Calgary's Cathedral Energy Services to buy Altitude Energy Partners in US$100M deal


Cathedral Energy Services Ltd. has signed a deal to buy the directional drilling services business of Altitude Energy Partners LLC in an agreement it valued at about US$100 million in cash and shares in a bid to grow its U.S. business.
Altitude, a portfolio company of Black Bay Energy Capital LLC, has significant operations in Texas, most prominently in the Permian Basin.
Under the deal, Cathedral says it will pay nearly US$62.7 million in cash and issue about 67 million shares.
The Calgary-based company says it plans to operate under the Altitude name in the U.S. with the Altitude management team also leading Cathedral's existing U.S. directional drilling business.
Lee Harns, the current president and CEO of Altitude, will remain as president of the business unit.
The deal will also see J.R. Boyles, a director and founder of Altitude, appointed to Cathedral's board of directors.
This report by The Canadian Press was first published July 4, 2022.
-
B.C. Lions chase down Calgary Stampeders with 41-40 comeback win
Sean Whyte's 25-yard field goal with two seconds left in the fourth quarter capped a B.C. Lions' comeback in a 41-40 win over the host Calgary Stampeders on Saturday. -
Agent: Rushdie off ventilator and talking, day after attack
'The Satanic Verses' author Salman Rushdie was taken off a ventilator and able to talk Saturday, a day after he was stabbed as he prepared to give a lecture in upstate New York. -
'Clearly a breakdown': Kenney condemns controversial essay, links firestorm to slow news week
Alberta Premier Jason Kenney condemned a controversial prize-winning essay that's been criticized for being sexist and racist during his provincewide radio call-in program, but also appeared to downplay the controversy it generated. -
Man dead after shooting at Vaughan plaza parking lot
A shooting at a plaza parking lot in Vaughan has left one man dead, York Regional Police say. -
Canada tops Czechia 5-1 in world junior hockey championship
Kent Johnson has been working for years on a move that stuns goalies and hockey fans alike. -
One person dead following ATV collision
One person is dead following an ATV collision Saturday afternoon. -
Coast guard called in as diesel spill closes Richmond beaches
Beaches at Richmond's Garry Point Park are closed after the Canadian Coast Guard investigated and try to clean up a recent diesel spill. -
Shooting in Hanover Ont. leads to arrest in Ottawa
Police have arrested a suspect in connection with a shooting in Hanover earlier this week. -
Backing up Ukraine's history: App creates 3D models of important cultural heritage
Volunteers armed with smartphones are using a 3D-modelling app to preserve Ukraine's cultural heritage one snap at a time.