(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:
- In 2000, Directional Plus went public on the TSX through a reverse takeover, changing its name to Cathedral Energy Services.
- In 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.
- In 2002, Cathedral converted to an income trust, completed its first well in the Rockies (Colorado), and expanded into Saskatchewan.
- In 2003, Cathedral acquired 100% of the issued and outstanding shares of The Directional Company (“TDC”) and commercialized its proprietary EM MWD tool, exceeding expectations.
- In 2005, Cathedral completed the acquisition of three oilfield service companies: Tier One Oil Services Ltd., Advance Wireline Inc., and Xtreme Wireline.
- In 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 real-time management of directional drilling activities from a central location and reducing the need for field personnel.
- In 2009, Cathedral converted from an income trust to a corporate structure and raised $15 million in buy-deal equity financing.
- In 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.
- In 2011, Cathedral developed a proprietary mud motor bearing section and expanded to Oklahoma City.
- In 2012, Cathedral’s drilling development team designed the high-performance nDURANCE™ drilling motor series, completed the acquisition of a private oilfield services business, and set up operations in Oklahoma City.
- In 2013, Cathedral introduced the CLAW™ motor to the market, Cathedral’s most powerful motor in the nDURANCE™ drilling motor series.
- In 2014, the HAWK™ tool is launched, providing vibration-monitoring systems to assess downhole conditions, enabling drillers to make informed decisions in real time.
- In 2015, Cathedral opened a 36,000-square-foot facility in Oklahoma City, Oklahoma, and the Estevan, Saskatchewan, operations migrated to a 21,000-square-foot facility in Emerald Park, Saskatchewan.
- In 2017, Cathedral raised $14.1 million in a bought-deal common equity financing.
- In 2020, the Commercialization & release of the initial RapidFire Duel Telemetry MWD system.
- In 2022, acquired U.S.-based Altitude Energy Partners for US$124.1 million, along with Discovery Downhole Services and the directional drilling business of Ensign Energy Services.
- In 2023, acquired Rime Downhole Technologies for US$41 million.
- In 2024, Cathedral changed its name to ACT Energy Technologies Ltd.
ACT Energy sales have grown from approximately $1 million in 1999 to over $500 million today, driven by proprietary technology and strategic acquisitions.
Rod Maxwell currently serves as the Corporation’s Executive Chairman of the Board.
