Cathedral Energy Services To Proceed With Normal Course Issuer Bid
/NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA/
CALGARY, June 18, 2012 /CNW/ - Cathedral Energy Services Ltd. (the "Company" or "Cathedral") (TSX: CET) announces that it has obtained approval from the Toronto Stock Exchange ("TSX") to proceed with a normal course issuer bid (the "Bid") whereby Cathedral may purchase for cancellation up to a total of 1,900,000 common shares representing approximately 8% of the public float of the Company's common shares (as defined in the policies of the TSX). As at June 12, 2012, Cathedral had 37,495,949 common shares outstanding. Daily repurchases will be limited to 16,783 common shares, other than block purchase exceptions. It is expected that the Bid will commence on June 20, 2012 and terminate on June 19, 2013. All acquisitions of common shares by Cathedral pursuant to the Bid will be made through the facilities of the Toronto Stock Exchange or alternative trading systems, if eligible, at the market price of the common shares at the time of the acquisition.
There are no persons acting jointly or in concert with the Company in respect of the Bid. Cathedral is making the Bid as it believes that the trading price of its common shares on the TSX does not accurately reflect the value of the Company and to stabilize the trading price and provide liquidity in the market for its common shares.
Purchases on behalf of Cathedral will be made by National Bank Financial, 4th floor Podium, 130 King Street West, Toronto, Ontario, M5X 1J9.
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.
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.For further information:
Mark L. Bentsen, President and Chief Executive Officer or P. Scott MacFarlane, Chief Financial Officer
Cathedral Energy Services Ltd., 6030 - 3rd Street S.E., Calgary, Alberta T2H 1K2
Telephone: 403.265.2560 Fax: 403.262.4682 www.cathedralenergyservices.com