(TSX:CET) – https://www.cathedralenergyservices.com
In 1998, Cathedral Energy Services (formerly Directional Plus) commenced operations to provide high-performance directional drilling solutions to oil and natural gas exploration and development companies in Western Canada and the USA.
In July 1999, StoneBridge invested in the company, and we have worked closely with management on numerous strategic plans, growth initiatives, and equity financings, including:
- 2000 Directional Plus goes public on the TSX through a reverse takeover transaction and changes its name to Cathedral Energy Services.
- 2001 Cathedral established a second division, CAT Downhole Tools. CAT Downhole Tools provides downhole equipment, including drilling jars, shock subs and high-performance drilling motors, on a rental basis to oil and natural gas exploration and development companies in Western Canada and the Rocky Mountain region of the United States.
- 2002, Cathedral converted to an income trust, completed its first well in the Rockies (Colorado), and expanded into Saskatchewan.
- 2003 Cathedral acquired 100% of the issued and outstanding shares of The Directional Company “TDC” and commercialized its proprietary EM MWD tool, exceeding expectations.
- 2005, Cathedral completed the acquisition of three oilfield service companies: Tier One Oil Services Ltd., Advance Wireline Inc., and Xtreme Wireline.
- 2008, Cathedral announced the commercial success of its RDS system, which allows the secure transmission of drilling data from the rig site to Cathedral’s Calgary operations centre, enabling management of directional drilling activities in real-time from a central location and reduction of field personnel.
- 2009, Cathedral converted from an income trust to a corporate structure and raised $15 million in buy-deal equity financing.
- 2010, Cathedral opened directional drilling repair/operations facilities in Washington, Pennsylvania, and Houston, Texas, and released its initial proprietary FUSION MWD platform with dual telemetry capability.
- 2011, Cathedral developed a proprietary mud motor bearing section and expanded to Oklahoma City.
- 2012 Cathedral’s drilling development team designs the high performance nDURANCE™ drilling motor series and closed the acquisition of a private oilfield services business, and set up operations in Oklahoma City.
- 2013 Cathedral introduces The CLAW™ motor to the market, Cathedral’s most powerful motor in the nDURANCE™ drilling motor series.
- 2014 The HAWK™ tool is launched, providing vibration monitoring systems to monitor downhole conditions, enabling drillers to make informed decisions in real time.
- 2015 Cathedral opens a 36,000 square foot facility in Oklahoma City, Oklahoma and Estevan, Saskatchewan operations migrate to a 21,000 square foot facility in Emerald Park, Saskatchewan.
- 2017 Cathedral raised $14.1 million in a bought deal common equity financing.
- 2020 Commercialization & release of initial RapidFire Duel Telemetry MWD system.
- 2022 Acquired U.S.-based Altitude Energy Partners for US$124.1 million along with Discovery Downhole Services and directional drilling business of Ensign Energy Services.
- 2023 Acquired Rime Downhole Technologies for US$41 million.
Cathedral’s sales have grown from approximately $1 million in 1999 to over $500 million today by utilizing proprietary technology and strategic acquisitions to achieve superior results.
Rod Maxwell currently serves as the Chairman of the Board of the Corporation.
