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Cathedral Energy Services Income Trust announces closing of $15 million bought deal equity financing

May 19, 2009



    CALGARY, May 19 /CNW/ - Cathedral Energy Services Income Trust (TSX:
CET.UN) (the "Trust") is pleased to announce that it has closed its previously
announced "bought deal" financing (the "Offering"). Pursuant to the Offering,
the Trust has issued a total of 3,615,600 trust units (the "Trust Units"), of
which 471,600 Trust Units were issued pursuant to the exercise (in full) of
the over-allotment option granted to the underwriters. All of the Trust Units
were issued at a price of $4.15 per Trust Unit, for gross proceeds of
$15,004,740. The syndicate of underwriters was led by Wellington West Capital
Markets Inc. and included CIBC World Markets Inc., FirstEnergy Capital Corp.,
Peters & Co. Limited, Thomas Weisel Partners Canada Inc., Acumen Capital
Finance Partners Limited and Cormark Securities Inc.

    The Trust is a limited purpose trust which owns the securities of
Cathedral Energy Services Ltd. and Cathedral Energy Services Limited
Partnership (collectively "Cathedral") representing the right to receive cash
flow available for distribution from Cathedral. Cathedral is engaged in the
business of providing selected oilfield services to oil and natural gas
companies in Western Canada and the Rocky Mountain and Williston Basin regions
of the United States and currently provides directional drilling services and
related equipment rentals, production testing services and wireline services.
For more information, visit

    Certain statements in this news release including (i) statements that may
contain words such as "anticipate", "could", "expect", "seek", "may" "intend",
"will", "believe", "should", "project", "forecast", "plan" and similar
expressions, including the negatives thereof, (ii) statements that are based
on current expectations and estimates about the markets in which the
Trust/Cathedral operates and (iii) statements of belief, intentions and
expectations about developments, results and events that will or may occur in
the future, constitute "forward-looking statements" and are based on certain
assumptions and analysis made by the Trust/Cathedral. Forward-looking
statements in this news release include, but are not limited to, statements
with respect to future capital expenditures, including the amount, nature and
timing thereof; oil and natural gas prices and demand; other development
trends within the oil and natural gas industry; business strategy; expansion
and growth of the Trust's/Cathedral's business and operations and other such
matters. Such forward-looking statements are subject to important risks and
uncertainties, which are difficult to predict and that may affect the
Trust's/Cathedral's operations, including, but are not limited to: the impact
of general economic conditions; industry conditions; government and regulatory
developments; oil and natural gas product supply and demand; competition; and
the Trust's/Cathedral's ability to attract and retain qualified personnel. The
Trust's/Cathedral's actual results, performance or achievements could differ
materially from those expressed in, or implied by, these forward-looking
statements and, accordingly, no assurance can be given that any of the events
anticipated by the forward-looking statements will transpire or occur, or if
any of them do transpire or occur, what benefits the Trust/Cathedral will
derive therefrom. Subject to applicable law, the Trust disclaims any intention
or obligation to update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise.
    All forward-looking statements contained in this document are expressly
qualified by this cautionary statement. Further information about the factors
affecting forward-looking statements is available in the Trust's current
Annual Information Form and Annual Report which have been filed with Canadian
provincial securities commissions and are available on

    %SEDAR: 00018316E
For further information: Mark L. Bentsen, President and Chief Executive
Officer or P. Scott MacFarlane, Chief Financial Officer, Cathedral Energy
Services Ltd., 1700, 715 - 5th Avenue S.W., Calgary, Alberta, T2P 2X6,
Telephone: (403) 265-2560, Fax: (403) 262-4682,

Cathedral opens a 36,000 square foot full service operation facility in Oklahoma City, Oklahoma and Estevan, Saskatchewan operations migrate to Emerald Park, Saskatchewan.