News Releases

High Arctic Reports 2018 Third Quarter Results

High Arctic Reports 2018 Third Quarter Results

High Arctic Announced Third Quarter Results and Hosts Q3 Conference Call

Calgary, Alberta November 9, 2018: High Arctic Energy Services Inc. (TSX: HWO) (“High Arctic” or the “Corporation”) released its 2018 third quarter results on Thursday, November 8th, 2018 after markets closed and will host a conference call on Friday, November 9, 2018 at 11:00 a.m. MT (1:00 p.m. ET).

To access the conference call by telephone, dial: 1-888-254-3590 or 416-640-5944.

The conference call will be available for replay two hours after the call ends at 1-800-408-3053 and entering passcode 2897193# and will remain available until December 13, 2018. An audio recording of the call will also be available within 24 hours on High Arctic’s website at www.haes.ca. Financial Statements and Management’s Discussion and Analysis will also be posted to www.haes.ca and SEDAR after the results are released.

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, snubbing services, nitrogen supplies and equipment on a rental basis to a large number of oil and natural gas exploration and production companies operating in Western Canada.

For further information contact:

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

Jim Hodgson
Chief Financial Officer
Phone: 587-318-2218
jim.hodgson@haes.ca

High Arctic Announces Acquisition of Powerstroke and Expansion into the United States

Calgary, Canada – August 20, 2018 – High Arctic Energy Services Inc (“High Arctic”) is pleased to announce it has acquired all of the shares of Powerstroke Well Control Ltd (“Powerstroke”), increasing its snubbing and well service fleet and expanding its geographic footprint.

Powerstroke is a well service company established in 2004, currently operating a total of eight hydraulic work over units and a heavy capacity new build service rig and drilling package. Powerstroke is headquartered in Grand Prairie, Alberta, and has offices in Greeley, Colorado and Williston, North Dakota, where they have been successfully offering snubbing service and well services to companies operating in the Bakken, North Dakota and in the Niobrara, Colorado. The purchase price is a total of $9.4 million which consists of the reimbursement of costs for the new build service rig and the balance based on an adjusted EBITDA multiple of 5x for the established snubbing business.

The acquisition establishes an entry into the United States for High Arctic, where it plans on expanding its well service offering. The trend toward longer well bores and increased number of stages in each well bore has increased the demand for pressure control equipment required for well completions. After the acquisition High Arctic will own 17 snubbing units, making it the largest snubbing operator in Canada. Of the total fleet of 17 snubbing units it is planned that eight units will be marketed in the United States, initially focused on well service and completion work in the Niobrara and the Bakken.

The acquisition will also allow for immediate service rig equipment deployment in the United States, and increases High Arctic’s well service rig count to 58. As […]

High Arctic Reports 2018 Second Quarter Results

High Arctic Reports 2018 Second Quarter Results

High Arctic Announces Agreement with Oil Search Limited

Calgary, Canada – August 9, 2018: High Arctic Energy Services Inc is pleased to announce that it has agreed to terms with Oil Search Limited (“OSL”, http://www.oilsearch.com/) for a three year contract renewal for its primary contracts in Papua New Guinea (“PNG”) covering the Drilling Rigs 103 and 104 and the drilling support services related to the supply of personnel and rental equipment to support the related drilling operations. The renewal will be effective August 1, 2018 for a three year term and includes options to further extend on the same terms and conditions.

The two parties have agreed to suspend any further discussions on the formation of a joint owned drilling company but have not ruled out revisiting discussions on a commercial arrangement regarding the ownership and operations management of the OSL drilling rigs in PNG again in the future.
Commenting on the renewal, Bill Easson, General Manager Drilling, for OSL, said; “The renewal of these contracts follows a long period of joint review of the best commercial mechanisms to most cost effectively deliver high quality drilling services in Papua New Guinea. Over the last decade, our companies have forged a strong partnership that continues to set the benchmark for safe and efficient well construction in the challenging PNG environment. This contract commitment reflects Oil Search’s recognition of, and confidence in, High Arctic’s quality service delivery in Papua New Guinea.”

The PNG-LNG facility which was shutdown for a period following a significant earthquake in February has returned to full production (more details can be found at http://www.pnglng.com.) High Arctic anticipates the announcement of a decision to expand this facility and develop the Papua LNG project as per guidance provided by the main participants earlier this year. With […]

High Arctic Announces Appointments of New Director and Chief Financial Officer

Calgary, Canada – May 18, 2018 – High Arctic Energy Services Inc. (TSX: HWO) (“High Arctic” or the “Company”) is pleased to announce that Mr. J. Cameron Bailey, CEO of High Arctic, has been appointed to High Arctic’s board of directors effective today. Mr. Bailey joined High Arctic as Chief Executive Officer on November 27, 2017. He has had extensive experience as a founder, senior executive and board member managing the Canadian and international operations of oil field service companies including being the founder and Chairman of an oil field services company operating in Canada and the United States.

As previously announced Mr. James (Jim) Hodgson has been appointed High Arctic’s Chief Financial Officer, effective today. Most recently Mr. Hodgson was a director of High Arctic and Audit Committee Chairman. He is a seasoned corporate executive with considerable experience as Chief Financial Officer of several resource companies operating in Canada and internationally.

Michael Binnion, Chairman of the Board commented “I am pleased to welcome Cam to the High Arctic board and am confident he will help to continue to deliver on High Arctic’s development and profitable growth. His experience and skills are well suited to further the Corporation’s focus on business development through both organic growth and acquisitions.”

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 is a market leader providing drilling and specialized well completion services and supplies rig matting, camps and drilling support equipment on a rental basis in Papua New Guinea. The Canadian operation provides well servicing, well […]

High Arctic Reports 2018 First Quarter Results

High Arctic Reports 2018 First Quarter Results

High Arctic Announces the Change to its Chief Financial Officer

CALGARY, Alberta, May 02, 2018 (GLOBE NEWSWIRE) — High Arctic Energy Services Inc. (HWO.TO) (“High Arctic” or the “Corporation”) announces the departure of its Chief Financial Officer, Brian Peters effective May 18th, 2018. The Board would like to take this opportunity to express its gratitude to Mr. Peters for his efforts and contribution during his three-year tenure with the Company, including the integration of the Tervita acquisition in 2016.  His efforts have contributed to positioning High Arctic for future growth and success. We wish him the best with his future endeavors.
High Arctic is pleased to announce that Mr. James (Jim) Hodgson, a member of the Board of Directors, has agreed to accept the appointment of Chief Financial Officer, effective May 18, 2018. Since Mr. Hodgson will become an officer of the Company, he has agreed not to stand for re-election to the Board of Directors at the Annual Meeting of Shareholders on May 10th, 2018.
Mr. Hodgson is a seasoned corporate executive with considerable experience as the Chief Financial Officer of several resource companies operating in Canada and internationally. Most recently, he was the Chief Financial Officer of Sino Gas and Energy Holdings Ltd, an ASX listed energy company focused on developing Chinese unconventional gas assets.
Mr. Bailey, Chief Executive Officer of High Arctic, said: “We are very pleased that Mr. Hodgson will be joining the executive team of High Arctic. Jim’s international and operational expertise will be an invaluable asset to the Company as we continue to grow in our core markets and examine opportunities in other areas.”
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 […]