns\n \n , the current President and CEO of Altitude, will remain as President of the business unit. Joining Mr. Harns will be\n \n Tyler Clark\n \n , the current COO, and\n \n Alex Bougaieff\n \n , the current CFO, along with several other key long-standing employees and the entire Altitude operational team. In addition, Mr. J.R. Boyles, a director and founder of Altitude, will be appointed to Cathedral's board of directors. For further details about the Acquisition, please see the press release of the Company dated\n \n July 4, 2022\n \n .\n \n \n \n Key Corporate Takeaways of the Last 12 Months\n \n \n \n \n \n \n With the completion of six acquisitions in 12 months, Cathedral has established itself as one of the top directional drilling companies in\n \n North America\n \n by market share\n \n \n \n \n \n \n After the Q2/22 Compass acquisition, Cathedral now has a more substantial presence in the\n \n Montney\n \n , and Deep Basin, which are key focus area...