/NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA/
CALGARY, Oct. 10, 2013 /CNW/ - Cathedral Energy Services Ltd. (the "Company" or "Cathedral" /TSX: CET) announces that Mark Bentsen, President and Chief Executive Officer has left the Company to pursue other interests. Mr. Bentsen will also be leaving Cathedral's Board of Directors. Until a replacement is secured, the following interim appointments have been made - P. Scott MacFarlane, Chief Financial Officer, will assume the responsibilities of Chief Executive Officer and Randy Pustanyk, Vice President of Operations, will assume the responsibilities of President and Chief Operating Officer. Mr. Pustanyk was a co-founder of Cathedral and has served as Vice President of Operations since Cathedral's inception. Mr. MacFarlane has held the position of Chief Financial Officer since April 2001. The Board of Directors has formed a special committee to guide the selection process for the best candidate to lead the Company on a permanent basis.
Commenting today, Rod Maxwell, Chairman of Cathedral, said: "Mark has made a significant contribution in the evolution of the Company from its initial stage as a startup directional drilling enterprise through to its current form as a North American based Energy Services Company with a customer focused strategy designed to reduce our customers finding and development costs through research, development and commercialization of industry leading proprietary directional drilling tools, mud motors, and production testing equipment. We wish Mark all the best in the pursuit of his future endeavors". "Cathedral has an excellent team of executives in place on a companywide basis, and the Board is confident that we have the key people necessary to advance our strategy and guide our directional drilling and production testing businesses successfully forward".
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, Interim Chief Executive Officer and Chief Financial Officer or Randy Pustanyk, Interim President and COO
Cathedral Energy Services Ltd., 1700, 715 - 5th Avenue S.W., Calgary, Alberta T2P 2X6
Telephone: 403.265.2560 Fax: 403.262.4682 www.cathedralenergyservices.com