Business
Cathedral Energy Services provides operational update
/NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA/ CALGARY, June 19 /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, June 19 /CNW/ - Cathedral Energy Services Income Trust (the\n"Trust" - TSX: CET.UN) announces that effective June 16, 2009, the Trust has\nrealigned the operations of its Wireline division. Currently, the Trust has\nelectric line ("E-line") operations in the U.S. market which it serves from\nfacilities in North Dakota and Wyoming. Based upon a review of supply and\ndemand for E-line services, Trust management believe the U.S. market offers\nincreased utilization and operating margins superior to that currently being\nrealized in Canada. Over the next few months, the Trust will transfer existing\nCanadian E-line units to the U.S. and expects to develop a third U.S. base of\noperations during 2009 Q3.\n\n\nThe Trust's Canadian Wireline division will continue to provide slickline\nservices but will discontinue providing E-Line services to the Canadian energy\nmarket. District offices directly supporting Canadian E-line operations will\nbe closed or reassigned to the Trust's other Canadian divisions. The Trust\nbelieves that this action, combined with previous undertakings, will further\nsupport its efforts to be strategically positioned for the return of a more\nfavorable operating environment.\n\n\nIn addition, the Trust has commenced providing directional drilling\nservices, using its generation 3 ("G3") Electro-Magnetic\nMeasurement-While-Drilling ("EM/MWD") system in the Marcellus basin in eastern\nU.S. The Trust is very pleased with the operational results of the G3 EM/MWD\ntool in this basin and is expanding operations in this region. To facilitate\nthis expansion, the Trust will establish a new operations facility in\nPennsylvania in 2009 Q3.\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\nexpe...