Jay Wilcox – Page 8 – High Arctic Energy Services

HIGH ARCTIC ANNOUNCES EXECUTIVE APPOINTMENT AND PROVIDES AN UPDATE ON ACTIVITIES IN PAPUA NEW GUINEA

CALGARY, Canada – October 1, 2021 – High Arctic Energy Services Inc. (TSX: HWO) (“High Arctic” or the “Corporation”) is pleased to announce the appointment of Lance Mierendorf as Chief Financial Officer (“CFO”) effective October 1, 2021, and reports on good progress in preparation for services of Rig 115 in Papua New Guinea (“PNG”). Executive Appointment Mr. Mierendorf initially joined the Corporation in April 2021 in a consulting capacity as Interim CFO to streamline and strengthen the finance and accounting processes within the Corporation and provide financial leadership for High Arctic’s growth initiatives. Mr. Mierendorf has over 20 years of experience in senior financial leadership positions for publicly listed oil and gas companies, including significant experience in the international energy sector. Mr. Mierendorf is a Chartered Professional Accountant with an extensive background in financial stewardship, strategic planning and analysis, equity financing, debt restructuring and building global finance teams. Previously, Mr. Mierendorf held Chief Financial Officer roles for Divergent Energy Services Corp. (TSXV: DVG) and Wentworth Resources Limited (AIM: WRL). Mike Maguire, Chief Executive Officer stated: “I am pleased to welcome Mr. Mierendorf as a permanent member of the executive management team at High Arctic. Mr. Mierendorf’s 20-plus years of wide-ranging financial management expertise in the energy sector, in both the domestic and international markets, will be invaluable to the Corporation as we look to take advantage of business opportunities in the improving global energy services market.” Rig 115 Preparation in PNG In PNG crews have been assembled from within and abroad and are adhering to a Covid-19 vaccination program and bio-secure bubble to eliminate possible risk of an impact to the well abandonment project. The first 100 bed camp is now fully operational at the forward base location and loads have been received there for the second rig-site 100 bed heli-portable camp. Rig 115 equipment is 50% complete on preparatory mechanical activities and will soon be assembled at its storage location for an operational integrity test prior to shipping out. CEO Mike Maguire: “Once again our terrific PNG staff and crews are demonstrating what meticulous planning and strong management can achieve in challenging circumstances. We are on schedule to commence services on site later this quarter. The recommencement of rig services is evidence of the growing momentum in the sector in PNG. Earlier this week there was an announcement of the signing of heads of agreement between the operator of the PNG-LNG project and the government of PNG regarding the P’nyang Gas Agreement and regarding an additional 10% equity stake in the project for the state owned Kumul Petroleum. This continued momentum toward PNG-LNG expansion, the progressing Papua LNG project, and the Santos – Oil Search merger reinforces our optimism for meaning near-term drilling activity.” 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: Mike Maguire Chief Executive Officer 1.587.318.3826 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

HIGH ARCTIC CONTINUES OUTSTANDING SAFETY PERFORMANCE IN PNG

CALGARY, Canada – August 24, 2021 – High Arctic Energy Services Inc. (TSX: HWO) (“High Arctic” or the “Corporation”) is pleased to report exceptional operational safety performance ahead of mobilizing Rig 115 to commence work on a remote exploration well abandonment. High Arctic’s Papua New Guinea (“PNG”) operations has reached the world-class milestone of five years Total Recordable Incident Free, after marking 2.5 million work hours without a significant injury earlier this August. Not one person has required medical treatment or missed any work time because of a workplace incident while working at High Arctic in PNG during the past 5 years. Mike Maguire, CEO stated: “This sustained performance excellence in a place as geographically challenging as Papua New Guinea is a credit to the Corporation’s highly trained and skilled workforce from local PNG communities and around the world.  It is also reflective of the shared values and stable long-term relationships we have built with our top-tier customer base. I am very pleased we continue to expand our employee count in PNG as we undertake the necessary work to ensure a safe and successful restart of Rig 115, build on our safe work legacy and continue the development and advancement of our local workforce. Building upon recent momentum, we are also pleased that the PNG Government’s State Negotiating Team and PNG-LNG operator ExxonMobil jointly announced that they have restarted negotiations over the development of the P’nyang natural gas resource.  Negotiations, reportedly, aim at signing a P’nyang Heads of Agreement as early as the end of September, with a definitive gas agreement thereafter.”   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: Mike Maguire Chief Executive Officer 1.587.318.3826 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 210824 – Safety Performance PNG

High Arctic Announces 2021 Second Quarter Financial and Operating Results

CALGARY, Canada – August 12, 2021 – High Arctic Energy Services Inc. (TSX: HWO) (the “Corporation” or “High Arctic”) released its second quarter results today. 2021 Q2 PR – 210812 Mike Maguire, Chief Executive Officer commented: “We have been encouraged by improved activity levels in Canada this second quarter, as customers took advantage of the early break-up to conduct production optimizing work, and the cost efficiencies we implemented in 2020 continued to hold.  I am optimistic for continued activity increases as we move towards the traditionally busy winter season with sustained pre-pandemic commodity prices.  The tightening market and the buoyant commodity prices should contribute to increases in customer pricing, and improvement in cash generated from operations. The relaxing of covid-19 travel restrictions in Papua New Guinea has encouraged our customers to begin maintenance and abandonment activities.  I am very pleased we are welcoming back employees as we undertake the necessary work to ready Rig-115 and other equipment for deployment later this quarter and into 2022.  We note the proposed merger of Santos and Oil Search, that Santos states ‘would create an unrivalled regional champion of size and scale’, and ‘would also create greater alignment in Papua New Guinea supporting the development of key projects including Papua LNG’.  These two companies both have long histories in PNG, both are focused on ESG and share values aligned with our own and the expectations of the PNG communities. We enter the second half of 2021 with positive EBITDA, a strong balance sheet, access to capital, clear strategic priorities and a sound operational footing.” HIGHLIGHTS The following highlights the Corporation’s results, in thousands of Canadian dollars, for Q2-2021 and YTD-2021: Consolidated Q2-2021 revenues of $16,377 were slightly higher as compared to Q2-2020 revenues of $16,109. This 2% improvement is primarily due to Canada service rig operating hours increasing by 32% in High Arctic’s Production Services segment, offset by an 83% decline in Drilling Services revenue in PNG where operations were suspended due to Covid-19 restriction. The Corporation generated EBITDA of $752 and $1,960 during Q2-2021 and YTD-2021, respectively, which helped to fund capital expenditures of $685 and $1,450 during these periods, respectively. The restructuring and cost reduction initiatives undertaken by management throughout the 2020-year led to a 35% ($2,725) decline in general and administrative costs during the first six months of 2021. Balance sheet and liquidity remain strong at June 30, 2021 with cash of $21,728, positive working capital of $34,023, an undrawn revolving loan facility and no long-term debt outstanding. In July of 2021, the Corporation announced several key developments: Agreement to terms with a major multi-national customer in PNG to provide drilling services in the second half of 2021 for the abandonment of a complex legacy exploration well with the Corporation’s heli-portable drilling rig 115. Receipt of notice from our longest-standing customer in PNG of their intent to exercise an option to extend the existing drilling services contracts to August 2022. The purchase of 17 modern hydraulic catwalks currently deployed with an existing High Arctic customer in Cold Lake, Alberta for $1,100. As part of the transaction, High Arctic and the vendor will equally share revenue from July to December 2021 while the catwalks are sequentially upgraded to latest specification, safety controls and mobility. High Arctic will assume full control of all assets and all revenues on January 1, 2022. 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. ——————– The unaudited interim consolidated financial statements (“Financial Statements”) and management discussion & analysis (“MD&A”) for the quarter ended June 30, 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 June 30, 2021 may be referred to as the “Quarter” or “Q2-2021”, and similarly the six months ended June 30, 2021 may be referred to as “YTD-2021”. The comparative three months ended June 30, 2020 may be referred to as “Q2-2020”, and similarly the six months ended June 30, 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. RESULTS OVERVIEW    For the three months ended June 30         For the six months ended June 30 ($ thousands, except per share amounts) 2021 2020 2021 2020 Revenue 16,377 16,109 34,144 55,721   Net loss (4,018) (6,145) (9,215) (8,310)   Per share (basic and diluted) (0.08) (0.12) (0.19) (0.17)   Oilfield services operating margin 3,268 4,273 6,630 11,584   Oilfield services operating margin as a % of revenue 20.0% 26.5% 19.4% 20.8%   EBITDA 752 1,342 1,960 6,812   Adjusted EBITDA 796 1,147 1,670 3,899   Adjusted EBITDA as % of revenue 4.9% 7.1% 4.9% 7.0%   Operating loss (4,106) (6,350) (10,251) (11,000)   Cash provided by operating activities 2,023 7,678 938 16,571   Per share (basic and diluted) 0.04 0.15 0.02 0.33   Funds provided by operating activities 640 871 1,230 3,104   Per share (basic and diluted) 0.01 0.02 0.03 0.06   Dividends – – – 1,638   Per share (basic and diluted) – – – 0.03   Capital expenditures … Read more

High Arctic to Announce 2021 Second Quarter Results

Calgary, Alberta,  August  6, 2021: High Arctic Energy Services Inc. (TSX: HWO) “High Arctic” or the “Corporation” intends to release its 2021 second quarter results on Thursday, August 12, 2021 after markets close and has scheduled a conference call to begin at 10:00 am MT (12:00 pm ET) on Friday, August 13, 2021. The conference call dial in numbers are 1-800-952-5114 or 416-641-6104 and the participant passcode is 6242139#.  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 September 13, 2021. An audio recording of the conference call will also be available within 24 hours on High Arctic’s website. The Corporation’s Second 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:   Mike Maguire Chief Executive Officer 1.587.318.3826 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

High Arctic Acquires Rental Equipment

CALGARY, Canada – July 26, 2021 – High Arctic Energy Services Inc. (TSX: HWO) (“High Arctic” or the “Corporation”) announces the execution of an agreement to acquire 17 modern hydraulic catwalks from a vendor in the Cold Lake area of Alberta for $1.1M. A total of 14 of the units are currently deployed with an existing High Arctic customer in Cold Lake and the remaining units are in ready working condition. As part of the transaction, High Arctic and the vendor will equally share revenue from July to December 2021, while High Arctic incrementally takes possession of each machine, assumes title of the units and upgrades each one to the latest specification, safety controls and mobility expected by our customers. All upgraded units will be deployed by the end of the year and High Arctic will assume full control of all of the assets and all revenues from January 1, 2022. CEO Mike Maguire stated: “This transaction represents a low-risk investment in the provision of highly mobile and efficient automated tubular handling machines. The assets are acquired from a company with a great reputation for reliability. In addition, the assets are deployed in a location where we have established long term operations with top-tier customers. I am excited to be growing our successful HAES Rentals brand and expect that hydraulic catwalks will become a key Canadian service offering within it.” 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: Mike Maguire Chief Executive Officer 1.587.318.3826 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

High Arctic Announces an Update on Activities in Papua New Guinea

CALGARY, Canada – July 21, 2021 – High Arctic Energy Services Inc. (TSX: HWO) (“High Arctic” or the “Corporation”) is pleased to announce that we have agreed to terms with a major multi-national customer in Papua New Guinea (“PNG”) to provide services in 2021 for the abandonment of a complex legacy exploration well, and the extension of its long-standing drilling services contracts. PNG Well Abandonment The well abandonment project is for a subsidiary of a major multi-national energy company. It requires deployment of the Company’s heli-portable Rig 115 as well as two 100 bed heli-portable camps accompanied by a suite of support equipment, personnel and services. Conclusion of the agreement is subject to obtaining Bank of Papua New Guinea and other customary approvals. In the near term, the Company plans to deploy the first camp and make ready Rig 115, a second camp and support equipment all of which is coming out of cold stack. Field operations are expected to commence during the fourth quarter of this year, following mobilization to the remote well site. Mike Maguire, Chief Executive Officer commented: “We are excited to be bringing people back to work in PNG and building on the investment we have made in our local workforce and in the preservation of our assets. This first post-COVID deployment follows extensive planning and preparation with our customer and positions High Arctic well to execute future drilling activity in the area.” Exercise of an Option to extend PNG Contracts Additionally, our longest-standing PNG customer has issued notice to High Arctic exercising an option to extend existing contracts to August 2022. CEO Mike Maguire stated “We are delighted with this re-affirmation of the value of our services to our key customer in PNG. The relationship is one of a symbiotic nature where both companies have enhanced the other over more than a decade.” Recent Developments in PNG The two sets of contracts follow a series of recent positive developments in PNG’s natural resources sector. In a statement last week, PNG Prime Minister James Marape indicated that terms have been agreed for the Pasca-A gas condensate development and, that the state negotiating team will be commencing talks with PNG-LNG partners later this month on terms for the P’nyang gas field development. CEO Mike Maguire: “For High Arctic, these developments reinforce our optimism for PNG as momentum for meaningful drilling activity continues to build in the country.” 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: Mike Maguire Chief Executive Officer 1.587.318.3826 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

High Arctic Announces 2021 First Quarter Financial and Operating Results

High Arctic Announces 2021 First Quarter Financial and Operating Results  CALGARY, Canada – May 13, 2021 – High Arctic Energy Services Inc. (TSX: HWO) (the “Corporation” or “High Arctic”) released its’ first quarter results today. Mike Maguire, Chief Executive Officer commented: “We navigated the difficult past twelve months with a keen focus on safe and effective operations and maintaining our reputation for superior quality service. High Arctic is emerging from the global crisis with a strong balance sheet and is positioned well to ride the improved market conditions in 2021.  With oil and gas prices having sustained a return to pre-pandemic levels, our customer base is considering opportunities to expand their business activities. Sequential quarterly increases in utilization of our services in Canada has been achieved and I believe we are well placed for high growth in a significantly stronger Canadian market.   In PNG a Covid-19 spike put a stop to almost all activities during the quarter, resulting in a short-term drain on our earnings as we continued to maintain operational readiness.  We expect to benefit from this readiness later in 2021 as government and industry covid-19 prevention strategies take hold, travel restrictions are lessoned and business activities increase. In addition, the Papua LNG partners recently announced remobilization to complete project pre-feed which is a key step on the pathway to a final investment decision.  I believe that our commitment to PNG will, in time, provide significant upside for our shareholders.” HIGHLIGHTS The following highlights the Corporation’s results for Q1-2021: First quarter revenue of $17.8 million, EBITDA of $1.2 million, compared to $39.6 million and $5.5 million respectively in Q1-2020 and a slight improvement over Q4-2020 with $16.6 million and $0.7 million respectively. Total Energies SA recently announced its intention to remobilize teams and resources needed to proceed with development of the Papua LNG project. Balance sheet and liquidity remains strong with cash of $21.0 million, no long-term debt and liquidity that includes an undrawn $45.0 million revolving loan facility. Patent pending on a new low emission electric service rig design. 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; The pursuit of opportunities 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 are located 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. For more than a year High Arctic has been internally progressing work on a practical process to convert existing Concord well servicing rigs to a reliable, efficient and inexpensive electric drive.  We are pleased to announce that patent is pending on the design and we plan to identify industry partners to further test the technology at a pilot site in 2021.  We see tremendous opportunity for the deployment of this technology in Western Canada, particularly in thermal well applications where existing supply of electrical power of adequate capacity is already available.  Crucially at this stage of development the upgraded service rig maintains its ability to self-propel down the highway.  The upgrade is estimated to reduce the Co2 emissions of a well service rig over the well-bore by more than 35% compared to current diesel-powered rigs. ——————– The unaudited interim consolidated financial statements (“Financial Statements”) and management discussion & analysis (“MD&A”) for the quarter ended March 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), 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 March 31, 2021 may be referred to as the “Quarter” or “Q1-2021”. The comparative three months ended March 31, 2020 may be referred to as “Q1-2020”. References to other quarters may be presented as “QX-20XX” with X being the quarter/year to which the commentary relates. 2021 Q1 For further information contact:   Michael J. Maguire                                                 Chief Executive Officer P: +1 (587) 318 3826 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

High Arctic to Announce First Quarter Results

High Arctic to Announce 2021 First Quarter Results Calgary, Alberta,  May 10, 2021: High Arctic Energy Services Inc. (TSX: HWO) “High Arctic” or the “Corporation” intends to release its 2021 first quarter results on Thursday, May 13, 2021 after markets close and has scheduled a conference call to begin at 11:00 am MT (1:00 pm ET) on Friday May 14, 2021. The conference call dial in numbers are 1-800-952-5114 or 416-641-6104 and the participant passcode is 9161609#. 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 June 14, 2021. An audio recording of the conference call will also be available within 24 hours on High Arctic’s website. The Corporation’s First 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:   Mike Maguire Chief Executive Officer 1.587.318.3826 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

High Arctic Announces Resignation of Chief Financial Officer

CALGARY, Alberta, March 23, 2021 — High Arctic Energy Services Inc. (TSX: HWO) “High Arctic” or the “Corporation” announced today that Christopher Ames, High Arctic’s Vice President of Finance and Chief Financial Officer, tendered his resignation with effect April 2, 2021. The Company has begun the process of recruiting a new executive, including a review of internal candidates. Mike Maguire, High Arctic’s Chief Executive Officer commented: “On behalf of High Arctic and our team of employees in Canada, Papua New Guinea and Australia, I would like to wish Christopher well with his new career direction outside the energy service industry. Chris’ enthusiasm and work focus has been a stabilizing influence during his one-year tenure, including the recent filing of year-end disclosures.”   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: Michael J. Maguire Chief Executive Officer 403.508.7836 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

High Arctic Announces 2020 Fourth Quarter and Year End Financial and Operating Results

CALGARY, Canada – March 11, 2021 – 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, 2020 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), 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: “The positive market outlook for oil and gas was confirmed in the rising utilization of our services in Canada through the quarter. The continuing momentum in oil and gas price appreciation through the start of 2021 creates an expectation that utilization will continue to improve. The prompt action we took in March 2020 to restructure our management and markedly reduce expenditures has ensured that we are financially positioned to take advantage of this increased demand. The PNG parliament enacted into legislation the key elements of the Papua LNG Gas Agreement and signed a Fiscal Stability Agreement with the project partners that cleared the path forward for the Papua LNG project in the near future. I believe that our continual focus on high quality safe and effective operations has protected the health of our employees and maintained our stellar reputation for quality service. This, combined with our well maintained equipment, has primed us to leverage work opportunities as they arise.” For the full copy of the release click the link below. High Arctic Reports 2020 Fourth Quarter and Year End Financial and Operating Results