Jay Wilcox

[fusion_builder_container hundred_percent=”no” hundred_percent_height=”no” hundred_percent_height_scroll=”no” hundred_percent_height_center_content=”yes” equal_height_columns=”no” menu_anchor=”” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” class=”” id=”” gradient_top_color=”” gradient_bottom_color=”” gradient_type=”vertical” gradient_direction=”0deg” gradient_force=”yes” background_color=”” background_image=”” background_position=”center center” background_repeat=”no-repeat” fade=”no” background_parallax=”none” enable_mobile=”no” parallax_speed=”0.3″ video_mp4=”” video_webm=”” video_ogv=”” video_url=”” video_aspect_ratio=”16:9″ video_loop=”yes” video_mute=”yes” video_preview_image=”” border_size=”” border_color=”” border_style=”solid” margin_top=”” margin_bottom=”” padding_top=”0px” padding_right=”10%” padding_bottom=”0px” padding_left=”10%”][fusion_builder_row][fusion_builder_column type=”1_1″ layout=”1_1″ background_position=”left top” background_color=”” border_size=”” border_color=”” border_style=”solid” border_position=”all” spacing=”yes” background_image=”” background_repeat=”no-repeat” padding_top=”” padding_right=”” padding_bottom=”” padding_left=”” margin_top=”0px” margin_bottom=”0px” class=”” id=”” animation_type=”” animation_speed=”0.3″ animation_direction=”left” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” center_content=”no” last=”no” min_height=”” hover_type=”none” link=””][fusion_text] Calgary, Canada – July 10, 2017 – High Arctic Energy Services Inc. (“High Arctic” or the “Company”) is pleased to provide an operational and financial update on its International Operations in Papua New Guinea (“PNG”). Following several contract extensions in relation to heli-portable rigs that are managed for a significant customer, High Arctic is now in a position to provide additional details on developments towards solidifying its position as the leading drilling services provider in PNG. High Arctic has been providing drilling services and related rentals to exploration and production companies in PNG for over ten years. PNG is one of the global low cost producers of liquid natural gas (“LNG”) and it continues to be one of the most competitive and geographically advantaged sources of LNG supply in a challenged hydrocarbon environment.  High Arctic’s business in PNG is in a strong position, and the Company is committed to continuing to strengthen its position as a top service provider to its customers in this strategic market. The Company has been in productive discussions with key stakeholders about how to meet its client’s needs for effective rig management and availability between its owned and operated rigs and potential new rig and service requirements in the country. This discussion has been against a backdrop of strengthening High Arctic’s business in the PNG market.   The global downturn in the energy economy has further impacted these discussions as High Arctic sought to simultaneously streamline its cost structure in order to deliver significant savings to its clients. New Joint Company and Contract Update   High Arctic is pleased to announce that it has entered into formal and exclusive negotiations to exchange an equal share of its owned rigs (rigs 102, 115 and 116) for an equal share of the rigs that it has historically managed for its key customer under long term management agreements (rigs 103, and 104) in a company to be jointly owned by High Arctic and its customer. High Arctic will provide the management of this joint company.  As part of the proposed arrangements, High Arctic will operate the rigs under a minimum three year exclusive call rig services agreement. As part of High Arctic’s continuing efforts to reduce costs and provide efficient operations to its customers to remain competitive in the current commodity environment, High Arctic has committed to reducing operating costs in the joint company. Correspondingly first year rates under the new rig services contract are likely to be approximately 20% to 23% less than under the previous contract.  It is contemplated there will be scope within the agreement for rates to rebalance in the event that the commodity environment recovers.  These rate reductions will not impact the Corporation’s existing contracts for rig 116 or High Arctic’s rental equipment in PNG. High Arctic also contemplates that the agreement will include two-way option clauses which would allow or require High Arctic to increase its interest in the proposed joint company over time. The proposed joint company will focus exclusively on rig ownership and High Arctic will focus on operational efficiencies and optimal rig performance. The Company’s significant business of providing rental equipment (e.g. rig mats, heavy and light equipment, etc.) to its customers in the oil and gas, mining and civil engineering sectors (including the proposed joint company) will continue to be wholly owned by High Arctic and will not be part of the proposed transaction.  It is anticipated that the discussion on the joint company could be concluded as soon as year-end, and High Arctic will provide additional details as they become available.  In the interim, the current contracts for the operation of rigs 103 and 104 are expected to be extended for one year at the new rates. Mike Maguire, President International commented “This joint company is an innovative solution to meeting our key customer’s chief driver of reducing well costs and providing cost efficient drilling solution in PNG. The PNG market is an extraordinary long-term energy sector opportunity. High Arctic has become the local domain expert delivering top tier drilling services in a challenging logistics region.   We are excited to complete negotiations on this complex transaction, as early as year-end to cement our position as a long term player in this market.” The agreements required to effect the proposed transaction will be subject to approval by High Arctic’s and the customer’s respective Boards of Directors. Fast Moving Rig Contract The Company is pleased to announce that its major client accepted a proposal for a new highly mobile land rig, subject to finalization of lease and drilling services agreements. This rig is expected to start working this fall on an initial six month term.  The project is to prove the efficacy of a small footprint rig for field optimization work in areas with or close to existing roads.  With success, the contract proposal has terms for extension and would roll in to the joint company. Foreign Currency Controls As the Company has previous disclosed in its Management’s Discussion and Analysis for the three months ended March 31, 2017 and 2016, High Arctic’s US dollar bank account has been re-approved under a Bank of Papua New Guinea review of its currency control regulations.   This will allow High Arctic to continue to operate in PNG on a US dollar basis and in Kina, the local PNG currency as appropriate and outlined under the regulations, provided that High Arctic seeks approval from the Bank of PNG for future customer contracts to be settled in US dollars on a contract by contract basis. Michael Binnion, Chairman commented further “We have been working in … Read more

[fusion_builder_container hundred_percent=”no” hundred_percent_height=”no” hundred_percent_height_scroll=”no” hundred_percent_height_center_content=”yes” equal_height_columns=”no” menu_anchor=”” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” class=”” id=”” gradient_top_color=”” gradient_bottom_color=”” gradient_type=”vertical” gradient_direction=”0deg” gradient_force=”yes” background_color=”” background_image=”” background_position=”center center” background_repeat=”no-repeat” fade=”no” background_parallax=”none” enable_mobile=”no” parallax_speed=”0.3″ video_mp4=”” video_webm=”” video_ogv=”” video_url=”” video_aspect_ratio=”16:9″ video_loop=”yes” video_mute=”yes” video_preview_image=”” border_size=”” border_color=”” border_style=”solid” margin_top=”” margin_bottom=”” padding_top=”0px” padding_right=”10%” padding_bottom=”0px” padding_left=”10%”][fusion_builder_row][fusion_builder_column type=”1_1″ layout=”1_1″ background_position=”left top” background_color=”” border_size=”” border_color=”” border_style=”solid” border_position=”all” spacing=”yes” background_image=”” background_repeat=”no-repeat” padding_top=”” padding_right=”” padding_bottom=”” padding_left=”” margin_top=”0px” margin_bottom=”0px” class=”” id=”” animation_type=”” animation_speed=”0.3″ animation_direction=”left” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” center_content=”no” last=”no” min_height=”” hover_type=”none” link=””][fusion_text] High Arctic Announces 2017 AGM Results [/fusion_text][/fusion_builder_column][/fusion_builder_row][/fusion_builder_container]

[fusion_builder_container hundred_percent=”no” hundred_percent_height=”no” hundred_percent_height_scroll=”no” hundred_percent_height_center_content=”yes” equal_height_columns=”no” menu_anchor=”” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” class=”” id=”” gradient_top_color=”” gradient_bottom_color=”” gradient_type=”vertical” gradient_direction=”0deg” gradient_force=”yes” background_color=”” background_image=”” background_position=”center center” background_repeat=”no-repeat” fade=”no” background_parallax=”none” enable_mobile=”no” parallax_speed=”0.3″ video_mp4=”” video_webm=”” video_ogv=”” video_url=”” video_aspect_ratio=”16:9″ video_loop=”yes” video_mute=”yes” video_preview_image=”” border_size=”” border_color=”” border_style=”solid” margin_top=”” margin_bottom=”” padding_top=”0px” padding_right=”10%” padding_bottom=”0px” padding_left=”10%”][fusion_builder_row][fusion_builder_column type=”1_1″ layout=”1_1″ background_position=”left top” background_color=”” border_size=”” border_color=”” border_style=”solid” border_position=”all” spacing=”yes” background_image=”” background_repeat=”no-repeat” padding_top=”” padding_right=”” padding_bottom=”” padding_left=”” margin_top=”0px” margin_bottom=”0px” class=”” id=”” animation_type=”” animation_speed=”0.3″ animation_direction=”left” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” center_content=”no” last=”no” min_height=”” hover_type=”none” link=””][fusion_text] High Arctic Reports 2017 First Quarter Results [/fusion_text][/fusion_builder_column][/fusion_builder_row][/fusion_builder_container]

[fusion_builder_container hundred_percent=”no” hundred_percent_height=”no” hundred_percent_height_scroll=”no” hundred_percent_height_center_content=”yes” equal_height_columns=”no” menu_anchor=”” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” class=”” id=”” gradient_top_color=”” gradient_bottom_color=”” gradient_type=”vertical” gradient_direction=”0deg” gradient_force=”yes” background_color=”” background_image=”” background_position=”center center” background_repeat=”no-repeat” fade=”no” background_parallax=”none” enable_mobile=”no” parallax_speed=”0.3″ video_mp4=”” video_webm=”” video_ogv=”” video_url=”” video_aspect_ratio=”16:9″ video_loop=”yes” video_mute=”yes” video_preview_image=”” border_size=”” border_color=”” border_style=”solid” margin_top=”” margin_bottom=”” padding_top=”0px” padding_right=”10%” padding_bottom=”0px” padding_left=”10%”][fusion_builder_row][fusion_builder_column type=”1_1″ layout=”1_1″ background_position=”left top” background_color=”” border_size=”” border_color=”” border_style=”solid” border_position=”all” spacing=”yes” background_image=”” background_repeat=”no-repeat” padding_top=”” padding_right=”” padding_bottom=”” padding_left=”” margin_top=”0px” margin_bottom=”0px” class=”” id=”” animation_type=”” animation_speed=”0.3″ animation_direction=”left” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” center_content=”no” last=”no” min_height=”” hover_type=”none” link=””][fusion_text] Calgary, Alberta May 1, 2017: High Arctic Energy Services Inc. (TSX: HWO) (“High Arctic” or the “Corporation” will release its 2017 first quarter results on Wednesday May 10, 2017 after markets close and will host a conference call on May 11, 2017 at 9:00 a.m. MT 11:00 a.m. ET). To access the conference call by telephone, dial: 800-377-0758 or 416-340-2216.  The conference call will be available for replay two hours after the call ends at 1-800-408-3053 and entering passcode 6065407. It will remain available until May 18, 2017. An audio recording of the call will also be available within 24 hours on the company’s website at haes.ca. Financial Statements and Management’s Discussion and Analysis will also be posted to haes.ca and SEDAR after the results are released by newswire. 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. Thomas Alford Interim Chief Executive Officer Phone: 587-318-3826 Email: tom.alford@z6a.d3d.myftpupload.com Brian Peters Chief Financial Officer Phone: 587-318-2218 Email: brian.peters@z6a.d3d.myftpupload.com [/fusion_text][/fusion_builder_column][/fusion_builder_row][/fusion_builder_container]

Calgary Alberta, March 21, 2017 – High Arctic Energy Services Inc. (TSX: HWO) – “High Arctic” or the “Corporation” is pleased to announce its 2016 fourth quarter and year end results. Thomas Alford, High Arctic’s President and CEO stated: “The fourth quarter saw continued positive performance from our drilling operations in Papua New Guinea, as the integration of our recently acquired Canadian production services platform continued.  The financial performance of the Corporation in the quarter and over the full year, combined with our strong balance sheet provides us with the ability to pursue additional growth opportunities as we continue to grow High Arctic’s business operations. Highlights 2016 marked a year of transition for High Arctic as the Corporation utilized the strength of its PNG business to expand the Corporation’s business operations during an extended period of weakness in the global oilfield services sector and was able to add additional geographic and product line diversification through the completion of the acquisition of Tervita’s Production Services division (the “Tervita Acquisition”) in the third quarter of 2016. Fourth Quarter 2016: Revenue in the fourth quarter increased 7% to $62.3 million from $58.0 million in the fourth quarter of 2015. Contribution from the Tervita Acquisition offset lower quarter over quarter contribution from the Corporation’s Drilling Services segment which benefited from high activity levels in the fourth quarter of 2015 versus the fourth quarter of 2016. Integration of the Tervita’s Production Services Division was largely completed during the quarter, with focus now transitioning to the achieving of operating and business synergies. Due to reduced activity from the Corporation’s Drilling Services segment in the quarter versus the fourth quarter of 2015, Adjusted EBITDA declined 12% to $18.3 million from $20.8 million in the fourth quarter of 2015. Rigs 103 and 115 were active throughout the quarter, with Rig 104 commencing drilling operations in November.  Rig 116 remained on standby in the quarter. In comparison, the fourth quarter of 2015 saw EBITDA contribution from all four rigs throughout the quarter. Subsequent to quarter end, the Corporation received an interim extension of its drilling and related services contract for PNG Rig 103 and 104 until July 31, 2017 and remains in discussions with its customer for long-term renewals of its contracts for Rigs 103 and 104. Consistent with the reduced Adjusted EBITDA during the quarter, as well as increased depreciation expense associated with capital investments made in 2015 on the Corporation’s drilling rigs as well as assets acquired in the Tervita Acquisition, Adjusted net earnings declined to $8.4 million ($0.15 per share (basic)) in the quarter versus $9.7 million ($0.18 per share (basic)) in the fourth quarter of 2015.  On a net earnings basis, the Corporation generated $7.5 million in net earnings in the quarter versus $9.7 million in the fourth quarter of 2015.  During the quarter, the Corporation incurred an additional $0.9 million in onetime costs related to the Tervita Acquisition, resulting in net earnings of $7.5 million ($0.14 per share (basic)) versus $9.7 million ($0.18 per share (basic)) generated in the comparative quarter. Full Year 2016: Revenue declined 1% to $208.0 million during the year from $209.9 million in 2015. The four months of revenue contribution from the Tervita Acquisition largely offset lower drilling activity in PNG as well as softer activity and pricing for the Corporation’s Canadian snubbing and nitrogen operations during the year. Additional margin contribution from the Corporation’s owned PNG based drilling rigs, combined with proactive cost management allowed Adjusted EBITDA to increase 11% to $70.8 million in 2016 from $64.0 million in 2015. High Arctic distributed a total of $17.0 million to shareholders year to date via $10.5 million in dividends, representing 18% of funds provided from operations during the year, and $6.5 million in share buybacks under the Corporation’s NCIB. Consistent with the year to date increase in Adjusted EBITDA, Adjusted net earnings increased by 9% to $34.7 million ($0.65 per share (basic)) from $31.9 million ($0.58 per share (basic)) for the year ended 2015.  Full year net earnings benefited from the recognition of a gain of $12.7 million related to the Tervita Acquisition.  This gain represents the difference in appraised value of the net assets acquired in the transaction versus the $42.8 million paid to acquire them.  This gain as well as transaction costs associated with the acquisition has been excluded from the Corporation’s Adjusted net earnings as these costs are not representative of the earnings associated with the Corporation’s ongoing business operations. Funds provided from operations of $59.8 million during the year (2015 – $52.8 million) combined with $9.0 million generated from the sale of short term investments offset $52.4 million invested in capital assets and the Tervita Acquisition as well as $17.0 million distributed to investors, allowing the Corporation to exit 2016 with no net debt.  Through the strength of its balance sheet, High Arctic continues to seek growth opportunities in order to further diversify its business operations and position itself for a future increase in industry activity levels. Corporate Profile Headquartered in Calgary, Alberta, Canada, High Arctic provides oilfield services to exploration and production companies operating in Canada and Papua New Guinea (“PNG”). High Arctic is a publicly traded company listed on the Toronto Stock Exchange under the symbol “HWO”.  As a result of the expansion of the Corporation’s service offering following the Tervita Acquisition, High Arctic has organized its business into three business segments: Contract Drilling Services; Production Services; and Ancillary Services. Contract Drilling The Contract Drilling segment consists of High Arctic’s drilling services in PNG where the Corporation has operated since 2007.  High Arctic currently operates the largest fleet of tier-1 heli-portable drilling rigs in PNG, with two owned rigs and two rigs managed under operating and maintenance contracts for one of the Corporation’s customers. Production Services The Production Services segment consists of High Arctic’s well servicing and snubbing operations.  These operations are primarily conducted in the Western Canadian Sedimentary Basin (“WCSB”) through High Arctic’s fleet of well servicing rigs, operating as Concord Well … Read more