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CATHEDRAL ENERGY SERVICES ANNOUNCES SIGNING OF JOINT VENTURE AND STRATEGIC ALLIANCE AGREEMENT FOR VENEZUELA
CATHEDRAL ENERGY SERVICES ANNOUNCES SIGNING OF JOINT VENTURE AND STRATEGIC ALLIANCE AGREEMENT FOR...
About this update from Act Energy Technologies Ltd.
[{"type":"text","content":"\n\n\n\n Sep. 15, 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. 15 /CNW/ - Cathedral Energy Services Ltd. (the "Company" or "Cathedral" / TSX: CET) is pleased to announce that its wholly-owned subsidiary, Directional Plus International Ltd. ("DPI"), has entered into a Joint Venture and Strategic Alliance Agreement ("Agreement") with PDVSA Servicios Petroleros, S.A. ("PDVSA Servicios Petroleros"), a wholly-owned subsidiary of Petróleos de Venezuela S.A. ("PDVSA"), the state-owned oil and natural gas corporation of the Bolivarian Republic of Venezuela. The execution of this Agreement is considered by Cathedral management to be an important step towards commencing operations in Venezuela.\nThe Agreement provides for the formation of a joint stock company, Vencana Servicios Petroleros, S.A. ("Vencana"), in which PDVSA Servicios Petroleros will own 60% of the capital stock and DPI will own the remaining 40%. Vencana's mandate will be the supply of oilfield services in Venezuela to the oil and natural gas industry and is expected to initially commence with the provision of directional drilling services; it is the intent for the services provided by Vencana to expand as mutually agreed between PDVSA Servicios Petroleros and DPI. As part of the Agreement, it is expected that DPI will lease directional drilling equipment to Vencana and PDVS...