Business
Cathedral Energy Services announces commercialization of its 2nd generation EM-MWD tool and 2008 capital budget
/NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA/ CALGARY, Dec. 17 /CNW/ - Cathedral Energy...
About this update from Act Energy Technologies Ltd.
[{"type":"text","content":"\n\n\n\n/NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA/\n\n\nCALGARY, Dec. 17 /CNW/ - Cathedral Energy Services Income Trust (TSX:\nCET.UN; the "Trust") and its operating divisions have built a strong\nreputation for technology and service and is proud to announce its 2nd\ngeneration ("G2") Electro-Magnetic ("EM") Measurement-While-Drilling ("MWD")\nsystem has completed its field testing and is presently operating on a\ncommercial basis. The G2 EM-MWD system includes bi-directional (talk down)\ncommunication which allows for surface control of the tool to change data\nrates, power levels and data formats. The result is increased efficiency and\npower management, which by default, allows for greater depth capability. To\nmeet our customers' demand for advanced technology in providing directional\ndrilling services, this innovational technology is currently being deployed on\nseveral projects.\n\n\nThe board of directors of the Trust's Administrator, Cathedral Energy\nServices Ltd., has approved an initial 2008 capital budget program of $8.6\nmillion including approximately $400,000 for maintenance capital. Most of the\n2008 capital budget is targeted for expanding the current fleet of directional\ndrilling equipment including at least 10 G2 EM-MWD systems to meet the Trust's\nadditional demand. The Trust will also be adding to its mud motor and drill\ncollar fleet to complement the expanded directional drilling job capacity.\nThree of these MWD systems will be allocated to the U.S. Rocky Mountain\nregion. The Trust has received 5 G2 EM-MWD systems in 2007 Q4. With the 2007\nQ4 additions the Trust expects to exit 2007 with a total of 78 MWD systems of\nwhich 23 are located in the U.S. Rocky Mountain region.\n\n\nCertain statements in this news release including (i) statements that may\ncontain words such as "anticipate", "could", "expect", "seek", "may" "intend",\n"will", "believe", "should", "project", "forecast", "plan" and similar\nexpressions, including the negatives thereof, (ii) statements that are based\non current expectations and estimates about the markets in which the\nTrust/Cathedral operates and (iii) statements of belief, intentions and\nexpectations a...