- Precision Drilling (NYSE:PDS) agrees to sell its directional drilling business to Cathedral Energy (OTC:CETEF) for $6.5M in an all-stock deal.
- Precision also is granted the right to nominate a member to Cathedral’s board of directors.
- "Our investment and strategic partnership with Cathedral allow for the combined strengths of both entities to further advance directional specific technologies and provide a differentiated service offering," Precision says.
- Yesterday, Precision reported Q2 revenues that roughly matched consensus estimates.