Business
Cathedral Energy Services provides production testing operational update
Cathedral Energy Services provides production testing operational update
About this update from Act Energy Technologies Ltd.
[{"type":"text","content":"\n\n\n\n Jun. 3, 2010 (Canada NewsWire Group) -- /NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA/\n\n Cathedral Energy Services Ltd. (the "Company" or "Cathedral" / TSX: CET) is pleased to provide an operational update with respect to its production testing division. The company previously announced, the building of six high pressure production testing units, this has now been increased to eight units all of which are contracted. Three of the units will be part of Cathedral's entry into the Marcellus shale play in the U.S. northeast. Another three high pressure units have now been contracted to a major oil and natural gas producer in the Montney area in northeast B.C. The two other units will be deployed as follows: one in the U.S. Bakken region and one in Canada. The Company expects the Marcellus units to be operational in 2010 Q2. The remaining units are all expected to be operational upon build out in early 2010 Q3.\nUpon the completion of the Company's current build out of production testing units there will be 25 units in Canada and 19 units in the U.S. for a total of 44 units which represents an approximate 25% increase in the Company's production testing fleet since December 2009. The U.S. based units are expected to be located as follows: Rockies - 13, Pennsylvania - 3 and North Dakota - 3.\n\nFORWARD LOOKING STATEMENTS\n\nThis news release contains certain forward-looking statements and forward-looking information (collectively referred to herein as "forward-looking statements") within the meaning of applicable Canadian securities laws. All statements other than statements of present or historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "anticipate", "achieve", "believe", "plan", "intend", "objective", "continuous", "ongoing", "estimate", "outlook", "expect", "may", "will", "project", "should" or similar words suggesting future outcomes. In particular, this news release contains forward-looking statements relating to the expected operational dates, equipment delivery dates and equipment locations. The Company believes the expectations reflected in ...