CALGARY, AB, July 4, 2022 /CNW/ - Cathedral Energy Services Ltd. (TSX: CET) ("Cathedral" or the "Company" or "CET") today announced that it has entered into an agreement (the "Agreement") to acquire the directional drilling services business (the "Acquired Business") of Altitude Energy Partners, LLC ("Altitude"), a portfolio company of Black Bay Energy Capital, LLC ("Black Bay"), for a purchase price of approximately USD $100 million (the "Acquisition") payable in a combination of cash and common shares of Cathedral ("Acquisition Shares"). Altitude is a privately-held, U.S.-based, directional drilling services business with headquarters in Wyoming, executive leadership based in Houston, and significant operations in Texas, most prominently in the Permian Basin.
Read more at newswire.caCATHEDRAL ENERGY SERVICES ANNOUNCES SIGNIFICANT EXPANSION OF US OPERATIONS WITH AGREEMENT TO ACQUIRE ALTITUDE ENERGY PARTNERS FOR $100MM USD
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