Jay Wilcox – Page 7 – High Arctic Energy Services

High Arctic Declares Recommencement of a Monthly Dividend

Calgary, Alberta, March 11, 2022: High Arctic Energy Services Inc. (TSX: HWO) “High Arctic” or the “Corporation” is please to announce that its Board of Directors has approved the recommencement of a monthly dividend payment of $0.005 per share to holders of common shares, commencing in Q2-2022. The first dividend is payable on May 12, 2022 to holders of High Arctic common shares of record at the close of business on April 30, 2022. The ex-dividend date is April 29, 2022. The dividend is designated as an “eligible dividend” for Canadian Income Tax purposes. About High Arctic High Arctic’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 is a market leader providing drilling and specialized well completion services and supplies rig matting, camps and drilling support equipment on a rental basis in Papua New Guinea. The western Canadian operation provides well servicing, well abandonment, snubbing and nitrogen services and equipment on a rental basis to a large number of exploration and production companies. For further information, please contact: Lance Mierendorf Chief Financial Officer 1.587.318.2218 1.800.668.7143 High Arctic Energy Services Inc. Suite 2350, 330–5th Avenue SW Calgary, Alberta, Canada T2P 0L4 website: haes.ca Email: info@haes.ca

High Arctic Announces 2021 Fourth Quarter and Year End Financial and Operating Results

CALGARY, Canada – March 10, 2022, High Arctic Energy Services Inc. (TSX: HWO) (the “Corporation” or “High Arctic”) released its’ fourth quarter and year-end results today. The audited consolidated financial statements, management discussion & analysis (“MD&A”), and annual information form for the year ended December 31, 2021 will be available on SEDAR at www.sedar.com, and on High Arctic’s website at haes.ca. Non-IFRS measures, such as EBITDA, Adjusted EBITDA, Adjusted Net Earnings (Loss), Operating margin % and working capital are included in this News Release. See Non-IFRS Measures section below. All amounts are denominated in Canadian dollars (“CAD”), unless otherwise indicated. Mike Maguire, Chief Executive Officer commented: “High Arctic closed out the 2021 fiscal year in excellent position. As underlying business fundamentals began to improve, surplus pre-pandemic cash of $9.7 million was paid to shareholders in the form of a special one-time dividend. We exited the year with a net cash position of $4.0 million, strengthened capital structure with fixed rate mortgage financing and an undrawn revolving credit facility, and increasing revenue fueled by positive pricing trends and the return to work in PNG. Entering 2022, global events have propelled the energy sector into significant supply constraint. Sanctions against Russia combined with the actions of global energy and transport corporations have removed substantial supply of both oil and gas, stressing the market at a time of increasing energy demand as Covid-19 restrictions are lifted. As a result, commodity price strength coupled with long-term security of supply assurances are expected to drive further increases in service activity. More Canadian oil is needed to supply foreign markets, and LNG is increasingly becoming the mobile, low emissions energy source of choice through this period of energy transition. The signing of the P’nyang gas agreement and the progression of the Papua LNG project towards FID, positions Papua New Guinea as a key source of new LNG supply to Asia and the sub-continent. High Arctic is ideally placed to benefit in both of these markets, and as a result we have undertaken to reinstate a regular monthly dividend.” Highlights The following highlights the Corporations results for Q4-2021 and YTD-2021: • High Arctic’s revenues increased 43% to $23.6 million in Q4-2021 relative to Q4-2020 and were 27% higher than Q3-2021, buoyed by renewed activity in the Drilling Services Segment during the quarter. In contrast, YTD-2021 revenues of $76.4 million were lower by 16% primarily due to significantly lower drilling services activity throughout 2021-year compared to the 2020-year which included a full quarter of pre-pandemic activity. • High Arctic’s oilfield services operating margin as a percentage of revenue was 19.9% in both Q4-2021 and YTD-2021, compared to 23% and 23.5% in the corresponding 2020-periods. • High Arctic achieved positive EBITDA of $1.2 million and $4.4 million for Q4-2021 and YTD-2021, while the net loss in the respective 2021-periods was $4.6 million and $18.6 million. • High Arctic returned value to shareholders through a $9.7 million special one-time cash dividend in Q4-2021 while maintaining a strong working capital balance of $29.7 million on December 31, 2021. At year end, High Arctic carried a cash balance of $12.0 million. • Cost reduction initiatives delivered $2.5 million or 19.4% lower general and administrative costs YTD-2021 over prior year, and $5.5 million lower than pre-pandemic YTD-2019 costs. • In December 2021, High Arctic completed a $8.1 million mortgage financing of Corporation owned and occupied land and buildings with an initial 5-year term and a fixed interest rate of 4.30%. Strategy Our 2022 Strategic Priorities build on the platform we created in 2021 and include: • Safety excellence and quality service delivery, • Actions aimed at generating free cash flow including: o Increased utilization of the Corporation’s world-class fleet of equipment, o Improved efficiency and work force productivity, and o Operating cost control, • Development of new and existing employees to grow our workforce to meet demand, • Pursuit of opportunities that secure the Corporation’s future as a lower emissions energy services provider, • Pursuit of opportunities for growth and corporate transactions in well understood markets that enhance shareholder value, and • Disciplined capital stewardship to improve returns for shareholders including dividends and common share buybacks. ——————– The audited consolidated financial statements (“Financial Statements”) and management discussion & analysis (“MD&A”) for the year ended December 31, 2021 will be available on SEDAR at www.sedar.com, and on High Arctic’s website at haes.ca. Non-IFRS measures, such as EBITDA, Adjusted EBITDA, EBITDA for purposes of long-term debt covenants, Adjusted net earnings (loss), Oilfield services operating margin, Operating margin %, Percent of revenue, Funds provided from operations, Working capital and Net cash are included in this News Release. See Non- IFRS Measures section, below. All amounts are denominated in Canadian dollars (“CAD”), unless otherwise indicated. Within this News Release, the three months ended December 31, 2021 may be referred to as the “Quarter” or “Q4- 2021”, and similarly the twelve months ended December 31, 2021 may be referred to as “YTD-2021”. The comparative three months ended December 31, 2020 may be referred to as “Q4-2020”, and similarly the twelve months ended December 31, 2020 may be referred to as “YTD-2020”. References to other quarters may be presented as “QX-20XX” with X being the quarter/year to which the commentary relates. All amounts are expressed in thousands of Canadian dollars, unless otherwise noted. Q4 2021 PR

High Arctic to Announce 2021 Fourth Quarter Results

Calgary, Alberta, March 7, 2022: High Arctic Energy Services Inc. (TSX: HWO) “High Arctic” or the “Corporation” intends to release its 2021 fourth quarter results on Thursday, March 10, 2022 after markets close and has scheduled a conference call to begin at 11:00 am MT (1:00 pm ET) on Friday, March 11, 2022. The conference call dial in numbers are 1-800-952-5114 or 416-641-6104 and the participant passcode is 6933073#. Participants joining from outside North America can find International dial-in numbers at: https://www.confsolutions.ca/ILT?oss=7P1R8009525114. An archived recording of the conference call will be available approximately two hours after the call ends by dialing 1-800-408-3053 and will remain available until April 11, 2022. An audio recording of the conference call will also be available within 24 hours on High Arctic’s website. The Corporation’s Fourth Quarter Financial Statements and Management’s Discussion & Analysis will be posted to High Arctic’s website and SEDAR after the results are released. About High Arctic High Arctic’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 is a market leader providing drilling and specialized well completion services and supplies rig matting, camps and drilling support equipment on a rental basis in Papua New Guinea. The western Canadian operation provides well servicing, well abandonment, snubbing and nitrogen services and equipment on a rental basis to a large number of exploration and production companies. For further information, please contact: Lance Mierendorf Chief Financial Officer 1.587.318.2218 1.800.668.7143 High Arctic Energy Services Inc. Suite 2350, 330–5th Avenue SW Calgary, Alberta, Canada T2P 0L4 website: haes.ca Email: info@haes.ca 220307- Q4 2021 Results Release ANNOUNCEMENT

High Arctic Announces Change of Transfer Agent

CALGARY, Canada – February 15, 2022 – High Arctic Energy Services Inc. (TSX: HWO) (“High Arctic” or the “Corporation”) announced today that it is has replaced Computershare Trust Company as the registrar and transfer agent of the Corporation’s common shares with Odyssey Trust Company. Shareholders do not need to take any action with respect to the change in registrar and transfer agent services. All inquiries and correspondence relating to the shareholder records, transfer of shares, loss certificates, and or change of address, should now be directed to Odyssey Trust Company, through their offices in Calgary, Vancouver and Toronto. https://odysseycontact.com/ About High Arctic High Arctic’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 is a market leader providing drilling and specialized well completion services and supplies rig matting, camps, and drilling support equipment on a rental basis in Papua New Guinea. The Western Canadian operation provides well servicing, well abandonment, snubbing and nitrogen services and equipment on a rental basis to a large number of oil and natural gas exploration and production companies. For further information contact: Lance Mierendorf Chief Financial Officer P: +1 (587) 318 2218 P: +1 (800) 688 7143 High Arctic Energy Services Inc. Suite 3250, 330–5th Avenue SW Calgary, Alberta, Canada T2P 0L4 website: haes.ca Email: info@haes.ca

High Arctic Commences Rig Operations in PNG

CALGARY, Canada – January 31, 2022 – High Arctic Energy Services Inc. (TSX: HWO) (“High Arctic” or the “Corporation”) is pleased to confirm that it has commenced rig operations in Papua New Guinea (“PNG”) with Rig 115 starting wellbore work activity for one of our primary customers. Following the assembly and recommissioning of Rig 115 and equipment on site, work recently commenced on re-entering the wellbore. This key milestone was achieved without incident, building on the 5 years and 2.5 million hours worked without recording an incident in PNG. The efficient movement of High Arctic people and equipment to the wellsite was hindered by unavailability of transportation equipment, significant weather events and Covid-19 induced personnel shortages and travel restrictions which combined to move the commencement date into 2022. Mike Maguire, CEO noted “The recommencement of rig operations is a key milestone underpinning our strategic investment in PNG. The attainment of this milestone in the face of obstacles presented by complex supply chains and remote environments could not have been achieved without the support of our customer and the unwavering efforts of our highly experienced crews in country and dedicated support personnel. That we have managed to safely overcome these exceptional challenges is a credit to the remarkable people involved. The commencement and rig recommissioning, after a prolonged period of inactivity, we believe is a harbinger of better times ahead. While the current project is of a relatively short duration into the second quarter of 2022, positive energy service momentum in PNG continues to build. PNG’s potential to expand LNG export capacity is of world class scale and High Arctic remains exceptionally well positioned to benefit. In addition to investment parameters, long-term climate benefits for LNG over coal consumption in the Asian region are extremely compelling. To this end, producer and PNG government discussions continue to advance and the Corporation expects key decisions, including execution of the P’nyang Gas Agreement, to be forthcoming.” High Arctic has been active in Papua New Guinea for nearly fifteen years, conducting work for all the main exploration and production companies including large multi-nationals and companies of regional significance. With the successful resumption of drilling services in PNG, the stage is set for meaningful drilling project announcements during 2022. Forward-looking statement advisory Readers are cautioned that this press release contains certain forward-looking information which are subject to particular risks associated with the energy services industry. High Arctic believes there are reasonable grounds for the expectations on which the statements are based. However actual outcomes in PNG could differ materially due to a range of factors including continued safety performance excellence, ongoing relationship with major customers, PNG’s potential to expand LNG export capacity, future use of LNG over coal consumption in the Asian region, an execution of the P’nyang Gas Agreement, meaningful drilling project announcements during 2022, treatment under governmental regulatory regimes, other government issues and approvals, political uncertainty and civil unrest, currency fluctuations, and the impact of COVID-19. About High Arctic High Arctic’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 is a market leader providing drilling and specialized well completion services and supplies rig matting, camps, and drilling support equipment on a rental basis in Papua New Guinea. The Western Canadian operation provides well servicing, well abandonment, snubbing and nitrogen services and equipment on a rental basis to a large number of oil and natural gas exploration and production companies. For further information contact: Mike Maguire Chief Executive Officer P: +1 (587) 318 3826 P: +1 (800) 688 7143 High Arctic Energy Services Inc. Suite 3250, 330–5th Avenue SW Calgary, Alberta, Canada T2P 0L4 website: haes.ca Email: info@haes.ca 220131 – PR – Commencement of Operations in PNG

High Arctic Announces Closing of $8.1 Million Mortgage Financing

CALGARY, Canada – December 20, 2021 – High Arctic Energy Services Inc. (TSX: HWO) (“High Arctic” or the “Corporation”) is pleased to announce that it has entered into a mortgage arrangement (the “Mortgage Financing”) with Business Development Bank of Canada (“BDC”) secured by land and buildings owned and occupied by High Arctic (the “Mortgage Security”). The Mortgage Financing provides the Corporation with long term liquidity. It supplements the Corporation’s net cash position which was $20.2 million as of September 30, 2021 before taking in to account a special dividend of $9.7 million paid on November 5, 2021. The $8.1 million mortgage has an initial term of 5 years with a fixed interest rate of 4.30% and an amortization period of 25 years. Payments are due monthly, with the option to prepay up to 15 percent in any 12-month period. The mortgage is secured by land and buildings owned by the Corporation and located within Alberta, Canada. The current credit facility with HSBC (the “Credit Facility”) which matures on August 31, 2023, has been amended to accommodate the Mortgage Financing. The availability has been reduced from $45 million to $37 million and site-specific assets held as Mortgage Security for BDC have been carved out. The Credit Facility remains subject to certain EBITDA covenants, however a minimum of $5 million can be drawn outside of these covenants. All other material terms of the Credit Facility remain unchanged. Lance Mierendorf, CFO noted “The mortgage financing strengthens the Corporation’s capital structure by providing a layer of long-term debt positioned to endure the energy services business cycle. The financing adds to existing cash balances and when combined with an undrawn Credit Facility provides strong liquidity. With an improving outlook in both Canada and Papua New Guinea this development strengthens High Arctic’s financial flexibility to meet operational and investment opportunities.” About High Arctic High Arctic’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 is a market leader providing drilling and specialized well completion services and supplies rig matting, camps, and drilling support equipment on a rental basis in Papua New Guinea. The Western Canadian operation provides well servicing, well abandonment, snubbing and nitrogen services and equipment on a rental basis to a large number of oil and natural gas exploration and production companies. For further information contact: Lance Mierendorf Chief Financial Officer P: +1 (587) 318 2218 P: +1 (800) 688 7143 High Arctic Energy Services Inc. Suite 500, 700 – 2nd Street S.W. Calgary, Alberta, Canada T2P 2W1 website: haes.ca Email: info@haes.ca Mortgage Financing – 211220  

High Arctic Announces Renewal of Normal Course Issuer Bid

CALGARY, Canada – December 13, 2021 – 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 2,420,531 common shares, representing approximately 10% of the public float for High Arctic. There were 48,733,145 common shares outstanding as of December 1, 2021. The maximum number of common shares that High Arctic may purchase on any given day is 12,719 common shares, which represents 25% of the average daily trading volume of 50,878 common shares on the TSX for the six-month period ended November 30, 2021. 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 December 15, 2021 to December 14, 2022, 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 an independent brokerage agent to conduct the NCIB transactions under an automatic purchase plan agreement (“APPA”) dated December 13, 2021. The APPA will allow the broker 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 the broker based on direction received from High Arctic prior to any blackout period and in accordance with all regulatory and securities law. 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 December 10, 2021, and under that program, a total of 78,804 common shares at a weighted average price of $1.29 per share have been repurchased for cancellation. About High Arctic High Arctic’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 is a market leader providing drilling and specialized well completion services and supplies rig matting, camps, and drilling support equipment on a rental basis in Papua New Guinea. The Western Canadian operation provides well servicing, well abandonment, snubbing and nitrogen services and equipment on a rental basis to a large number of oil and natural gas exploration and production companies. For further information contact: Lance Mierendorf Chief Financial Officer P: +1 (587) 318 2218 P: +1 (800) 688 7143 High Arctic Energy Services Inc. Suite 500, 700 – 2nd Street S.W. Calgary, Alberta, Canada T2P 2W1 website: haes.ca Email: info@haes.ca NCIB Renewal Dec 2021

High Arctic Announces Change of Auditor to KPMG LLP

CALGARY, Canada – November 24, 2021 – High Arctic Energy Services Inc. (TSX: HWO) (the “Corporation” or “High Arctic”) announces that, after a review of audit service availability in Canada, the Corporation has chosen KPMG LLP (“Successor Auditor”) as external auditors for calendar year 2021. Given parameters for audit services in a changing market, PricewaterhouseCoopers LLC (“Former Auditor”) has resigned effective November 24, 2021. The Corporation appointed the Successor Auditor as the new auditor effective November 24, 2021, until the close of the next annual general meeting of High Arctic Shareholders. There were no reservations or modified opinions in any of the Former Auditor’s audit reports for any financial period during which the Former Auditor was the Corporation’s auditor. High Arctic confirms there are no “reportable events” (as the term is defined in National Instrument 51-102 – Continuous Disclosure Obligations) between the Corporation and the Former Auditor and in its opinion, there are no reportable events pending. The Corporation and the Board of Directors would like to extend their thanks and high regard to PricewaterhouseCoopers LLC for auditing services to date. In accordance with National Instrument 51-102, the Notice of Change of Auditor, together with the required letters from Former Auditor and Successor Auditor, have been reviewed by the Corporation’s Audit Committee and will be filed on SEDAR accordingly. About High Arctic Energy Services High Arctic’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 is a market leader providing drilling and specialized well completion services and supplies rig matting, camps, and drilling support equipment on a rental basis in Papua New Guinea. The Western Canadian operation provides well servicing, well abandonment, snubbing and nitrogen services and equipment on a rental basis to a large number of oil and natural gas exploration and production companies. For further information contact: Lance Mierendorf Chief Financial Officer P: +1 (587) 318 2218 P: +1 (800) 688 7143 High Arctic Energy Services Inc. Suite 500, 700 – 2nd Street S.W. Calgary, Alberta, Canada T2P 2W1 website: haes.ca Email: info@haes.ca HWO – Press Release – Change of Auditor

High Arctic Announces 2021 Third Quarter Financial and Operating Results

CALGARY, Canada – November 12, 2021 – High Arctic Energy Services Inc. (TSX: HWO) (the “Corporation” or “High Arctic”) released its’ third quarter results today. Mike Maguire, Chief Executive Officer, commented: “The market and High Arctic have reached an inflection point. Commodity prices have increased significantly, a rig is being mobilized to location in Papua New Guinea, operating hours are increasing in Canada and many customers are receptive to pricing discussions. The past 18 months have been exceptionally challenging as we dealt with the impact of the Covid-19 pandemic and an oil price collapse. I want to thank our employees and shareholders for being supportive through this difficult period. We are implementing initiatives to reward our loyal employees, attract new staff and continue to provide high quality services to our clients in this period of renewed opportunity. The recent $0.20 special dividend underscores the confidence of board and management in the significantly improving market conditions and our business fundamentals..” HIGHLIGHTS • PNG continues to be a strategic investment for the Corporation. During Q3-2021 we began mobilizing equipment and personnel within our drilling services segment and expect to commence wellsite activity in the latter half of Q4-2021. In the process, we extended recordable incident free activity in PNG out to 5 years and over 2.5 million work hours. • Growth in High Arctic’s Canadian production services and ancillary services were assisted by operating rate improvements but hindered by Covid-19 outbreaks in August and September and soft utilization in one of our main well servicing contracts. High Arctic has subsequently enacted a Covid vaccination or negative-test requirement to ensure the employee is safe to work. Despite a difficult quarter, our well servicing utilization of 41% remained above the industry average of 38%. • Consolidated Q3-2021 revenues were $18.7 million ($18.5 million in Q3-2020). The Corporation generated EBITDA of $1.3 million and $3.3 million during Q3-2021 and YTD-2021, respectively. • Cost reduction initiatives undertaken in 2020 delivered $2.7 million or 26.6% lower general and administrative costs during the first nine months of 2021. • In October of 2021, the Corporation announced a special one-time dividend payment of $0.20 per share to holders of common shares and paid dividends of $9.7 million on November 5, 2021. The dividend emphasizes High Arctic’s strong balance sheet position and ability to return surplus cash to shareholders. Post dividend, the Corporation has a substantive net cash balance and with improving EBITDA, increasing access to funds under a $45 million loan facility to fund growth initiatives. The Corporation’s strategic priorities for 2021 include: • Safety excellence and focus on quality service delivery through consistent global standards; • Cost control focused on operating cash flow, while balancing strategic priorities to fuel growth; • Investment initiatives that secure the Corporation’s future as a lower emissions energy services provider; • Growth and divestiture opportunities that enhance shareholder value, align with our core service offerings, and reside in well understood markets; and • Disciplined working capital management and capital stewardship to improve returns for shareholders that potentially include dividends and common share buybacks. ——————– Nov 12 2021 – Q3 Press Release

HIGH ARCTIC DECLARES SPECIAL ONE-TIME DIVIDEND

[fusion_builder_container type=”flex” hundred_percent=”no” equal_height_columns=”no” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” background_position=”center center” background_repeat=”no-repeat” fade=”no” background_parallax=”none” parallax_speed=”0.3″ video_aspect_ratio=”16:9″ video_loop=”yes” video_mute=”yes” border_style=”solid”][fusion_builder_row][fusion_builder_column type=”1_1″ layout=”1_1″ background_position=”left top” background_color=”” border_color=”” border_style=”solid” border_position=”all” spacing=”yes” background_image=”” background_repeat=”no-repeat” padding_top=”” padding_right=”” padding_bottom=”” padding_left=”” margin_top=”0px” margin_bottom=”0px” class=”” id=”” animation_type=”” animation_speed=”0.3″ animation_direction=”left” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” center_content=”no” last=”true” min_height=”” hover_type=”none” link=”” border_sizes_top=”” border_sizes_bottom=”” border_sizes_left=”” border_sizes_right=”” first=”true”][fusion_text] CALGARY, Canada – October 20, 2021– High Arctic Energy Services Inc. (TSX: HWO) (“High Arctic” or the “Corporation”) is pleased to announce that its Board of Directors has approved a special one-time dividend payment of $0.20 per share to holders of common shares. The dividend is payable on November 5, 2021 to holders of High Arctic common shares of record at the close of business on October 27, 2021. The ex-dividend date is October 26, 2021. The dividend is designated as an “eligible dividend” for Canadian Income Tax purposes. With the first quarter 2020 declaration of the Covid-19 Pandemic and emergence of an oil price crisis, the Board of Directors (the “Board”) suspended regular dividends, halted share repurchases and borrowed $10 million on its revolving loan facility to preserve financial strength. Since this time, the Board and management has continuously monitored business conditions and the financial assets of the Corporation. This included workforce and asset preservation while streamlining business processes within a global leadership structure. Improvement led the Corporation to repay the $10 million dollars drawn from the revolving loan facility during the first quarter of 2021. Continuing improvement during 2021 positioned the Corporation to consider the best use of surplus cash carried since 2019. Currently, positive developments position High Arctic to pay a special one-time dividend while preserving a strong capital structure. Notwithstanding continuing Covid-19 Pandemic challenges, these developments include: economic recovery in the Canadian and global economy, a recovery in global demand for energy, sustained high energy prices for oil and natural gas, the annual Canadian “breakup” seasonal activity low having passed, a resurgence in demand for energy services in Canada and High Arctic’s revenue generating activity in Papua New Guinea recommencing. Mike Maguire, Chief Executive Officer, stated: “Having considered other investment options available to us, it is our view that the most appropriate action right now is to return surplus cash to shareholders by way of special dividend. Post dividend the Corporation will still have a substantive cash balance, an undrawn loan facility and with improving EBITDA increasing access to funds under our $45 million loan facility to fund growth initiatives. We continue to prudently explore opportunities to use our assets to increase shareholder value. This is evidenced by our Q3 2021 investment in modern hydraulic catwalks in our Canadian business and an available Normal Course Issuer Bid to repurchase common shares of the Corporation. We will continue to monitor market conditions, the outlook for our business activities, access to funds and the financial assets of the Corporation with a view to optimising the returns to shareholders including consideration of the timing and amount of any prospective return to regular dividend payments.” About High Arctic High Arctic’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 is a market leader providing drilling and specialized well completion services and supplies rig matting, camps, and drilling support equipment on a rental basis in Papua New Guinea. The western Canadian operation provides well servicing, well abandonment, snubbing and nitrogen services and equipment on a rental basis to exploration and production companies. For further information, please contact: Lance Mierendorf Chief Financial Officer 1.587.318.2218 1.800.668.7143 High Arctic Energy Services Inc. Suite 500, 700 – 2nd Street S.W. Calgary, Alberta, Canada T2P 2W1 website: haes.ca Email: info@haes.ca [/fusion_text][/fusion_builder_column][/fusion_builder_row][/fusion_builder_container]