UPDATE: Cathedral Energy Services Announces Initial 2013 Capital Budget; Shrs Up Slightly

By MT Newswires,  December 06, 2012, 10:41:13 AM EDT

Cathedral Energy Services Ltd. (CET.TO), which is edging toward 52 week lows, said it is expecting to exit 2012 with a fleet of 136 (versus 125 in 2011) Measurement-While-Drilling systems and 69 (2011 - 62) frac flowback units. Based upon customer feedback and bookings to date, Cathedral is expecting to experience a significant increase in operating activities from those experienced in 2012 Q3 and Q4. The equipment acquired to date, provides a solid base of equipment to service the company's activity levels in 2013.

The company's Board of Directors have approved an initial 2013 capital budget of $22 million which includes $10 million of growth capital expenditures and $12 million of maintenance capital expenditures.

Cathedral is up 1 cent to $5.17 late morning.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

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