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

Cathedral Energy Services Ltd. (Cathedral Energy Services)

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.

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    Lyndon George is an Anishinaabe member of the Kettle and Stoney Point First Nations helping our people in Hamilton and beyond seek justice. He will be a part of the  Second Annual Indigenous Unity Rally in Hamilton and speaks about this on the show.

  • Lydon George and the Second Annual Indigenous Unity Rally in Hamilton

    Lyndon George is an Anishinaabe member of the Kettle and Stoney Point First Nations helping our people in Hamilton and beyond seek justice. He will be a part of the  Second Annual Indigenous Unity Rally in Hamilton and speaks about this on the show.

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    On the International Day of Indigenous Peoples the SIRGE Coalition was formed to call upon government, corporate, and financial decision-makers to avoid the mistakes and harms of past resource development by protecting the rights and self-determination of Indigenous Peoples around the globe, many of whom live on lands rich in transition minerals. We speak with Kate and Galina about the coaltions work.