Precision Drilling Corporation

12:15 PM EST - Precision Drilling Corporation : And Cathedral Energy Services Ltd. announce the closing of Cathedral’s acquisition of Precision’s directional drilling business for a purchase price of $6,350,000. The Transaction includes operating assets and personnel of Precision’s directional drilling business (including its operations facility in Nisku, Alberta), along with an additional $3 million cash investment by Precision to support growth and expansion of Cathedral, including continuing the buildout of RapidFire measurement-while-drilling guidance systems and nDurance drilling motors. Precision Drilling Corporation shares T.PD are trading down $1.53 at $41.31.

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