Cathedral Energy Services Ltd. and Precision Drilling Corporation announced the closing of Cathedral's acquisition of Precision's directional drilling business (the "Transaction") for a purchase price of $6,350,000. Precision nominee Shuja Goraya, who is currently employed by Precision as their Chief Technology Officer, has been appointed to the Cathedral board of directors. Based in Houston, Texas, Mr. Goraya has a Bachelor of Engineering degree and has worked for over 25 years in the energy services sector, most recently with Schlumberger Limited. Mr. Goraya's technical expertise and extensive directional drilling background will be a strong complement to Cathedral's board.