Jay Wilcox – Page 35 – High Arctic Energy Services

Major Upgrades & Modifications Completed for Hydraulic Workover Rig 102

November 20, 2024July 1, 2011 by Jay Wilcox

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

November 20, 2024June 15, 2011 by Jay Wilcox

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

November 20, 2024June 13, 2011 by Jay Wilcox

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

November 20, 2024June 2, 2011 by Jay Wilcox

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

November 20, 2024May 20, 2011 by Jay Wilcox

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.

High Arctic Announces New Credit Facility

November 20, 2024May 9, 2011 by Jay Wilcox

Red Deer, Canada – May 9, 2011 – High Arctic Energy Services Inc. (TSX: HWO) (“High Arctic” or the “Corporation”) is pleased to announce that it has entered into a financing agreement with HSBC Bank Canada for new credit facilities to replace the existing senior credit facilities. The main components of the new credit facilities are a $20 million, two year committed term loan with a four year amortization, a $5 million demand revolving operating loan and a $5 million revolving evergreen loan. The $20 million was advanced to the Corporation on May 6, 2011. The credit facilities are secured by all of the assets of High Arctic and by unlimited guarantees of its foreign subsidiaries.

The funds from the $20 million term loan, together with a cash payment of $3.7 million, were used to repay High Arctic’s existing term loan on May 6, 2011. The Corporation is required to make quarterly principal payments on the term loan of $1,250,000 beginning September 30, 2011. The term loan carries an annual interest rate of the bank’s prime interest rate plus 1.75% and has a maturity date of June 30, 2013.

Extension to High Arctic Term Loan

November 20, 2024April 29, 2011 by Jay Wilcox

Red Deer, Canada – April 29, 2011 – High Arctic Energy Services Inc. (TSX: HWO) (“High Arctic” or the “Corporation”) today announced that its lenders have agreed to extend the maturity of its term loan to May 16, 2011. High Arctic is using the extension period to negotiate the terms of a possible new loan agreement.

High Arctic Announces New Director

November 20, 2024April 18, 2011 by Jay Wilcox

Red Deer, Canada – April 18, 2011 – High Arctic Energy Services Inc. (TSX: HWO) (“High Arctic” or the “Corporation”) is pleased to announce the appointment of Mr. Daniel Bordessa to the Board of Directors of the Corporation. Mr. Bordessa is a Managing Director and Partner of Cyrus Capital Partners, L.P. Cyrus Capital Partners is the investment adviser to certain funds which indirectly own or control 101,966,667 common shares of the Corporation, representing approximately 40.5% of the total outstanding shares. The appointment of Mr. Bordessa as a director will provide important representation on the board for the largest shareholder of the Corporation.

High Arctic Unaware of Reason for Share Price Increase

November 20, 2024April 14, 2011 by Jay Wilcox

Red Deer, Canada – April 14, 2011 – At the request of Investment Industry Regulatory Organization of Canada (IIROC) on behalf of the Toronto Stock Exchange, High Arctic Energy Services Inc. discloses to investors that the Corporation is not aware of any reason for the recent increase in its share price.

High Arctic Earns $12.8 million for the Year ended Dec. 31, 2010

November 20, 2024March 11, 2011 by Jay Wilcox

Red Deer, Canada – March 11, 2011 – High Arctic Energy Services Inc. (TSX: HWO) (“High Arctic” or the “Corporation”) today announced its results for the year ended December 31, 2010.

Commenting on the results, Bruce Thiessen, High Arctic’s CEO said, “Our goals going into 2010 were primarily to reduce our debt levels, concentrate on our core businesses and improve our profitability. I am pleased to say that we have successfully addressed those challenges. Most significantly, in the past three years the Corporation has reduced its credit facilities and convertible debentures from $146.2 million at December 31, 2007 to $36.5 million at December 31, 2010. We will continue to build upon our achievements during 2011 as we transition our efforts to growing our business and increasing shareholder value while maintaining our fiscal discipline.”