- Stocks of Cathedral (TSX: CET) shot up by 42 per cent to C$ 0.71 at 11:17 EST on Monday, July 4
- The Canadian energy service company is set to acquire Altitude Energy for about US$ 100 million
- Cathedral stock rose by almost 66 per cent on a year-to-date
Stocks of Cathedral Energy (TSX: CET) shot up by 42 per cent to C$ 0.71 at 11:17 AM EST on Monday, July 4, in the wake of its newly announced agreement to acquire Altitude Energy Partners, a US-based directional drilling service business of Black Bay Energy Capital.
Cathedral, which specializes in providing drilling services to the oil and gas sector, aims to expand its drilling operations to the United States by entering into the US$ 100 million deal, payable in combination of cash and CET shares. The energy service company expects to close this acquisition in early July this year.