Calgary, Canada – January 8, 2015 – 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 2,938,125 common shares, representing approximately 10% of the public float of High Arctic, being 29,381,251 as of January 7, 2015. As of January 7, 2015, there were 55,768,652 common shares outstanding. The maximum number of common shares that High Arctic may purchase on any given day is 20,505 common shares, which is 25% of the Corporations average daily trading volume on the TSX. 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 Jan 12, 2015 to Jan 11, 2016, 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 Jan 7, 2015. 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 expired on May 27, 2014 and under that program, a total of 105,470 common shares at a weighted average price of $2.19 per share were repurchased for cancellation during the 12 month period when it operated. Forward-Looking Statements This news release may contain forward-looking statements relating to expected future events and anticipated 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, but not limited to, market and general economic conditions, and the risks and uncertainties detailed in both the Company’s Management Discussion and Analysis for the year ended December 31, 2013 and the Annual Information Form for the year ended December 31, 2013 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”. 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 Ken Olson Chief Financial Officer Phone: 403 580 7836 ext 103 Email: ken.olson@z6a.d3d.myftpupload.com
