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
Jay Wilcox
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.
High Arctic Announces New Contract in Papua New Guinea
Red Deer, Canada – June 13, 2011 – High Arctic Energy Services Inc. (TSX: HWO) (“High Arctic” or the “Corporation”) is pleased to report the following positive developments in Papua New Guinea.
High Arctic has been awarded its largest contract to date to supply rig matting and related support services for the drilling program of a major operator in Papua New Guinea, this is in addition to recent contract awards by other operators with work programs in PNG. The Corporation has been developing the matting business through the use of “Dura-base” mats which are very well suited for the wet and boggy conditions prevalent in the country. The contract is for a firm 18 month term which will commence after High Arctic purchases the mats from the manufacturer in the USA and delivers them to the field. It expects to have the mats on rental by November 1, 2011. The monthly revenue from this new contract once fully operational is expected to be approximately $400,000, or $7.2 million over the 18 month term. This latest contract further advances the goals of expanding our customer base in Papua New Guinea, expanding our supply of mats and confirming our position as the premier mat supply company in PNG.
High Arctic Earns $7.3 Million For First Quarter
Red Deer, Canada – June 2, 2011 – High Arctic Energy Services Inc. (TSX: HWO) (“High Arctic” or the “Corporation”) today announced its results for the quarter ended March 31, 2011.
High Arctic achieved EBITDA of $10.5 million during the quarter. Commenting on the results, Bruce Thiessen, High Arctic’s CEO said “I am pleased with the strong financial results for the first quarter for both Canada and Papua New Guinea. We continue to see strong demand for our services as the Canadian industry continues to target liquids rich gas to counter the impact of weak natural gas prices. With our new financing facility in place, we can take advantage of emerging opportunities to build on our momentum.”
High Arctic Announces Resignations
Red Deer, Canada – May 20, 2011 – High Arctic Energy Services Inc. (TSX: HWO) (“High Arctic” or the “Corporation”) announces the resignation of two executives.
Mr. Chris Anderson, Vice President, Operations, has resigned with effect on June 19, 2011. Mr. Anderson joined High Arctic in 2006 with primary responsibility for the management of the Canadian operations. Mr. Morley Myden has resigned as Chief Financial Officer with effect on June 17, 2011. Mr. Myden has been the Chief Financial Officer since March 2008. The Corporation understands that Mr. Anderson and Mr. Myden will be working together at another oilfield services company.
High Arctic thanks both individuals for their years of service. They have been an important part of the turnaround of the company over the past few years. With the restructuring complete, they have decided to move on to a new challenge.