Jay Wilcox With the hand back of Rig 103 from InterOil, High Arctic commenced services under Contract to Repsol (formerly Talisman Niugini) with Drilling commencing in April for two wells in the Western Province.
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW High Arctic Declares Monthly Dividend Calgary, Canada – January 20, 2016 – 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 12, 2016, to holders of High Arctic common shares of record at the close of business on January 29, 2016. The ex-dividend date is January 27, 2016. 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 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 more information, please contact: Tim Braun Chief Executive Officer Phone: (587) 318-3826 Email: tim.braun@z6a.d3d.myftpupload.com Brian Peters Chief Financial Officer Phone: (587) 318-2218 Email: brian.peters@z6a.d3d.myftpupload.com
Calgary, Canada – January 6, 2016 – High Arctic Energy Services Inc. (TSX: HWO) (“High Arctic” or the “Corporation”) is pleased to announce that it has made the necessary filings, and received the necessary approvals to conduct a normal course issuer bid (“NCIB”) through the facilities of the Toronto Stock Exchange (“TSX”). The TSX has accepted the Corporation’s notice to conduct the NCIB to purchase outstanding common shares on the open market, in accordance with the rules of the TSX. As approved by the TSX, the Corporation is authorized to purchase up to 2,772,136 common shares, representing approximately 10% of the public float of High Arctic, being 27,721,368 as of January 5, 2016. As of January 5, 2016, there were 54,368,469 common shares outstanding. The maximum number of common shares that High Arctic may purchase on any given day is 17,154 common shares, which is 25% of the Corporation’s average daily trading volume on the TSX for the last six months of 2015 adjusted for the Corporation’s NCIB during the same period. High Arctic may also make one weekly block repurchase which exceeds the daily limit subject to prescribed rules. All common shares acquired under the NCIB will be cancelled. The Corporation is authorized to make purchases during the period from January 12, 2016 to January 11, 2017, or until such earlier time as the NCIB is completed or terminated at the option of the Corporation. Any common shares the Corporation purchases under the NCIB will be purchased on the open market through the facilities of the TSX or alternative Canadian markets, at the prevailing market price at the time of the transaction. The Corporation has appointed AltaCorp Capital Inc. (“AltaCorp”) as its broker to conduct the NCIB transactions under an automatic purchase plan agreement (“APPA”) dated January 6, 2016. The APPA will allow AltaCorp to purchase common shares under the bid during internal blackout periods when the Corporation would normally not be permitted to trade in its shares. Such purchases will be at the sole discretion of AltaCorp based on direction received from High Arctic prior to any blackout period and in accordance with all regulatory and securities law. Management of the Corporation believes that from time to time the market price of the High Arctic common shares may not reflect their underlying value and that, at such times, the purchase of common shares for cancellation will increase the proportionate interest of, and be advantageous to, all remaining shareholders. In addition, the purchases by High Arctic under the NCIB may increase liquidity to the Corporation’s shareholders wishing to sell their common shares. The Corporation’s previous NCIB expires on January 11, 2016 and under that program, a total of 1,590,483 common shares at a weighted average price of $3.63 per share have been repurchased for cancellation as of the close of markets on January 4, 2016. 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 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 more information, please contact: Tim Braun Brian Peters Chief Executive Officer Chief Financial Officer Phone: 403-508-7836 ext 105 Phone: 403-508-7836 ext 103 Email: tim.braun@z6a.d3d.myftpupload.com Email: brian.peters@z6a.d3d.myftpupload.com This press release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words “expect”, “anticipate”, “continue”, “estimate”, “may”, “will”, “project”, “should”, “believe”, “plans”, “intends” and similar expressions are intended to identify forward-looking information or statements. More particularly and without limitation, this press release contains forward-looking statements and information relating to liquidity and availability of funding. These forward-looking statements and information are based on certain key expectations and assumptions made by High Arctic. Although High Arctic believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information as High Arctic cannot give any assurance that they will prove to be correct. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, prevailing economic conditions; commodity prices; sourcing, pricing; dependence on major customers; exchange rate fluctuations; marketing; loss of markets; competition; incorrect assessment of the value of acquisitions; failure to realize the anticipated benefits of acquisitions; ability to access sufficient capital from internal and external sources; failure to obtain required regulatory and other approvals; and changes in legislation, including but not limited to tax laws, royalties and environmental regulations. Readers are cautioned that the foregoing list of risks and uncertainties is not exhaustive. Additional information on these and other risk factors that could affect High Arctic’s operations or financial results are included in High Arctic’s annual information form and may be accessed through the SEDAR website (www.sedar.com). The forward-looking statements and information contained in this press release are made as of the date hereof and High Arctic does not undertake any obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW High Arctic Announces 2016 Capital Budget and January Dividend Calgary, Canada – December 16, 2015 – High Arctic Energy Services Inc. (TSX: HWO) (“High Arctic” or the “Company”) is pleased to announce that its Board of Directors has approved a 2016 capital budget of $15.5 million comprised of growth capital expenditures of $12.0 million and maintenance capital expenditures of $3.5 million. The 2016 growth capital initiatives combined with capital spending undertaken in 2015 of approximately $44.0 million is expected to lead to continued growth in 2016. Growth spending in 2016 will include additional rental equipment purchases to support operating activities and the addition of newly designed snubbing units suited for high pressure, extended lateral length wells. Tim Braun, CEO, stated “Our 2016 capital expenditure program addresses immediate capital needs to support our base business operations in Papua New Guinea and niche growth opportunities in Canada. We continue to focus on our stated plan for growth through strategic acquisitions in the existing capital constrained market. Our strong financial position provides flexibility to deploy capital as opportunities materialize.” High Arctic is also 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 14, 2016, to holders of High Arctic common shares of record at the close of business on December 31, 2015. The ex-dividend date is December 29, 2015. 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 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 more information, please contact: Tim Braun Chief Executive Officer Phone: 403-508-7836 ext 105 Email: tim.braun@z6a.d3d.myftpupload.com Brian Peters Chief Financial Officer Phone: 403-508-7836 ext 103 Email: brian.peters@z6a.d3d.myftpupload.com This press release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words “expect”, “anticipate”, “continue”, “estimate”, “may”, “will”, “project”, “should”, “believe”, “plans”, “intends” and similar expressions are intended to identify forward-looking information or statements. More particularly and without limitation, this press release contains forward-looking statements and information relating to future capital expenditures, demand for High Arctic’s services and the sources and availability of funding. These forward-looking statements and information are based on certain key expectations and assumptions made by High Arctic. Although High Arctic believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information as High Arctic cannot give any assurance that they will prove to be correct. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, prevailing economic conditions; commodity prices; sourcing, pricing and availability of raw materials, component parts, equipment, suppliers, facilities and skilled personnel; dependence on major customers; uncertainties in weather and temperature affecting the duration of the service periods and the activities that can be completed; health, safety and environmental risks; exchange rate fluctuations; marketing and transportation; loss of markets; environmental risks; governmental regulations; competition; incorrect assessment of the value of acquisitions; failure to realize the anticipated benefits of acquisitions; ability to access sufficient capital from internal and external sources; failure to obtain required regulatory and other approvals; and changes in legislation, including but not limited to tax laws, royalties and environmental regulations. Readers are cautioned that the foregoing list of risks and uncertainties is not exhaustive. Additional information on these and other risk factors that could affect High Arctic’s operations or financial results are included in High Arctic’s annual information form and may be accessed through the SEDAR website (www.sedar.com). The forward-looking statements and information contained in this press release are made as of the date hereof and High Arctic does not undertake any obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW High Arctic Declares Monthly Dividend Calgary, Canada – November 19, 2015 – 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 December 14, 2015, to holders of High Arctic common shares of record at the close of business on November 30, 2015. The ex-dividend date is November 27, 2015. 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 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. Further Information Brian Peters Chief Financial Officer Phone: 403 508 7836 ext 103 Email: brian.peters@z6a.d3d.myftpupload.com
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NEWS RELEASE NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW. High Arctic Announces Appointment of Chief Financial Officer Calgary, Canada – November 03, 2015 – High Arctic Energy Services Inc. (TSX: HWO) (“High Arctic” or the “Corporation”) is pleased to announce the appointment of Brian Peters as Chief Financial Officer (CFO) effective November 16th, 2015. Brian is a Chartered Accountant with nearly twenty years of experience in various finance and accounting roles, including that of CFO at both public and private oilfield service companies. Mr. Peters will be responsible for the overall financial management of High Arctic and will be located in our corporate office in Calgary. Tim Braun, President and CEO of High Arctic, stated, “Brian has gained valuable executive experience in the various roles he has fulfilled during his career. His merger and acquisition experience in the energy services sector will be especially beneficial as High Arctic expands its business. I wish to thank Ken Olson for his efforts during the past three years and wish him success in his future endeavors.” Forward-Looking Statements This news release may contain forward-looking statements relating to expected future events and financial and operating results of the Company that involve risks and uncertainties. Actual results may differ materially from management expectations, as projected in such forward-looking statements for a variety of reasons, including market and general economic conditions and the risks and uncertainties detailed in both the Company’s Management’s Discussion and Analysis for the quarter ended June 30, 2015, and in the Annual Information Form for the year ended December 31, 2014 found on SEDAR (www.sedar.com). Due to the potential impact of these factors, the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless required by applicable law. About High Arctic High Arctic is a publicly traded company listed on the Toronto Stock Exchange under the symbol “HWO”. Based in Alberta, the Company’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 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. Further Information Tim Braun Chief Executive Officer Tim.braun@z6a.d3d.myftpupload.com
Calgary, Canada – October 22, 2015 – High Arctic Energy Services Inc. (TSX: HWO) (“High Arctic” or the “Company”) is pleased to provide a third quarter 2015 operations update. Third Quarter Update In Papua New Guinea (“PNG”), Rigs 103, 104 & 115 were all fully-utilized through the third quarter of 2015 and should continue to be fully-utilized through the year end and into 2016. The customer base is expanding as windows of opportunity arise in the drilling schedules of the Company’s primary customers, resulting in drilling activity with new customers. As a result of the lower global commodity prices, the Company has been focused on reducing labour and operating expenses in response to the revenue reductions being experienced by High Arctic’s customers. Operational teams remain focused on delivering a high level of service quality, which resulted in the Company earning incremental performance incentive payments in the quarter. The second heli-portable rig that High Arctic purchased in 2014, Rig 116, arrived in Papua New Guinea during the quarter and began earning standby revenue in August, slightly earlier than the Company forecasted. The rig is currently in Port Moresby awaiting deployment to its first drilling site. Mobilization to the first location will commence in 2016 once the customer has finalized their drilling plans. The two year contract term with the customer will commence when the first well is spudded. In Canada, activity levels continue to be significantly lower than those experienced in the prior year. The operations remain profitable as the business infrastructure has been adjusted to match the current demand for equipment and services. Utilization levels and rental equipment demand in the third quarter were higher than the Company forecasted. This, coupled with a reduced fixed cost structure, resulted in better than anticipated Canadian results. As a result of the incremental earnings delivered from Rigs 115 and 116 compared to the prior year, the stronger U.S. dollar, strong operational performance in PNG, and the better utilization realized in Q3 from Canadian operations, the Company expects the third quarter 2015 adjusted EBITDA to exceed $18 million. The Company’s contracted status in Papua New Guinea, the strong US dollar exchange rate, continued service quality levels, and similar quarter to quarter demand in Canada should result in fourth quarter adjusted EBITDA being similar to the third quarter. The Company expects to announce third quarter 2015 financial and operating results after the market closes on Thursday, November 12th. EBITDA & Adjusted EBITDA Earnings before interest, taxes, depreciation and amortization (EBITDA) and adjusted EBITDA are non-GAAP measures. EBITDA is a useful supplemental measure of the Company’s performance prior to consideration of how operations are financed or how results are taxed or how depreciation and amortization affects results. Adjusted EBITDA is used by management to analyze EBITDA prior to the effect of share-based compensation, gains or losses on sale of assets or investments, excess of insurance proceeds over costs and foreign exchange gains or losses. These measures do not have a standardized meaning as prescribed by International Financial Reporting Standards (IFRS). Both measures are not intended to represent net earnings as calculated in accordance with IFRS and may not be comparable to similar measures presented by other issuers. This information should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS. Forward-Looking Statements This news release may contain forward-looking statements relating to expected future events and financial and operating results of the Company that involve risks and uncertainties. Actual results may differ materially from management expectations, as projected in such forward-looking statements for a variety of reasons, including market and general economic conditions and the risks and uncertainties detailed in both the Company’s Management’s Discussion and Analysis for the quarter ended June 30, 2015 and in the Annual Information Form for the year ended December 31, 2014 found on SEDAR (www.sedar.com). Due to the potential impact of these factors, the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless required by applicable law. About High Arctic High Arctic is a publicly traded company listed on the Toronto Stock Exchange under the symbol “HWO”. Based in Alberta, the Company’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 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. Further Information A full copy of High Arctic’s results including the Management’s Discussion and Analysis and the Consolidated Financial Statements for quarter ended June 30, 2015 and the notes contained therein can be found on the Investor Relations page of High Arctic’s website haes.ca or at www.sedar.com. The Corporation’s most recent investor presentation can be found at haes.ca. Tim Braun Chief Executive Officer (403) 508-7836 tim.braun@z6a.d3d.myftpupload.com
Calgary, Canada – October 21, 2015 – 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 November 13, 2015, to holders of High Arctic common shares of record at the close of business on October 30, 2015. The ex-dividend date is October 28, 2015. 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 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. Further Information Tim Braun Chief Executive Officer Phone: 403 508 7836 ext 105
Following the commencement of Operatorship transition for the PRL 15 Joint Venture, High Arctic drilled the next two Antelope wells (6 & 7) under contract to Total with Rig 115. Total expands to the number of High Arctic’s major HDPE Mat Systems and Rolling Stock customers to six.