Cathedral Energy Services negotiated certain amendments to its credit facility with the Bank of Nova Scotia and National Bank of Canada with less restrictive terms. The amended facility provides for credit availability of $45 million, representing a $15 million decrease from the prior amended credit facility. The amended facility matures in August, 2017, consistent with the duration of the prior facility.

Cathedral also announced that as part of strategy to deal with the current low commodity price environment and current uncertainty in the oilfield services sector its staff has accepted additional wage rollbacks effective January 1, 2016. Aggregate wage and cash benefit rollbacks for 2015 and 2016 range from 17% to 28% for staff and management and up to 50% for field positions.

Cathedral has also adopted a minimal capital expenditure program for 2016 which will be reviewed quarterly.

Cathedral previously disclosed a potential claim from one of its U.S. clients alleging a down-hole drilling incident. This client has recently filed a statement of claim in connection with the incident and has indicated damages in the amount of $3.7 million. Cathedral intends to defend this action.