Jay Wilcox

[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]

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

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

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

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