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

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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.



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