Cathedral Energy Services Announces Initial 2014 Capital Investment Program

Cathedral Energy Services Announces Initial 2014 Capital Investment Program 
CALGARY, Dec. 19, 2013 /CNW/ - Cathedral Energy Services Ltd. (the "Company" 
or "Cathedral" / TSX: CET) announces that the Company's Board of Directors 
have approved an initial 2014 capital budget of $24 million which includes $13 
million of growth expenditures, $7 million of maintenance expenditures and $4 
million of infrastructure expenditures. 
The Directional Drilling division is expected to invest $20 million of the 
2014 capital budget including $10 million for growth, $6 million for 
maintenance and $4 million for infrastructure. Growth capital expenditures 
will include the addition of mud motors and drill collars for the expansion of 
Company's U.S. operations. Maintenance capital expenditures are expected to 
allow for: 1) continued enhancement of the Company's Fusion MWD platform 
electronics; 2) addition of mud pulse transmitters to allow for expanded 
Fusion MWD dual telemetry capabilities; 3) continued conversion to Cathedral's 
proprietary mud motor bearing section; and 4) expansion of mud motor power 
section fleet to accommodate extended repair times and new configurations 
requested by customers. The infrastructure investment relates to the 
construction of an operations facility in Oklahoma City, Oklahoma with full 
service repair capabilities. It is the intent of Cathedral to sell and 
leaseback the Oklahoma City operations facility following its completion. 
The Production Testing division anticipates investing $3 million of growth 
capital expenditures comprised of auxiliary equipment and line pipe that would 
otherwise be rented and $1 million of maintenance expenditures. 
Cathedral intends to finance its initial 2014 capital budget from cash flow 
from operations and, if necessary, its existing credit facility. 
Overall, for 2014 the focus for Cathedral will be the continuation of its U.S. 
expansion, increasing market share in Canada and its continuing review of all 
operating costs and selling, general and administrative expenditures with the 
goal of enhancing profitability. 
This news release contains certain forward-looking statements and 
forward-looking information (collectively referred to herein as 
"forward-looking statements") within the meaning of applicable Canadian 
securities laws. All statements other than statements of present or 
historical fact are forward-looking statements. Forward-looking statements 
are often, but not always, identified by the use of words such as 
"anticipate", "achieve", "believe", "plan", "intend", "objective", 
"continuous", "ongoing", "estimate", "outlook", "expect", "may", "will", 
"project", "should" or similar words suggesting future outcomes. In 
particular, this news release contains forward-looking statements relating to, 
among other things: projected capital expenditures and the financing thereof; 
focus on the continuation of its U.S. expansion for both operating divisions 
and regaining market share in the Canadian market; enhancing profitability by 
way of review of operating costs and general and administrative expenditures; 
and expected sale and leaseback of the Oklahoma City operations facility. The 
Company believes the expectations reflected in such forward-looking statements 
are reasonable as of the date hereof but no assurance can be given that these 
expectations will prove to be correct and such forward-looking statements 
should not be unduly relied upon. 
Various material factors and assumptions are typically applied in drawing 
conclusions or making the forecasts or projections set out in forward-looking 
statements. Those material factors and assumptions are based on information 
currently available to the Company, including information obtained from third 
party industry analysts and other third party sources. In some instances, 
material assumptions and material factors are presented elsewhere in this news 
release in connection with the forward-looking statements. You are cautioned 
that the following list of material factors and assumptions is not 
exhaustive. Specific material factors and assumptions include, but are not 
limited to: 

    --  the performance of the Company's businesses, including current
        business and economic trends;
    --  oil and natural gas commodity prices and production levels;
    --  capital expenditure programs and other expenditures by the
        Company and its customers;
    --  the ability of the Company to retain and hire qualified
    --  the ability of the Company to obtain parts, consumables,
        equipment, technology, and supplies in a timely manner to carry
        out its activities;
    --  the ability of the Company to maintain good working
        relationships with key suppliers;
    --  the ability of the Company to market its services successfully
        to existing and new customers;
    --  the ability of the Company to obtain timely financing on
        acceptable terms;
    --  currency exchange and interest rates;
    --  risks associated with foreign operations including Venezuela;
    --  the ability of the Company to realize the benefit of its
        conversion from an income trust to a corporation;
    --  risks associated with finalizing ancillary joint venture
        agreements that are required prior to the commencement of
        operations of the Venezuela joint venture;
    --  risks associated with Venezuela joint venture company being
        awarded work by the Venezuela state run oil and natural gas
    --  changes under governmental regulatory regimes and tax,
        environmental and other laws in Canada, United States ("U.S.")
        and Venezuela; and
    --  a stable competitive environment.

Forward-looking statements are not a guarantee of future performance and 
involve a number of risks and uncertainties some of which are described 
herein. Such forward-looking statements necessarily involve known and 
unknown risks and uncertainties, which may cause the Company's actual 
performance and financial results in future periods to differ materially from 
any projections of future performance or results expressed or implied by such 
forward-looking statements. These risks and uncertainties include, but are 
not limited to, the risks identified in this news release and in the Company's 
Annual Information Form under the heading "Risk Factors". Any 
forward-looking statements are made as of the date hereof and, except as 
required by law, the Company assumes no obligation to publicly update or 
revise such statements to reflect new information, subsequent or otherwise.

All forward-looking statements contained in this news release are expressly 
qualified by this cautionary statement. Further information about the factors 
affecting forward-looking statements is available in the Company's current 
Annual Information Form and Annual Report which have been filed with Canadian 
provincial securities commissions and are available on

Cathedral Energy Services Ltd. (the "Company"/"Cathedral") and its wholly 
owned subsidiary, Cathedral Energy Services Inc., are engaged in the business 
of providing selected oilfield services to oil and natural gas companies in 
western Canada and selected oil and natural gas basins in the United States. 
The Company is in the process of establishing operations in Venezuela for 
providing directional drilling services through its wholly owned subsidiaries 
Directional Plus International Ltd. and Directional Plus de Venezuela, C.A. 
The Company's operating activities are divided into directional drilling and 
production testing business units. The Company's shares trade on the TSX 
under the symbol: CET. For more information, visit

SOURCE  Cathedral Energy Services Ltd. 
P. Scott MacFarlane, President and CEO or Randy Pustanyk, Executive Vice  
President and COO 
Cathedral Energy Services Ltd., 6030 - 3rd Street S.E., Calgary, Alberta T2H 
Telephone: 403.265.2560Fax: 
To view this news release in HTML formatting, please use the following URL: 
CO: Cathedral Energy Services Ltd.
ST: Alberta
-0- Dec/19/2013 21:10 GMT
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