Porter Hedges Represents Cathedral Energy Services in its $100 Million Acquisition of Altitude Energy Partners

Firm News

Porter Hedges represented Cathedral Energy Services Ltd. (TSX: CET) (“Cathedral”) in its acquisition of Altitude Energy Partners, LLC (“Altitude”), a portfolio company of Black Bay Energy Capital, LLC (“Black Bay”). The $100 million acquisition is payable in a combination of cash and common shares of Cathedral. The transaction closed on July 14, 2022.

Cathedral’s acquisition of Altitude, a directional drilling services business, allows the company to expand its U.S. operations and provide enhanced scale, utilization, efficiencies, and expanded services for its customers.

Cathedral Energy Services Ltd., based in Calgary, Alberta, operates in the U.S. under Cathedral Energy Services Inc. Cathedral is a trusted partner to North American energy companies requiring high performance directional drilling services.

Altitude is a privately-held, U.S.-based, directional drilling services business with headquarters in Wyoming, executive leadership based in Houston, and significant operations in Texas, most prominently in the Permian Basin.

Porter Hedges served as co-counsel with Gordon Lusky LLP.

For additional information, please see the Cathedral press release here.