CALGARY — Cathedral Energy Services Ltd. has signed a deal to buy the directional drilling services business of Altitude Energy Partners LLC in an agreement it valued at about US$100 million in cash and shares in a bid to grow its U.S. business.

Altitude, a portfolio company of Black Bay Energy Capital LLC, has significant operations in Texas, most prominently in the Permian Basin.

Under the deal, Cathedral says it will pay nearly US$62.7 million in cash and issue about 67 million shares.

The Calgary-based company says it plans to operate under the Altitude name in the U.S. with the Altitude management team also leading Cathedral’s existing U.S. directional drilling business.

Lee Harns, the current president and CEO of Altitude, will remain as president of the business unit.

The deal will also see J.R. Boyles, a director and founder of Altitude, appointed to Cathedral’s board of directors.

This report by The Canadian Press was first published July 4, 2022.

Companies in this story: (TSX:CET)

The Canadian Press

News from © The Canadian Press, 2022. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

  • 0045 WBPC 2023 Bright Colors P
    0045 WBPC 2023 Bright Colors P
  • 0044 PTRC CCUS Aquistore
    0044 PTRC CCUS Aquistore
  • 0043 ALX ten sizes
    0043 ALX ten sizes
  • 0042 Sask Oilfield Services
    0042 Sask Oilfield Services
  • 0039 Summit ESP Saskatchewan lower third
    0039 Summit ESP Saskatchewan lower third
  • 0041 DEEP Since 2018 now we are going to build
    0041 DEEP Since 2018 now we are going to build
  • 0040 Southeast College safety tickets
    0040 Southeast College safety tickets
  • 0036 Prairie Lithium - Chad Glemser 30 Sec
  • 0033 Buffalo Potash Jared Small Footprint
  • 0032 IWS Summer hiring rock trailer music
  • 0029 Latus Viro updated Latus phone
  • 0025 Kendalls
  • 0026 Buffalo Potash Quinton Salt
  • 0023 LC Trucking tractor picker hiring mix
  • 0022 Grimes winter hiring
  • 0021 OSY Rentals S8 Promo
  • 0019 Jerry Mainil Ltd hiring dugout
  • 0018 IWS Hiring Royal Summer
  • 0014 Buffalo Potash What if PO
  • 0013 Panther Drilling PO ad 03 top drive rigs
  • 0011
  • 0006 JK Junior
  • 0004 Royal Helium PO Ad 02
  • 9001
  • 0002


Helium Evolution spuds first well in south central Saskatchewan, closes offering, agrees to farmout with North American Helium

Jim Warren: When it comes to nations around the world following climate change commitments, how has free trade worked out thus far? Expect the same