Ideal Completions Group LLC entered into a definitive agreement to acquire flowback and production testing assets from Cathedral Energy Services Ltd. (TSX:CET) for CAD 17.8 million on December 16, 2016. The consideration is subject to price adjustments. As part of the transaction, Ideal Completions intends to retain the majority of Cathedral's flowback and production testing related employees. The transaction will be fully funded by management and ENR Partners LP, an affiliate of Edge Natural Resources LLC. The transaction is expected to close on or about January 16, 2017. The proceeds of the transaction will initially be used to reduce the amount owing under Cathedral Energy Services Ltd.'s credit facility along with supplementing working capital and capital investment required to support Cathedral's growing directional drilling business. GMP FirstEnergy acted as financial advisor for Cathedral Energy Services Ltd. Jay Zammit of Burstall Winger Zammit LLP acted as legal advisor for Cathedral Energy Services Ltd. Conner & Winters, LLP acted as legal advisor for Ideal Completions Group. Ideal Completions Group LLC completed the acquisition of flowback and production testing assets from Cathedral Energy Services Ltd. (TSX:CET) on January 15, 2017.