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High Arctic Reports 2017 Fourth Quarter and Year End Results

High Arctic 2017 Fourth Quarter and Year End Results

High Arctic Declares Monthly Dividend

Calgary, Canada – February 20, 2018 – High Arctic Energy Services Inc. (TSX: HWO) (“High Arctic” or the “Corporation”) is pleased to announce that its Board of Directors has approved a monthly dividend payment of $0.0165 per share to holders of common shares.  The dividend is payable on March 14, 2018 to holders of High Arctic common shares of record at the close of business on February 28, 2018.  The ex-dividend date is February 27, 2018.  The dividend is designated as an “eligible dividend” for Canadian Income Tax purposes.

 About High Arctic

High Arctic is a publicly traded company listed on the Toronto Stock Exchange under the symbol “HWO”.  The Corporation’s principal focus is to provide drilling and specialized well completion services, equipment rentals and other services to the oil and gas industry.

High Arctic’s largest operation is in Papua New Guinea where it provides drilling and specialized well completion services and supplies rig matting, camps and drilling support equipment on a rental basis.  The Canadian operation provides well servicing, well abandonment, snubbing and nitrogen services and equipment on a rental basis to a large number of oil and natural gas exploration and production companies operating in Western Canada.

For more information, please contact:

Cam Bailey                                          Brian Peters
President & CEO                                 Chief Financial Officer
Phone: 587-318-3826                         Phone: 587-318-2218
cam.bailey@haes.ca                            brian.peters@haes.ca

High Arctic Declares Monthly Dividend

Calgary, Canada – January 22, 2018 – High Arctic Energy Services Inc. (TSX: HWO) (“High Arctic” or the “Corporation”) is pleased to announce that its Board of Directors has approved a monthly dividend payment of $0.0165 per share to holders of common shares. The dividend is payable on February 14, 2018 to holders of High Arctic common shares of record at the close of business on January 31, 2018.  The ex-dividend date is January 30, 2018.  The dividend is designated as an “eligible dividend” for Canadian Income Tax purposes.

About High Arctic

High Arctic is a publicly traded company listed on the Toronto Stock Exchange under the symbol “HWO”. The Corporation’s principal focus is to provide drilling and specialized well completion services, equipment rentals and other services to the oil and gas industry.

High Arctic’s largest operation is in Papua New Guinea where it provides drilling and specialized well completion services and supplies rig matting, camps and drilling support equipment on a rental basis. The Canadian operation provides well servicing, well abandonment, snubbing and nitrogen services and equipment on a rental basis to a large number of oil and natural gas exploration and production companies operating in Western Canada.

For more information, please contact:

J. Cameron Bailey                                
Chief Executive Officer
Phone: 587-318-3826
Email: cam.bailey@haes.ca

Brian Peters
Chief Financial Officer
Phone: 587-318-2218  
Email: brian.peters@haes.ca

High Arctic Provides Operations Update

Calgary, Canada – February 5, 2018 – High Arctic Energy Services Inc. (“High Arctic” or the “Corporation”) is providing the following operational and Papua New Guinea (“PNG”) joint drilling company negotiation status update.

Activity for High Arctic’s Concord Service rig operations in Canada remains strong with fourth quarter utilization of 55% and for the month of January 2018 utilization of 65% on its 56 marketed rigs. The activity levels experienced in January 2018 are 12% above those experienced in January 2017.  The Corporation expects continued strong utilization for the first quarter until spring break up.

In anticipation of increasing activity in the Corporation’s operations, the board of directors has approved an initial capital budget of $13.3 million for 2018, the majority of which will be utilized as upgrades and replacement for certain equipment in the Corporation’s operating fleet as well as additional investment in rental equipment to support the growth in the Corporation’s Canadian operations.

High Arctic continues to progress discussions with its key customer in PNG related to the formation of a joint drilling company in PNG while drilling operations continue under existing operating agreements. The negotiation term under the initial letter of intent has now expired, however, High Arctic and its key customer remain active in progressing discussions relating to the potential formation of a top tier consolidated drilling entity in PNG.  High Arctic will continue to provide further updates as these discussions progress.

Mr. J. Cameron Bailey, the Chief Executive Officer of High Arctic stated that, “We are very pleased with the improvement in activity in Canada and the high rig utilization the Corporation has been able to achieve in Canada and PNG while maintaining its stellar safety and performance record. We remain active at reviewing […]

High Arctic Announces Outstanding 2017 Safety Performance

Calgary, Canada – January 8, 2018 – High Arctic Energy Services Inc. (TSX: HWO) (“High Arctic” or the “Corporation”) is pleased to report it did not have a single recordable safety incident in its Papua New Guinea (“PNG”) operations in 2017 and its Canadian operations are celebrating 24 months of Lost Time Injury Free.

High Arctic made a commitment almost ten years ago to a quality program based on the idea that doing it right the first time means it will be safe every time.   High Arctic works for the world’s top oil and gas companies often in some of the most difficult operating and logistical areas.   Top quality operations, logistics and safety are the reasons the Corporation has been able to maintain these clients, increase its market share and maintain high equipment utilization rates.

On the 24th of August 2017, High Arctic’s PNG operations reached the outstanding milestone of achieving a Total Recordable Incident Case Frequency rate of ZERO. This means during the preceding twelve months and for the rest of 2017 High Arctic’s PNG operations worked over 600,000 man hours without a significant injury to any of its people; not one person needed medical treatment or missed any time at work because of a workplace incident.

Many companies have aspirational zero targets for safety. In 2017 High Arctic actually achieved this target in its PNG operations which is now 16 months recordable incident free.

Mike Maguire, President – International, said “I am very proud of the way our people have embraced our safe work initiatives, consistently demonstrating a commitment to each other, and working to improve their skills. As an organisation, we value the opportunity we have been afforded to enable this to occur”.

High Arctic’s Canadian operations […]

High Arctic Declares Monthly Dividend

Calgary, Canada – December 18, 2017 – High Arctic Energy Services Inc. (TSX: HWO) (“High Arctic” or the “Corporation”) is pleased to announce that its Board of Directors has approved a monthly dividend payment of $0.0165 per share to holders of common shares. The dividend is payable on January 12, 2018 to holders of High Arctic common shares of record at the close of business on December 29, 2017.  The ex-dividend date is December 28, 2017.  The dividend is designated as an “eligible dividend” for Canadian Income Tax purposes.

About High Arctic

High Arctic is a publicly traded company listed on the Toronto Stock Exchange under the symbol “HWO”. The Corporation’s principal focus is to provide drilling and specialized well completion services, equipment rentals and other services to the oil and gas industry.

High Arctic’s largest operation is in Papua New Guinea where it provides drilling and specialized well completion services and supplies rig matting, camps and drilling support equipment on a rental basis. The Canadian operation provides well servicing, well abandonment, snubbing and nitrogen services and equipment on a rental basis to a large number of oil and natural gas exploration and production companies operating in Western Canada.

For more information, please contact:

Michael Binnion
Interim President & CEO
Phone: 403 807 7375
Email: michael.binnion@haes.ca

Brian Peters
Chief Financial Officer
Phone: 587-318-2218
Email: brian.peters@haes.ca

High Arctic Provides Update on Contract for Rig 115

Calgary, Canada – November 27, 2017 – High Arctic Energy Services Inc. (TSX: HWO) (“High Arctic” or the “Corporation”) announces that it has signed a letter of intent with its customer in Papua New Guinea for High Arctic to be awarded a contract to drill two wells with Rig 115. The rig will commence mobilization in Q1 2018 and is expected to be on contract for approximately 180 days.

The parties are currently working to finalize the contract for these services, which will be subject to the parties receiving the requisite corporate approvals.

Mike Maguire, President International commented “The selection of rig 115 for this cost sensitive project is a result of working closely with our customer to plan the project using lean principals. We are confident that the success of this project will lead to further commitments for rig 115.”

Forward-Looking Statements

This Press Release contains forward-looking statements. When used in this document, the words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “seek”, “propose”, “estimate”, “expect”, and similar expressions are intended to identify forward-looking statements.  Such statements reflect the Corporation’s current views with respect to future events and are subject to certain risks, uncertainties and assumptions.  Many factors could cause the Corporation’s actual results, performance or achievements to vary from those described in this Press Release.  Should one or more of these risks or uncertainties materialize, or should assumptions underlying forward-looking statements prove incorrect, actual results may vary materially from those described in this Press Release as intended, planned, anticipated, believed, estimated or expected. Specific forward-looking statements in this Press Release include, among others, the Corporation’s ability to finalize and execute the contract for Rig 115 and the Corporation’s opportunity for future commitments for rig 115.  In […]

High Arctic Announces Appointment of New Chief Executive Officer

Calgary, Canada – November 27, 2017 – High Arctic Energy Services Inc. (TSX: HWO) (“High Arctic” or the “Corporation”) is pleased to announce the appointment of Mr. J. Cameron Bailey to the position of Chief Executive Officer effective today.

Mr. Bailey was most recently Managing Director, Investment Banking at Altacorp Capital responsible for Oil Field Services, Midstream and International Exploration and Development. He has had extensive experience as a founder, senior executive and board member managing the Canadian and international operations of oil field services companies. In addition, Mr. Bailey has relevant experience as a senior executive of public exploration and production companies in North America and emerging markets. He was formerly the founder and CEO of an E&P company operating in South America and founder and Chairman of an oil field services company operating in Canada and the United States.

Michael Binnion, Executive Chairman of the Board commented “After an extensive search for a new CEO, we are pleased that Cam has agreed to join High Arctic as our new CEO. We are confident that he will help to continue to deliver on High Arctic’s profitable growth and development while focusing on maintaining our strong safety culture and partnership with our customers.  In addition, Cam’s background and skills are ideally suited to further High Arctic’s focus on business development, both organically and through acquisitions. He shares High Arctic’s vision of efficient and safe operations and our safety culture.  I am pleased to welcome Cam to High Arctic on behalf of the board and it is fortuitous that we are touring our PNG operations this week to introduce him to this key part of our operations.”

About High Arctic

High Arctic is a publicly traded company listed on the […]