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Press release from CNW Group

Cathedral Energy Services Provides Update on Industrial Accident

Thursday, August 30, 2012

Cathedral Energy Services Provides Update on Industrial Accident19:22 EDT Thursday, August 30, 2012/NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA/CALGARY, Aug. 30, 2012 /CNW/ - Cathedral Energy Services Ltd. (the "Company" or "Cathedral") (TSX: CET) reports that at approximately 9:30am on August 30, 2012 a minor explosion involving a lithium battery occurred at Cathedral's 6030 Campus in Calgary, Alberta.  One employee was taken to local hospital for assessment, treatment and was released mid-afternoon the same day.  Damage was limited to a component of a downhole drilling tool that was being inspected at the time.  Out of concern for the wellness of our staff the facility will be closed on Friday, August 31, 2012.  Alberta Occupational Health and Safety will be reviewing the incident in collaboration with Cathedral.  Normal operations are anticipated to resume after the long weekend on Tuesday, September 4, 2012. FORWARD LOOKING STATEMENTSThis 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, among other things: timing of resumption of normal operations.  The Company believes the expectations reflected in such forward-looking statements are reasonable as of the date hereof but no assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon.Forward-looking statements are not a guarantee of future performance and involve a number of risks and uncertainties some of which are described herein.  Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause the Company's actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements.  These risks and uncertainties include, but are not limited to, the risks identified in this news release and in the Company's Annual Information Form under the heading "Risk Factors".  Any forward-looking statements are made as of the date hereof and, except as required by law, the Company assumes no obligation to publicly update or revise such statements to reflect new information, subsequent or otherwise.All forward-looking statements contained in this news release are expressly qualified by this cautionary statement. Further information about the factors affecting forward-looking statements is available in the Company's current Annual Information Form and Annual Report which have been filed with Canadian provincial securities commissions and are available on www.sedar.com.Cathedral Energy Services Ltd. (the "Company"/"Cathedral") and its wholly owned subsidiary, Cathedral Energy Services Inc., are engaged in the business of providing selected oilfield services to oil and natural gas companies in western Canada and selected oil and natural gas basins in the United States.  The Company is in the process of establishing operations in Venezuela for providing directional drilling services through its wholly owned subsidiaries Directional Plus International Ltd. and Directional Plus de Venezuela, C.A.  The Company's operating activities are divided into directional drilling and production testing business units.  The Company's shares trade on the TSX under the symbol: CET.  For more information, visit www.cathedralenergyservices.com.SOURCE: Cathedral Energy Services Ltd.For further information: Requests for further information should be directed to:Mark L. Bentsen, President and Chief Executive Officer or P. Scott MacFarlane, Chief Financial OfficerCathedral Energy Services Ltd., 6030 - 3rd Street S.E., Calgary, Alberta T2H 1K2Telephone:  403.265.2560 Fax:  403.262.4682   www.cathedralenergyservices.com