2023

Calgary, Alberta, June 19, 2023: High Arctic Energy Services Inc. (TSX: HWO) “High Arctic” or the “Corporation” has entered into an asset purchase agreement with a private Canadian energy services company to sell its Canadian nitrogen pumping assets for gross proceeds of $1.35 million in cash, before transaction costs (the “Nitrogen Transaction”). The Nitrogen Transaction results in the transfer of High Arctic’s dedicated nitrogen assets and support employees to the Buyer. High Arctic retains associated working capital and estimates a modest gain on sale over equipment net asset carrying value. Mike Maguire, High Arctic CEO, commented “The Nitrogen Transaction builds on our strategy to free up capital employed in service lines where shareholder returns have proven substandard. Our nitrogen service line has a small market presence and service industry consolidation carries merit for all stakeholders. We believe the Nitrogen Transaction sets our employees up for success as they transition to a larger team wherein their safety, service acumen and operational skill set them up for career success.” “Post-closing, High Arctic’s investment in Canada is comprised of its 42% equity investment in Team Snubbing, its equipment rental business and certain industrial real estate holdings. The rentals business is primarily focused on pressure control equipment and marketed under the HAES Rental Services branding. The high margin, low operating cost rentals business provides a platform to grow to scale and positions the Corporation to utilize its substantive $130 million non-capital tax loss carryforwards. ” High Arctic’s Board of Directors and Management acknowledge the robust team of employees affected and thank them for their dedicated service and commitment to operational excellence at High Arctic. ” The Nitrogen Transaction is subject to customary commercial closing conditions and is expected to close on July 21, 2023. The net proceeds will increase liquidity as the Corporation furthers its recently announced intention to undertake a return of capital to shareholders and reorganize. About High Arctic High Arctic is an energy services provider. High Arctic is a market leader in Papua New Guinea providing drilling and specialized well completion services and supplies rental equipment including rig matting, camps, material handling and drilling support equipment. In western Canada High Arctic provides pressure control equipment on a rental basis to 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 2350, 330–5th Avenue SW Calgary, Alberta, Canada T2P 0L4 website: haes.ca Email: info@haes.ca

Calgary, Alberta, May 23, 2023: High Arctic Energy Services Inc. (TSX: HWO) “High Arctic” or the “Corporation” announces today that Lance Mierendorf, High Arctic’s Chief Financial Officer, has tendered his resignation and plans to step down effective August 17, 2023. Mr. Mierendorf has been with High Arctic for the past two years and, in addition to solidifying financial reporting, has been instrumental in strategic transactions undertaken by the Corporation during his tenure. The timing of Lance’s departure corresponds with the release of second quarter 2023 earnings and substantial progress towards the recently announced intention to reorganize the Corporation and effect a return of capital to shareholders subject to a Special Meeting of Shareholders by the end of September, 2023. Considering these developments, a recruitment process will be initiated to appoint a successor. About High Arctic High Arctic is an energy services provider. High Arctic is a market leader in Papua New Guinea providing drilling and specialized well completion services and supplies rental equipment including rig matting, camps, material handling and drilling support equipment. In western Canada, High Arctic provides nitrogen services and pressure control equipment on a rental basis to 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 2350, 330–5th Avenue SW Calgary, Alberta, Canada T2P 0L4 website: haes.ca Email: info@haes.ca 230523- High Arctic Announces Resignation of CFO

[fusion_builder_container elegant_backgrounds=”gradient” gradient_type=”linear” gradient_direction=”0deg” gradient_force=”yes” enable_background_slider=”no” elegant_transition_effect=”fade” elegant_background_scale=”cover” elegant_transition_delay=”3″ elegant_transition_duration=”750″ type=”flex” hundred_percent=”no” hundred_percent_height=”no” hundred_percent_height_scroll=”no” align_content=”stretch” flex_align_items=”flex-start” flex_justify_content=”flex-start” hundred_percent_height_center_content=”yes” equal_height_columns=”no” container_tag=”div” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” status=”published” border_style=”solid” box_shadow=”no” box_shadow_blur=”0″ box_shadow_spread=”0″ gradient_start_position=”0″ gradient_end_position=”100″ radial_direction=”center center” linear_angle=”180″ background_position=”center center” background_repeat=”no-repeat” fade=”no” background_parallax=”none” enable_mobile=”no” parallax_speed=”0.3″ background_blend_mode=”none” video_aspect_ratio=”16:9″ video_loop=”yes” video_mute=”yes” pattern_bg=”none” pattern_bg_style=”default” pattern_bg_opacity=”100″ pattern_bg_blend_mode=”normal” mask_bg=”none” mask_bg_style=”default” mask_bg_opacity=”100″ mask_bg_transform=”left” mask_bg_blend_mode=”normal” absolute=”off” absolute_devices=”small,medium,large” sticky=”off” sticky_devices=”small-visibility,medium-visibility,large-visibility” sticky_transition_offset=”0″ scroll_offset=”0″ animation_direction=”left” animation_speed=”0.3″ animation_delay=”0″ filter_hue=”0″ filter_saturation=”100″ filter_brightness=”100″ filter_contrast=”100″ filter_invert=”0″ filter_sepia=”0″ filter_opacity=”100″ filter_blur=”0″ filter_hue_hover=”0″ filter_saturation_hover=”100″ filter_brightness_hover=”100″ filter_contrast_hover=”100″ filter_invert_hover=”0″ filter_sepia_hover=”0″ filter_opacity_hover=”100″ filter_blur_hover=”0″][fusion_builder_row][fusion_builder_column type=”1_1″ layout=”1_1″ elegant_backgrounds=”gradient” gradient_type=”linear” gradient_direction=”0deg” gradient_force=”yes” animation_mode=”normal” enable_background_slider=”no” elegant_transition_effect=”fade” elegant_background_scale=”cover” elegant_transition_delay=”3″ elegant_transition_duration=”750″ align_self=”auto” content_layout=”column” align_content=”flex-start” valign_content=”flex-start” content_wrap=”wrap” center_content=”no” column_tag=”div” target=”_self” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” sticky_display=”normal,sticky” order_medium=”0″ order_small=”0″ hover_type=”none” border_style=”solid” box_shadow=”no” box_shadow_blur=”0″ box_shadow_spread=”0″ z_index_subgroup=”regular” background_type=”single” gradient_start_position=”0″ gradient_end_position=”100″ radial_direction=”center center” linear_angle=”180″ lazy_load=”none” background_position=”left top” background_repeat=”no-repeat” background_blend_mode=”none” sticky=”off” sticky_devices=”small-visibility,medium-visibility,large-visibility” absolute=”off” filter_type=”regular” filter_hover_element=”self” filter_hue=”0″ filter_saturation=”100″ filter_brightness=”100″ filter_contrast=”100″ filter_invert=”0″ filter_sepia=”0″ filter_opacity=”100″ filter_blur=”0″ filter_hue_hover=”0″ filter_saturation_hover=”100″ filter_brightness_hover=”100″ filter_contrast_hover=”100″ filter_invert_hover=”0″ filter_sepia_hover=”0″ filter_opacity_hover=”100″ filter_blur_hover=”0″ transform_type=”regular” transform_hover_element=”self” transform_scale_x=”1″ transform_scale_y=”1″ transform_translate_x=”0″ transform_translate_y=”0″ transform_rotate=”0″ transform_skew_x=”0″ transform_skew_y=”0″ transform_scale_x_hover=”1″ transform_scale_y_hover=”1″ transform_translate_x_hover=”0″ transform_translate_y_hover=”0″ transform_rotate_hover=”0″ transform_skew_x_hover=”0″ transform_skew_y_hover=”0″ transition_duration=”300″ transition_easing=”ease” animation_direction=”left” animation_speed=”0.3″ animation_delay=”0″ last=”true” border_position=”all” first=”true” min_height=”” link=””][fusion_text columns=”” column_min_width=”” column_spacing=”” rule_style=”” rule_size=”” rule_color=”” hue=”” saturation=”” lightness=”” alpha=”” content_alignment_medium=”” content_alignment_small=”” content_alignment=”” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” sticky_display=”normal,sticky” class=”” id=”” margin_top=”” margin_right=”” margin_bottom=”” margin_left=”” fusion_font_family_text_font=”” fusion_font_variant_text_font=”” font_size=”” line_height=”” letter_spacing=”” text_transform=”” text_color=”” animation_type=”” animation_direction=”left” animation_color=”” animation_speed=”0.3″ animation_delay=”0″ animation_offset=””] Calgary, Alberta, May  19, 2023: High Arctic Energy Services Inc. (TSX: HWO) “High Arctic” or the “Corporation” is pleased to announce that its Board of Directors has approved a monthly dividend payment of $0.005 per share to holders of common shares. The dividend is payable on June 14, 2023, to holders of High Arctic common shares of record at the close of business on May 31, 2023. The dividend is designated as an “eligible dividend” for Canadian Income Tax purposes. About High Arctic High Arctic is an energy services provider. High Arctic is a market leader in Papua New Guinea providing drilling and specialized well completion services and supplies rental equipment including rig matting, camps, material handling and drilling support equipment. In western Canada High Arctic provides nitrogen services and pressure control 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 2350, 330–5th Avenue SW Calgary, Alberta, Canada T2P 0L4 website: haes.ca Email: info@haes.ca [/fusion_text][/fusion_builder_column][/fusion_builder_row][/fusion_builder_container]

CALGARY, Canada – May 12, 2023 – High Arctic Energy Services Inc. (TSX: HWO) (“High Arctic” or the “Corporation”) is pleased to announce the results of the annual general and special meeting of the shareholders of High Arctic held on May 11, 2023 (the “Meeting”). Five shareholders holding a total of 26,704,670 common shares of the Corporation were represented at the Meeting in person or proxy, representing approximately 54.86% of the total votes attached to all issued and outstanding common shares of the Corporation as of the record date on April 6, 2023. All matters put forth at the Meeting were approved. In respect of the election of directors, the shareholders approved fixing the number of directors at five with each nominee named in the Corporation’s management information circular dated April 6, 2023 being considered for election as directors. The detailed results of the vote for the election of directors, which was conducted by ballot, are set out below: VOTES FOR                                                                              VOTES WITHHELD/ABSTAINED Michael R. Binnion 94.995%                                                                                      5.005% (25,320,598)                                                                              (1,334,072) Simon P. D. Batcup 97.245%                                                                                      2.755% (25,920,351)                                                                              (734,319) Daniel J. Bordessa 95.176%                                                                                      4.824% (25,368,913)                                                                              (1,285,757) Honourable Joe Oliver 97.306%                                                                                    2.694% (25,936,610)                                                                            (718,060) Douglas J. Strong 97.673%                                                                                  2.327% (26,034,351)                                                                          (620,319) Ember W.M. Schmitt, who has been a director of the Corporation since July 2016, did not stand for reelection at this Meeting. High Arctic acknowledges her tireless contributions during her time on the Board and wish her success in her future endeavors. At the Meeting, the shareholders also approved a resolution appointing KPMG LLP, Chartered Professional Accountants, as auditors of the Corporation, a resolution approving the unallocated units under the Corporation’s performance unit plan, and a resolution approving the unallocated units under the Corporation’s deferred share unit plan. About High Arctic High Arctic is an energy services provider. High Arctic is a market leader in Papua New Guinea providing drilling and specialized well completion services and supplies rental equipment including rig matting, camps, material handling and drilling support equipment. In western Canada High Arctic provides nitrogen services and pressure control equipment on a rental basis to exploration and production companies. For further information, please contact: Michael Maguire, Chief Executive Officer Lance Mierendorf, Chief Financial Officer 1.403.922.4702 1.587.318.2218 1.800.668.7143 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 230512 – High Arctic – 2023 AGM Voting Results News Release (May 12 2023)

[fusion_builder_container type=”flex” hundred_percent=”no” equal_height_columns=”no” menu_anchor=”” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” class=”” id=”” background_color=”” background_image=”” background_position=”center center” background_repeat=”no-repeat” fade=”no” background_parallax=”none” parallax_speed=”0.3″ video_mp4=”” video_webm=”” video_ogv=”” video_url=”” video_aspect_ratio=”16:9″ video_loop=”yes” video_mute=”yes” overlay_color=”” video_preview_image=”” border_color=”” border_style=”solid” padding_top=”” padding_bottom=”” padding_left=”” padding_right=””][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 columns=”” column_min_width=”” column_spacing=”” rule_style=”” rule_size=”” rule_color=”” hue=”” saturation=”” lightness=”” alpha=”” content_alignment_medium=”” content_alignment_small=”” content_alignment=”” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” sticky_display=”normal,sticky” class=”” id=”” margin_top=”” margin_right=”” margin_bottom=”” margin_left=”” fusion_font_family_text_font=”” fusion_font_variant_text_font=”” font_size=”” line_height=”” letter_spacing=”” text_transform=”” text_color=”” animation_type=”” animation_direction=”left” animation_color=”” animation_speed=”0.3″ animation_delay=”0″ animation_offset=””] CALGARY, Canada – May 11, 2023, High Arctic Energy Services Inc. (TSX: HWO) (the “Corporation” or “High Arctic”) released its’ first quarter financial and operating results. The unaudited interim consolidated financial statements, and management discussion & analysis (“MD&A”), for the quarter ended March 31, 2023 will be available on SEDAR at www.sedar.com, and on High Arctic’s website at haes.ca. All amounts are denominated in Canadian dollars (“CAD”), unless otherwise indicated. The Corporation announces that the Board of Directors intends to recommend to shareholders a tax-free cash return of capital equal to $38.2 million relating to the sale of Canadian Well Servicing. The Board further intends to recommend a reorganization of the Corporation at a special meeting of the Shareholders to be held before the end of September 2023. The recommendation to reorganize is expected to include the following elements: – a spinoff of the international business to shareholders as a private company, – maintaining the Canadian publicly listed company focused on growing the Canadian business and utilizing the available $130 million non-capital tax loss carryforwards, and – right sizing the general and administrative infrastructure to align with the new structure. The Corporation is working with DLA Piper as legal advisor on the reorganization plan and is in discussions with financial advisors to facilitate the reorganization, the completion of which is subject to all applicable regulatory approvals. Mike Maguire, Chief Executive Officer commented: “I am excited that the Board intends to reorganize the Corporation, starting with a tax efficient return of cash to shareholders. The proposed spin-off of the Papua New Guinean business will allow senior management to concentrate where we have had the most success in the past. The remaining publicly listed company with Canadian assets and tax pools creates an attractive vehicle for future growth and transactions. Our PNG business has been consistently undervalued by the public market, and we believe that the current market conditions make it appropriate to take steps to unlock value. I believe our customers and employees in both PNG and Canada will appreciate and benefit from a locally managed business.” Highlights The following highlights the Corporations results for Q1-2023: • PNG Rig 103 resumed drilling operations towards end of Quarter under a 3-year contract renewed in August 2022. • Achieved oilfield services operating margins as a percent of revenue of 32.3% on revenues of $9.5 million. • Generated funds flow from operations of $1.4 million and incurred capital expenditures of $0.4 million. • Improved liquidity with a working capital balance of $59.7 million, increased cash balance of $46.7 million, and long-term debt of $4.0 million. • After the final payment from the sale of Well Servicing, the Board of Directors is assessing the merit of a substantive cash return to shareholders including the optimal capital and cost structure. Strategy High Arctic’s 2023 Strategic Objectives build on the platform we created in 2022, and include: • Safety excellence and quality service delivery, • Return idled assets in PNG to service, • Scaling our Canadian business, • Opportunities for growth and corporate transactions that enhance shareholder value, and • Examination of the Corporation’s optimal capital and overhead structure. 230505- Q1 2023 Results Release ANNOUNCEMENT with conf call [/fusion_text][/fusion_builder_column][/fusion_builder_row][/fusion_builder_container]

Calgary, Alberta, May 5, 2023: High Arctic Energy Services Inc. (TSX: HWO) “High Arctic” or the “Corporation” intends to release its 2023 first quarter results on Thursday, May 11, 2023 after markets close and has scheduled a conference call to begin at 2:00 pm MT (4:00 pm ET) on Friday, May 12, 2023. The conference call dial in numbers are 1-800-952-5114 or 416-641-6104 and the participant passcode is 6292679#. 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 June 30, 2023. 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. The Corporation’s Annual General Meeting will be held in the Neilson 1 Room at the Hyatt Regency Calgary, 700 Centre Street SE, Calgary, AB, T2G 5P6 on Thursday, May 11, 2023 at 3:00 p.m. MT. All shareholders, business analysts and other interest parties are encouraged to listen to the meeting via teleconference at toll-free 1-800-952-5114 (Canada and U.S.) or via the internet at: https://www.confsolutions.ca/ILT?oss=7P1R8009525114 (International), Conference ID: 9758331#. About High Arctic High Arctic is an energy services provider. High Arctic is a market leader in Papua New Guinea providing drilling and specialized well completion services and supplies rental equipment including rig matting, camps, material handling and drilling support equipment. In western Canada High Arctic provides nitrogen services and pressure control 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.

[fusion_builder_container elegant_backgrounds=”gradient” gradient_type=”linear” gradient_direction=”0deg” gradient_force=”yes” enable_background_slider=”no” elegant_transition_effect=”fade” elegant_background_scale=”cover” elegant_transition_delay=”3″ elegant_transition_duration=”750″ type=”flex” hundred_percent=”no” hundred_percent_height=”no” hundred_percent_height_scroll=”no” align_content=”stretch” flex_align_items=”flex-start” flex_justify_content=”flex-start” hundred_percent_height_center_content=”yes” equal_height_columns=”no” container_tag=”div” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” status=”published” border_style=”solid” box_shadow=”no” box_shadow_blur=”0″ box_shadow_spread=”0″ gradient_start_position=”0″ gradient_end_position=”100″ radial_direction=”center center” linear_angle=”180″ background_position=”center center” background_repeat=”no-repeat” fade=”no” background_parallax=”none” enable_mobile=”no” parallax_speed=”0.3″ background_blend_mode=”none” video_aspect_ratio=”16:9″ video_loop=”yes” video_mute=”yes” pattern_bg=”none” pattern_bg_style=”default” pattern_bg_opacity=”100″ pattern_bg_blend_mode=”normal” mask_bg=”none” mask_bg_style=”default” mask_bg_opacity=”100″ mask_bg_transform=”left” mask_bg_blend_mode=”normal” absolute=”off” absolute_devices=”small,medium,large” sticky=”off” sticky_devices=”small-visibility,medium-visibility,large-visibility” sticky_transition_offset=”0″ scroll_offset=”0″ animation_direction=”left” animation_speed=”0.3″ animation_delay=”0″ filter_hue=”0″ filter_saturation=”100″ filter_brightness=”100″ filter_contrast=”100″ filter_invert=”0″ filter_sepia=”0″ filter_opacity=”100″ filter_blur=”0″ filter_hue_hover=”0″ filter_saturation_hover=”100″ filter_brightness_hover=”100″ filter_contrast_hover=”100″ filter_invert_hover=”0″ filter_sepia_hover=”0″ filter_opacity_hover=”100″ filter_blur_hover=”0″][fusion_builder_row][fusion_builder_column type=”1_1″ layout=”1_1″ elegant_backgrounds=”gradient” gradient_type=”linear” gradient_direction=”0deg” gradient_force=”yes” animation_mode=”normal” enable_background_slider=”no” elegant_transition_effect=”fade” elegant_background_scale=”cover” elegant_transition_delay=”3″ elegant_transition_duration=”750″ align_self=”auto” content_layout=”column” align_content=”flex-start” valign_content=”flex-start” content_wrap=”wrap” center_content=”no” column_tag=”div” target=”_self” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” sticky_display=”normal,sticky” order_medium=”0″ order_small=”0″ hover_type=”none” border_style=”solid” box_shadow=”no” box_shadow_blur=”0″ box_shadow_spread=”0″ z_index_subgroup=”regular” background_type=”single” gradient_start_position=”0″ gradient_end_position=”100″ radial_direction=”center center” linear_angle=”180″ lazy_load=”none” background_position=”left top” background_repeat=”no-repeat” background_blend_mode=”none” sticky=”off” sticky_devices=”small-visibility,medium-visibility,large-visibility” absolute=”off” filter_type=”regular” filter_hover_element=”self” filter_hue=”0″ filter_saturation=”100″ filter_brightness=”100″ filter_contrast=”100″ filter_invert=”0″ filter_sepia=”0″ filter_opacity=”100″ filter_blur=”0″ filter_hue_hover=”0″ filter_saturation_hover=”100″ filter_brightness_hover=”100″ filter_contrast_hover=”100″ filter_invert_hover=”0″ filter_sepia_hover=”0″ filter_opacity_hover=”100″ filter_blur_hover=”0″ transform_type=”regular” transform_hover_element=”self” transform_scale_x=”1″ transform_scale_y=”1″ transform_translate_x=”0″ transform_translate_y=”0″ transform_rotate=”0″ transform_skew_x=”0″ transform_skew_y=”0″ transform_scale_x_hover=”1″ transform_scale_y_hover=”1″ transform_translate_x_hover=”0″ transform_translate_y_hover=”0″ transform_rotate_hover=”0″ transform_skew_x_hover=”0″ transform_skew_y_hover=”0″ transition_duration=”300″ transition_easing=”ease” animation_direction=”left” animation_speed=”0.3″ animation_delay=”0″ last=”true” border_position=”all” first=”true” min_height=”” link=””][fusion_text columns=”” column_min_width=”” column_spacing=”” rule_style=”” rule_size=”” rule_color=”” hue=”” saturation=”” lightness=”” alpha=”” content_alignment_medium=”” content_alignment_small=”” content_alignment=”” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” sticky_display=”normal,sticky” class=”” id=”” margin_top=”” margin_right=”” margin_bottom=”” margin_left=”” fusion_font_family_text_font=”” fusion_font_variant_text_font=”” font_size=”” line_height=”” letter_spacing=”” text_transform=”” text_color=”” animation_type=”” animation_direction=”left” animation_color=”” animation_speed=”0.3″ animation_delay=”0″ animation_offset=””] Calgary, Alberta, April  21, 2023: Calgary, Alberta, April 21, 2023: High Arctic Energy Services Inc. (TSX: HWO) “High Arctic” or the “Corporation” is pleased to announce that its Board of Directors has approved a monthly dividend payment of $0.005 per share to holders of common shares. The dividend is payable on May 12, 2023, to holders of High Arctic common shares of record at the close of business on April 28, 2023. The dividend is designated as an “eligible dividend” for Canadian Income Tax purposes. About High Arctic High Arctic is an energy services provider. High Arctic is a market leader in Papua New Guinea providing drilling and specialized well completion services and supplies rental equipment including rig matting, camps, material handling and drilling support equipment. In western Canada High Arctic provides nitrogen services and pressure control 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 2350, 330–5th Avenue SW Calgary, Alberta, Canada T2P 0L4 website: haes.ca Email: info@haes.ca [/fusion_text][/fusion_builder_column][/fusion_builder_row][/fusion_builder_container]

CALGARY, Canada – March 28, 2023, 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, 2022 will be available on SEDAR at www.sedar.com, and on High Arctic’s website at haes.ca. All amounts are denominated in Canadian dollars (“CAD”), unless otherwise indicated. Mike Maguire, Chief Executive Officer commented: “High Arctic enters 2023 well positioned to increase our service activity in Papua New Guinea in support of the significant LNG commitments made by our customers there. High Arctic has developed a strong position in PNG through top-tier equipment, local logistics expertise and a loyal and well-trained local workforce. The divestment of underperforming businesses in Canada has provided funds to pursue opportunistic growth in both our PNG and Canadian businesses and return value to shareholders, while weathering any market turbulence due to high inflation or recession.“ Highlights The following highlights the Corporations results for Q4-2022 and YTD-2022: • Disposition of underperforming assets in Canada for $38.2 million. • Executed a strategic consolidation of the snubbing industry in Canada by partnering with Team Snubbing, a large snubbing specialist. • Retained profitable Rental and Nitrogen Services businesses and real estate in Canada. • After a slowdown prolonged by the pandemic in PNG, rig operations recommenced in 2022. • In April, reinstated a monthly dividend of $0.005 per share and returned $2.2 million to shareholders. • Generated Adjusted EBITDA of $5.7 million YTD-2022 and a negative Adjusted EBITDA of $0.9 million in Q4-2022 while realizing a net loss of $36.6 million YTD-2022 and net loss of $9.1 million Q4-2022. • The significant loss was due to non-cash impairment expense of $9.7 million and elimination of $7.7 million deferred tax asset both associated with the Canadian business sales, a $3.9 million PNG inventory adjustment and obsolescence provision in Q4-2022 in PNG, and $17.7 million in depreciation expense. Strategy High Arctic’s 2023 Strategic Objectives build on the platform we created in 2022, and include: • Safety excellence and quality service delivery, • Redeployment of idled assets in PNG, • Scaling our Canadian business, • Opportunities for growth and corporate transactions that enhance shareholder value, and • Examination of the Corporation’s optimal capital structure and dividend policy. ——————– Papua New Guinea – Drilling and Ancillary Services Drilling Services activities rose in 2022 with PNG seeing drilling rig activity following a long period of relative inactivity during the Covid-19 pandemic. Early in 2022, the Corporation utilized Rig 115 to complete the abandonment of a complex legacy well for a key customer while in Q3-2022 the Corporation executed a three-year renewal of the contract for the provision of drilling services with its principal customer using Rig 103. 2022 also saw the Corporation take steps to formalize the provision of personnel services to the PNG industry following the success of doing the same in 2021. Provision of personnel to both key PNG customers remained strong throughout the year. With higher industry activity, the Corporation increased utilization of its rental equipment including camps, matting, and mobile material handling equipment. The combination of these service activities led to High Arctic achieving revenues of $30.7 million in 2022 as compared to $10.7 million in 2021 in its Drilling Services segment. In 2022, the Papua-LNG joint venture entered front-end-engineering-and-design (“FEED”) and commenced early works activity, foreshadowing a final investment decision (“FID”) in the second half of 2023. The operator of the PNG-LNG joint venture announced the signing of a gas agreement for the development of the P’nyang gas field in the Western Province of PNG, which is anticipated to result in the addition of further gas liquefaction capacity in the world class PNG-LNG export facility. In preparation for year-end verification and active drilling in 2023, High Arctic conducted comprehensive substantive procedures to verify the current asset carrying value of inventory. This resulted in a $3.9 million inventory adjustment in the fourth quarter of 2022. Canada – Production and Ancillary Services On July 27, 2022, High Arctic executed two separate asset sales transactions resulting in the effective divestment of the Corporation’s Production Services segment (the “Sale Transactions”). The Canadian well servicing business was sold for an aggregate purchase price of $38.2 million to be settled in cash consideration. The Well Servicing Transaction involved the sale of well servicing rigs, associated rental equipment, and real estate used in the support of these operations along with the transfer of field personnel and a large majority of the office support personnel. The sale price was $38.2 million, which resulted in impairment of $9.0 million recognized in 2022. The well servicing business was originally purchased by the Corporation in August 2016 for $42.8 million in cash with a non-cash $12.7 million gain on the acquisition booked to PP&E. The Canadian snubbing business was sold to Team Snubbing for a consideration consisting of 42% equity ownership in the post-closing outstanding shares in Team Snubbing, valued at $7.7 million, and a convertible promissory note of $3.4 million. The note has a five-year term, with interest accruing at 4.5% from January 1, 2023, and principal repayments commencing July of 2024. High Arctic’s investment in the share capital of Team Snubbing allows for significant influence of key corporate, strategic and financial decisions and High Arctic has rights to the net assets of Team Snubbing. The sale resulted in a 2022 impairment loss of $0.7 million. High Arctic retains its Ancillary Services Segment in Canada comprised of the Nitrogen Pumping business and a Rentals business focused on pressure control equipment. As a result of the Sale Transactions, the Corporation has a significantly reduced Canadian business and has written down the deferred tax assets of $7.7 million while retaining $126.7 million of operating tax loss carry-forward in Canada. Additionally, the $37.0 million revolving bank loan credit facility was terminated effective July 28, 2022. Outlook The Corporation begins 2023 with a strong balance sheet, access to … Read more