/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.
SOURCE Cathedral Energy Services Ltd.
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