Jay Wilcox – Page 30 – High Arctic Energy Services

High Arctic Signs 3 Year PNG Contract Renewals

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 Signs 3 Year PNG Contract Renewals   Red Deer, Canada – June 25, 2013 – High Arctic Energy Services Inc. (TSX: HWO) (“High Arctic” or the “Company”) is pleased to announce that it has accepted a Letter of Award from Oil Search Limited (“OSL”, http://www.oilsearch.com/) for three year contract extensions for its primary contracts in Papua New Guinea (“PNG”). The extensions will cover the drilling contracts for Rigs 103 and 104 and the drilling support services contract related to the supply of personnel and rental equipment to support the related drilling operations. The new contracts are expected to be signed early in July once the agreed terms are incorporated into the amending agreements.  The new extensions will be effective July 1, 2013 for a three year term to June 30, 2016. Commenting on the renewal, Bill Easson, General Manager Drilling, for OSL, said; “The extension of these contracts reflects Oil Search’s recognition of, and confidence in, High Arctic’s quality service delivery in Papua New Guinea.  Over the last six years, our companies have forged a strong partnership to safely deliver effective drilling results in a very challenging environment.” The PNG LNG facility is currently scheduled to come on stream in 2014 (more details can be found at http://www.pnglng.com ).  This will have a dramatic impact in PNG and on the companies working there.  With a new three year agreement in place, High Arctic is well positioned to deliver the services required by OSL to both continue its oil drilling program that will offset natural declines and to drill for new gas reserves that will be required as feedstock for any additional trains added to the PNG LNG facility. It is currently anticipated that Rig 104 will be fully utilized throughout 2013 in these endeavors; while Rig 103 will operate either on a leap-frog basis with Rig 104 or will be made available for use with other customers should such opportunities arise. Kevin Doran, Vice President International Operations for High Arctic, commented “We have been working with OSL since 2007 and have been committed from day one to being their partner of choice in accomplishing their goals in PNG.  OSL has a deep commitment to the social license to operate in PNG and invests heavily in the communities it works in.  Our joint focus on employee safety underpins this commitment.  We are proud to be OSL’s service company of choice, helping them to deliver on their commitments to the country, their communities, workers and shareholders.” The terms of the extensions are substantially similar to the previous contracts with some inflationary increases in the drilling rig day rates.  High Arctic successfully worked with OSL to identify substantial cost savings in the drilling support services provided to reflect the lower current drilling activity levels. This included headcount reductions, and rental rate reductions on the support equipment that has been operating in the country for over five years.  The overall effect of these changes is a reduced operating cost platform for OSL, which is scalable with activity, and positions High Arctic to grow with future drilling opportunities. The Company operates three rigs in PNG plus a fleet of support equipment including camps.  Two of the rigs are leased from OSL.  Rig 102, a workover rig owned by High Arctic, has a contract that runs to May 14, 2014 and is not affected by these extensions   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, 2012 and the Annual Information Form for the year ended December 31, 2012 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 The Company, through its subsidiaries, is a provider of specialized oilfield equipment and services, including drilling, completion and work over operations. Based in Red Deer, Alberta, High Arctic has operations throughout Western Canada and in Papua New Guinea.  The Company’s most recent investor presentation can be found at dev.haes.ca. Further Information Ken Olson Chief Financial Officer Phone: 403-508-7836 ext 103 Email: ken.olson@dev.haes.ca

High Arctic Declares Monthly Dividend

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 Red Deer, Canada – June 19, 2013 – 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 $0.0125 per share to holders of common shares. The dividend is payable on July 12, 2013, to holders of High Arctic common shares of record at the close of business on June 28, 2013. The ex-dividend date is June 26, 2013. The dividend is designated as an “eligible dividend” for Canadian Income Tax purposes. About High Arctic The Corporation is a global provider of specialized oilfield equipment and services, including drilling, completion and workover operations. Based in Red Deer, Alberta, High Arctic has domestic operations throughout western Canada and international operations in Papua New Guinea. Further Information Ken Olson Chief Financial Officer 403 508 7836 ext 103 ken.olson@dev.haes.ca

High Arctic Announces Normal Course Issuer Bid

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 Normal Course Issuer Bid  Red Deer, Canada – May 24, 2013– 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 2,492,716 common shares, representing approximately 5% of the currently issued and outstanding common shares of the Corporation. As of today’s date, there are 49,854,322 common shares outstanding.  On any trading day, High Arctic will not purchase more than 11,634 common shares, other than through block purchase exceptions. The Corporation is authorized to make purchases during the period from May 28, 2013 to May 27, 2014, 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, at the prevailing market price at the time of the transaction. The Corporation has appointed TD Securities Inc. as its broker to conduct the NCIB transactions.  All common shares acquired under the NCIB will be cancelled. During the 12 months preceding May 24, 2013, the Corporation repurchased 285,380 common shares. 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. 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 involves risk 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 Corporation’s Management Discussion and Analysis for the year ended December 31, 2012 and the Annual Information Form for the year ended December 31, 2012 found on SEDAR (www.sedar.com).  Due to the potential impact of these factors, the Corporation 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 The Corporation, through its subsidiaries, is a provider of specialized oilfield equipment and services, including drilling, completion and workover operations.  Based in Red Deer, Alberta, High Arctic has domestic operations throughout Western Canada and international operations primarily in Papua New Guinea.   Further Information Ken Olson Chief Financial Officer 403 340 9825 ken.olson@dev.haes.ca

High Arctic Declares Monthly Dividend

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 Red Deer, Canada – May 21, 2013 – 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 $0.0125 per share to holders of common shares. The dividend is payable on June 14, 2013, to holders of High Arctic common shares of record at the close of business on May 31, 2013. The ex-dividend date is May 29, 2013. The dividend is designated as an “eligible dividend” for Canadian Income Tax purposes.   About High Arctic The Corporation is a global provider of specialized oilfield equipment and services, including drilling, completion and workover operations.  Based in Red Deer, Alberta, High Arctic has domestic operations throughout western Canada and international operations in Papua New Guinea. Further Information Ken Olson Chief Financial Officer 403 508 7836 ext 103 ken.olson@dev.haes.ca

High Arctic Announces AGM Results

Red Deer, Canada – May 13, 2013 – High Arctic Energy Services Inc. (TSX: HWO) (“High Arctic” or the “Corporation”) is pleased to announce the results of the Annual and Special Meeting of the shareholders of High Arctic held on May 10, 2013. All matters put forth were approved, including the re-election of each nominee as a director of the Corporation for the upcoming year, as follows:   % of VOTES FOR Simon P.D. Batcup                               99.94% Michael R. Binnion                              99.94% Christopher R. Warren                        99.98% Steven R. Vasey                                     99.94% Daniel J. Bordessa                                99.94% Dennis F. Sykora                                  99.94% Bruce A. Thiessen                                 99.94%   In addition to the annual resolutions, including the re-appointment of PricewaterhouseCoopers LLP, Chartered Accountants, as auditors, a resolution was passed approving the unallocated options under the Corporation’s stock option plan.   About High Arctic The Corporation is a global provider of specialized oilfield equipment and services, including drilling, completion and workover operations. Based in Red Deer, Alberta, High Arctic has domestic operations throughout western Canada and international operations in Papua New Guinea.   Further Information Ken Olson Chief Financial Officer 403 340 9825 ken.olson@dev.haes.ca [fusion_builder_container hundred_percent=”yes” overflow=”visible”][fusion_builder_row][fusion_builder_column type=”1_1″ background_position=”left top” background_color=”” border_size=”” border_color=”” border_style=”solid” spacing=”yes” background_image=”” background_repeat=”no-repeat” padding=”” margin_top=”0px” margin_bottom=”0px” class=”” id=”” animation_type=”” animation_speed=”0.3″ animation_direction=”left” hide_on_mobile=”no” center_content=”no” min_height=”none”][fusion_alert type=”error”]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[/fusion_alert][/fusion_builder_column][/fusion_builder_row][/fusion_builder_container]

High Arctic Declares Monthly Dividend

Red Deer, Canada – April 19, 2013 – 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 $0.0125 per share to holders of common shares. The dividend is payable on May 14, 2013, to holders of High Arctic common shares of record at the close of business on April 30, 2013. The ex-dividend date is April 26, 2013. The dividend is designated as an “eligible dividend” for Canadian Income Tax purposes.   About High Arctic The Corporation is a global provider of specialized oilfield equipment and services, including drilling, completion and workover operations.  Based in Red Deer, Alberta, High Arctic has domestic operations throughout western Canada and international operations in Papua New Guinea.   Further Information Ken Olson Chief Financial Officer 403 508 7836 ext 103 ken.olson@dev.haes.ca   [fusion_builder_container hundred_percent=”yes” overflow=”visible”][fusion_builder_row][fusion_builder_column type=”1_1″ background_position=”left top” background_color=”” border_size=”” border_color=”” border_style=”solid” spacing=”yes” background_image=”” background_repeat=”no-repeat” padding=”” margin_top=”0px” margin_bottom=”0px” class=”” id=”” animation_type=”” animation_speed=”0.3″ animation_direction=”left” hide_on_mobile=”no” center_content=”no” min_height=”none”][fusion_alert type=”error”]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[/fusion_alert][/fusion_builder_column][/fusion_builder_row][/fusion_builder_container]

High Arctic Increases Monthly Dividend

Red Deer, Canada – March 19, 2013– High Arctic Energy Services Inc. (TSX: HWO) (“High Arctic” or the “Corporation”) is pleased to announce that its Board of Directors has approved a 25% increase in the monthly dividend amount.  The Board has declared a dividend of $0.0125 per share to holders of common shares payable on April 12, 2013 to holders of High Arctic common shares of record at the close of business on March 28, 2013. The ex-dividend date is March 26, 2013. The dividend is designated as an “eligible dividend” for Canadian Income Tax purposes. Michael Binnion, Chairman of the Board of Directors, stated “The increase in the dividend rewards our shareholders for the strong financial results of 2012 and our expectations that 2013 will be solid as well.  The new dividend rate equates to an annual dividend amount of $7.5 million which is 21.5% of our reported cash flows provided by operations in 2012 of $34.9 million”. About High Arctic The Corporation is a provider of oilfield services, including contract drilling, specialized well completions and equipment rentals.  Based in Red Deer, Alberta, High Arctic has domestic operations throughout western Canada and international operations in Papua New Guinea.   Further Information Ken Olson Chief Financial Officer 403 508 7836 ext 103 ken.olson@dev.haes.ca [fusion_builder_container hundred_percent=”yes” overflow=”visible”][fusion_builder_row][fusion_builder_column type=”1_1″ background_position=”left top” background_color=”” border_size=”” border_color=”” border_style=”solid” spacing=”yes” background_image=”” background_repeat=”no-repeat” padding=”” margin_top=”0px” margin_bottom=”0px” class=”” id=”” animation_type=”” animation_speed=”0.3″ animation_direction=”left” hide_on_mobile=”no” center_content=”no” min_height=”none”][fusion_alert type=”error”]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[/fusion_alert][/fusion_builder_column][/fusion_builder_row][/fusion_builder_container]

High Arctic Reports $39.6 Million in Adjusted EBITDA for 2012

FOR IMMEDIATE RELEASE   Red Deer, Canada – March 13, 2013 – High Arctic Energy Services Inc. (TSX: HWO) (“High Arctic” or the “Corporation”) today announced its operating and financial results for the fourth quarter and year ended December 31, 2012.   Highlights for 2012 High Arctic continued its strong year over year growth in revenue, EBITDA and net earnings in 2012.  Adjusted EBITDA increased 19% to $39.6 million for the year.  Consolidated net earnings for the year increased by 60% to $28.8 million from $18.0 million earned in 2011.  The operations in Papua New Guinea (PNG) generated higher revenue and EBITDA in the fourth quarter which helped to offset slower activity in the Canadian operation.  The Corporation continues to see increased revenues derived from the capital additions made in PNG during 2011 and early 2012. Consolidated revenue for the fourth quarter increased 4% to $38.6 million compared to $37.1 million for the same quarter last year.  Year to date revenues of $146.2 million were up 15% compared to 2011.   Consolidated operating margins continued to be strong at 31% for the quarter, (2011 – 35%) and 33% for 2012 year to date compared to 32% last year.  The margins benefitted from the favourable returns generated during 2012 on capital invested in new rental equipment offset somewhat by lower margins during 2012 on nitrogen sales and the supply of additional personnel services in PNG carrying a lower margin. Commenting on the results, Bruce Thiessen, High Arctic’s Chief Executive Officer, stated: “2012 proved to be a strong year for High Arctic and one which saw growth and adaptation in our chosen markets. In PNG, we continued to invest in our rental fleet, both with our primary customer and with new customers, helping us to grow our revenue base.  We continue to strengthen our relationship with our primary customer by delivering solutions to them in a challenging environment.    In Canada, we experienced a strong start to the year as our operations focused on liquids rich wells and are evolving to also provide services in the oil basins.  This adaptation is important for the Corporation given the continuing low gas prices and the associated reduction in gas field activity.” The strong growth in revenue for the year was driven by increased activity in PNG and by the deployment of a 250K UB Unit in Canada.  In PNG, the fourth quarter revenue was $27.8 million compared to $21.3 million in 2011, the 31% increase primarily from the growth in the matting and equipment rental business and from the start-up of a second drilling rig that went on full operating rate on November 1, 2012.  Year to date revenues in PNG of $99.0 million are up 23% for the same reasons and because of the operation of Rig 102 for all of 2012 compared to seven months in 2011. Revenue for Canada was $47.2 million for 2012, relatively unchanged from 2011.  The fourth quarter saw significantly reduced revenue levels in the core snubbing and nitrogen businesses as both activities were softer with overall industry activity down. In addition to the strong financial results, some of the accomplishments for the Corporation during 2012 include: High Arctic instituted a monthly dividend of $0.01 per share with the first monthly dividend paid on June 14, 2012.  At that monthly rate, the annual dividend would total $6.0 million, which represents 17.2% of cash flows provided by operations during 2012. The Company expanded its rental business in PNG deploying additional mats, cranes and other ancillary equipment, as well as commissioning a newly built 104 person camp that was placed in use in January 2013. In Canada, land was acquired for a new facility in Grande Prairie with construction set to begin in 2013 as part of the strategy to grow in that region. High Arctic continues to maintain a very strong balance sheet.  At December 31, 2012, the Corporation had $27.4 million of cash on hand, well in excess of its debt of $13.8 million.  The Corporation also continues to generate strong cash flows from its operations.  For the year, High Arctic generated $34.9 million (2011- $29.8 million) of cash flows provided by operations, an increase of 17%.  The annual Adjusted EBITDA was $39.6 million for 2012 compared to $33.4 million for the year ended December, 2011.   Selected Comparative Financial Information The following is a summary of selected financial information of the Corporation.  All figures are presented in accordance with the International Financial Reporting Standards (“IFRS”):   Three Months Ended December 31   Years Ended December 31   $ millions (except per share amounts) 2012 2011 Change %   2012 2011 Change % Revenue 38.6 37.1 1.5 4   146.2 127.2 19.0 15                     EBITDA(1) 9.8 11.0 (1.2) (11)   38.2 32.0 6.2 19 Adjusted   EBITDA(1) 10.0 11.2 (1.2) (11)   39.6 33.4 6.2 19                     Operating   earnings 7.1 8.8 (1.7) (19)   28.5 23.3 5.2 22                     Net   earnings 5.9 7.8 (1.9) (24)   28.8 18.0 10.8 60 per share (basic)(2) 0.12 0.17 (0.05)   0.62 0.40 0.22 per share (diluted)(2) 0.12 0.16 (0.04)   0.59 0.37 0.22     Cash   flows provided by operations(1) 8.7 10.7 (2.0) (19)   34.9 29.8 5.1 17                     Dividends   1.5 – 1.5 –   4.0 – 4.0 –                     Capital   expenditures 2.9 0.2 2.7 1350   19.9 13.3 6.6 50                     Total   assets           118.9 93.5 25.4 27                     Total   non-current financial liabilities           13.7 12.4 1.3 10                     Net cash   (net … Read more

High Arctic Declares Monthly Dividend

Red Deer, Canada – February 19, 2013– 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 $0.01 per share to holders of common shares. The dividend is payable on March 14, 2013, to holders of High Arctic common shares of record at the close of business on February 28, 2013. The ex-dividend date is February 26, 2013. The dividend is designated as an “eligible dividend” for Canadian Income Tax purposes.

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