/NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA/
CALGARY, July 4, 2013 /CNW/ - Cathedral Energy Services Ltd. (the "Company" or "Cathedral" / TSX: CET) announces that its previous normal course issuer bid (the
"Previous Bid") ended on June 19, 2013 and that the Company has obtained approval
from the Toronto Stock Exchange ("TSX") to proceed with a new normal course issuer bid (the "Bid") whereby Cathedral may purchase for cancellation up to a total of
2,182,711 common shares representing approximately 10% of the public
float of the Company's common shares (as defined in the policies of the
TSX). As at July 2, 2013, Cathedral had 35,824,877 common shares
outstanding. Daily repurchases will be limited to 28,723 common
shares, other than block purchase exceptions. It is expected that the
Bid will commence on July 8, 2013 and terminate on July 7, 2014. 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.
During the course of the Previous Bid, which was in effect from June 20,
2012 to June 19, 2013, the Company acquired an aggregate of 1,838,075
common shares at an average price of $4.57 per share. The common shares
acquired under the Previous Bid represented approximately 97% of the
authorized maximum number of common shares that could be repurchased.
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.
Cathedral Energy Services Ltd. is incorporated under the Business
Corporations Act (Alberta) (the "Act"). The Company is publicly traded on the Toronto Stock Exchange under
the symbol "CET". The Company together with its wholly owned
subsidiary, Cathedral Energy Services Inc., is 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 U.S. The Company is in the process of establishing operations in
Venezuela for providing directional drilling services through a joint
venture with Petroleros de Venezuela, S.A. ("PDVSA"), the state owned oil and gas corporation of the Bolivarian Republic
of Venezuela. The Company strives to provide its clients with value
added technologies and solutions to meet their drilling and production
testing requirements. 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:
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