Red Deer, Canada – February 1, 2012 – High Arctic Energy Services Inc. (TSX: HWO) (“High Arctic” or the “Corporation”) is pleased to announce that its Board of Directors has approved a total capital budget of $23 million for 2012, an indication of the Company’s positive outlook for growth opportunities and anticipated continued strong cash flows. Growth capital expenditures are expected to be $16 million, and maintenance capital expenditures are budgeted at $7 million. Capital expenditures are anticipated to be funded from operating cash flow.
Jay Wilcox
High Arctic Appoints Vice President
Red Deer, Canada – January 11, 2012 – High Arctic Energy Services Inc. (TSX: HWO) (“High Arctic” or the “Corporation”) is pleased to announce the appointment of Mr. Dan Beaulieu as Vice President, Canadian Operations effective immediately. In that capacity, he will have responsibility for managing the Canadian operations and will be based in the Red Deer head office.
Mr. Beaulieu has over 30 years of oilfield services experience. He has spent the past 11 years with a major integrated oilfield services company where he was the senior manager of a Canadian business unit. He had joined that company as part of a transaction to sell his own services company that he founded. Dan will play an important role in expanding High Arctic’s position as a leading well pressure control services provider to take advantage of the growing opportunities in the shale gas and other resource plays.
Third Quarter Management Discussion & Analysis
Red Deer, Canada – November 14, 2011– The following is Management‟s Discussion and Analysis (“MD&A”) of the financial condition and results of operations of High Arctic Energy Services Inc. (the “Corporation” or “High Arctic”) for the three and nine months ended September 30, 2011 as compared to the same periods in 2010. It also contains information on the Corporation‟s future outlook based upon currently available information. This MD&A should be read in conjunction with the unaudited interim consolidated financial statements and accompanying notes for the three and nine months ended September 30, 2011 (the “Interim Financial Statements”) and the audited financial statements for the year ended December 31, 2010 and annual MD&A of those audited financial statements. Readers should also read the “Forward-Looking Statements” contained at the end of this document.
Third Quarter Financial Statements
Red Deer, Canada – November 14, 2011 – High Arctic Energy Services Inc.
Consolidated Statement of Financial Position
As at September 30, 2011, December 31, 2010 and January 1, 2010
High Arctic Reports $7.9 Million in Adjusted EBITDA for 3rd Qtr of 2011 & $22.2 Million Year to Date
Red Deer, Canada – November 14, 2011 – High Arctic Energy Services Inc. (TSX: HWO) (“High Arctic” or the “Corporation”) today announced its operating and financial results for the third quarter and first nine months of 2011.
High Arctic Announces Rig 103 Contract Extension
Red Deer, Canada – August 11, 2012– High Arctic Energy Services Inc. (TSX: HWO) (“High Arctic” or the “Corporation”) is pleased to report that it has signed a contract extension for Rig 103. The contract extension extends the term for approximately 2 1⁄2 years to December 17, 2013, which coincides with the term of Rig 104 and the related drilling support services contract.
High Arctic Reports 2011 Second Quarter Results
Red Deer, Canada – August 11, 2011 – High Arctic Energy Services Inc. (TSX: HWO) (“High Arctic” or the “Corporation”) today announced its operating and financial results for the second quarter and first six months of 2011.
Commenting on the results, Bruce Thiessen, High Arctic’s Chief Executive Officer stated: “Although the second quarter was down somewhat in terms of our operating margins and EBITDA(1), we remain optimistic moving forward based on the improvement in activity and pricing already experienced in our Canadian operation and the contract awards received in Papua New Guinea. The wet weather in western Canada setback many of the well site projects of our customers and prevented the movement of our equipment into many areas in the quarter. We anticipate increased Canadian activity in the second half based on indications from our customers and the pent up demand from the second quarter. In preparation for the busy season, we continue to plan for the industry wide shortage of qualified field personnel and are progressing on organizational initiatives to build additional crews. Additionally, we advanced our planned equipment maintenance and refurbishment program in the quarter to ensure the high quality standard of our fleet continues”.
High Arctic Announces New Director and CFO
Red Deer, Canada – July 18, 2011 – High Arctic Energy Services Inc. (TSX: HWO) (“High Arctic” or the “Corporation”) is pleased to announce the appointment of Mr. Bruce Thiessen to the Board of Directors of the Corporation. Mr. Thiessen is the Chief Executive Officer of High Arctic and has filled that role since December, 2008. He has been a key part of High Arctic since 1993 and instrumental in its growth.
High Arctic is also pleased to announce the appointment of Mr. Robert Morin as Chief Financial Officer effective on July 18, 2011. Mr. Morin is a Chartered Accountant and has held senior financial positions with oilfield services business for the past 12 years. Those positions have included the role of Chief Financial Officer with a publicly traded entity and Vice President, Finance with several other companies. Most recently, Robert served as Vice-President Finance and Treasurer with a large publicly traded drilling contractor.
Major Upgrades & Modifications Completed for Hydraulic Workover Rig 102
Rig 102 is signed onto a new contract with Oil Search, including major upgrades and modifications to the existing unit. In addition, O.S.L extends their contract for Rig 104.
High Arctic Announces Share Consolidation
Red Deer, Canada – June 15, 2011 – High Arctic Energy Services Inc. (TSX: HWO) (“High Arctic” or the “Corporation”) announces that it has completed a consolidation of its common shares on the basis of one (1) new post-consolidation common share for every five (5) pre-consolidated common shares. The 252,183,147 common shares of the Corporation outstanding will be reduced to approximately 50,436,636 common shares, as approved by shareholders at the Corporation’s annual and special meeting held on June 1, 2011. No fractional shares will be issued. Any fractions of a share will be rounded to the next highest whole number of common shares. A new CUSIP number of 429644206 replaces the old CUSIP number of 429644, to distinguish between the pre- and post-consolidated shares. The Corporation’s name and trading symbol will remain unchanged.