12:10 PM EST - Cathedral Energy Services Ltd. : And Ensign Energy Services Inc. announce the acquisition of the operating assets and personnel of Ensign's Canadian directional drilling business by Cathedral for a purchase price of $5.0 million. As part of the Transaction, Cathedral and Ensign have entered into a Marketing and Technology Alliance which will further help support and expand the customer base of both companies in the Canadian market. The purchase price will be satisfied through the issuance by Cathedral to Ensign Drilling Inc. of 7,017,988 common shares of Cathedral. In addition to a four-month statutory hold period on the Consideration Shares, the parties have agreed to customary contractual restrictions on resale. Cathedral Energy Services Ltd.
shares T.CET are trading up $0.04 at $0.90.
