CATHEDRAL ENERGY SERVICES ACQUIRES LEXA DRILLING TECHNOLOGIES; ADDS TECHNOLOGY LEADERSHIP WITH AXEL SCHMIDT AND ADDS CHAD ROBINSON IN KEY STRATEGY ROLE
CALGARY, AB , June 20, 2022 |CNW| - Cathedral Energy Services Ltd. (TSX: CET ) ("Cathedral" or the "Company") today announced the acquisition of 90.98% of LEXA Drilling Technologies Inc. ("LEXA"), a Calgary -based, downhole technology company for equity consideration in Cathedral, (the "Transaction"). As part of the Transaction, Mr. Axel Schmidt will join Cathedral as Senior Vice President, Engineering and Technology while Mr. Chad Robinson will join as Vice President, Corporate Development. LEXA also brings an experienced engineering and development team. "The principals of LEXA have deep experience in building sizable directional drilling companies as well as highly-innovative and reliable tools to differentiate those services" said Tom Connors , Cathedral''s President and CEO. "Axel and Chad were instrumental in building Pacesetter Directional Drilling (now owned by Schlumberger) into a formidable Canadian competitor. Axel has a strong tool development history, especially in creating highly-reliable MWD (measurement-while-drilling) and RSS (rotary steerable) technology for the Canadian marketplace and his experience and insight will be invaluable as we build out our differentiated technology platform into the future.
CATHEDRAL ENERGY SERVICES ACQUIRES LEXA DRILLING TECHNOLOGIES; ADDS TECHNOLOGY LEADERSHIP WITH AXEL SCHMIDT AND ADDS CHAD ROBINSON IN KEY STRATEGY ROLE
CALGARY, AB , June 20, 2022 |CNW| - Cathedral Energy Services Ltd. (TSX: CET ) ("Cathedral" or the "Company") today announced the acquisition of 90.98% of LEXA Drilling Technologies Inc. ("LEXA"), a Calgary -based, downhole technology company for equity consideration in Cathedral, (the "Transaction"). As part of the Transaction, Mr. Axel Schmidt will join Cathedral as Senior Vice President, Engineering and Technology while Mr. Chad Robinson will join as Vice President, Corporate Development. LEXA also brings an experienced engineering and development team. "The principals of LEXA have deep experience in building sizable directional drilling companies as well as highly-innovative and reliable tools to differentiate those services" said Tom Connors , Cathedral''s President and CEO. "Axel and Chad were instrumental in building Pacesetter Directional Drilling (now owned by Schlumberger) into a formidable Canadian competitor. Axel has a strong tool development history, especially in creating highly-reliable MWD (measurement-while-drilling) and RSS (rotary steerable) technology for the Canadian marketplace and his experience and insight will be invaluable as we build out our differentiated technology platform into the future.