Cathedral Energy Services Announces Executive Appointments
/NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA/
CALGARY, Dec. 19, 2013 /CNW/ - Cathedral Energy Services Ltd. (the "Company" or "Cathedral" / TSX: CET) is pleased to announce that Cathedral's Board of Directors have appointed P. Scott MacFarlane as President and Chief Executive Officer and Randy Pustanyk as Executive Vice President and Chief Operating Officer of Cathedral. Scott MacFarlane, a Chartered Accountant, has served as Chief Financial Officer of Cathedral since April 2001. Randy Pustanyk, a Professional Engineer, was a co-founder of Cathedral and has served as Vice President of Operations since Cathedral's inception in 1998. Scott MacFarlane has also been appointed as a director of the Company.
Rod Maxwell, Chairman of the Company, said "This decision was made after a special committee of the Board completed its selection process and carefully considered the best strategy for growing the business of Cathedral. The Board is convinced that Cathedral has an excellent team of executives in place across both Canada and the United States to execute its strategic plan, and to guide our directional drilling and testing/frac flowback businesses to success. We view Scott and Randy as having the perfect mix of experience and leadership capabilities required to lead the team and execute that plan."
Cathedral's management team is committed to a growth strategy with a current focus on the continuation of its U.S. expansion, increasing market share in the Canada and enhancing overall profitability.
Scott MacFarlane will also hold the title as Interim Chief Financial Officer until a permanent replacement is selected.
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.
FORWARD LOOKING STATEMENTS
This news release contains forward-looking statements that involve risks and uncertainties. Forward-looking statements or information are based on current expectations, estimates and projections that involve a number of risks and uncertainties which could cause actual results to differ materially from those anticipated by the Company. The forward-looking statements or information contained in this news release are made as of the date hereof and the Company does not undertake any obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
SOURCE Cathedral Energy Services Ltd.For further information:
Requests for further information should be directed to:
P. Scott MacFarlane, President and CEO or Randy Pustanyk, Executive Vice President and COO
Cathedral Energy Services Ltd., 6030 - 3rd Street S.E., Calgary, Alberta T2H 1K2
Telephone: 403.265.2560 Fax: 403.262.4682 www.cathedralenergyservices.com