2024

CALGARY, Canada – May 29, 2024 – High Arctic Energy Services Inc. (TSX: HWO) (“High Arctic” or the “Corporation”) announces that, further to the Corporation’s news releases dated May 11, 2024 and May 21, 2024, and the management information circular of the Corporation dated May 9, 2024 (the “Information Circular”), which was mailed to shareholders of the Corporation, the Corporation has filed the management’s discussion and analysis for High Arctic Energy Services Cyprus Limited (“HAES Cyprus”) for the years ended December 31, 2023, 2022 and 2021 (the “MD&A”) on the Corporation’s profile on SEDAR+ at www.sedarplus.ca. The MD&A was not included in the Information Circular as a result of a clerical error made on compiling the Information Circular. As previously announced, the Information Circular relates to, among other things, a proposed plan of arrangement (the “Arrangement”) between the Corporation and High Arctic Overseas Holdings Corp. (“SpinCo”) and a proposed return of capital to shareholders of the Corporation (“Return of Capital”). The Corporation will provide, free of charge, a copy of the omitted MD&A upon request by any interested party. Please request a copy of the MD&A by sending an email to info@haes.ca. In the subject line of the email state “MD&A” and in the body of the email please provide your full name and mailing address, or email address if an emailed copy is requested, to ensure your request will be expedited. The following is a summary of the highlights of the MD&A. This summary is qualified in its entirety by the full text of the MD&A. The following is a summary review of risks, the results of operations, liquidity, and capital resources of HAES Cyprus and should be read in conjunction with the audited consolidated financial statements and notes of HAES Cyprus for the years ended December 31, 2023, 2022 and 2021, and the full text of the MD&A. CORPORATE PROFILE Headquartered in Nicosia, HAES Cyprus provides services in Papua New Guinea (“PNG”) through its wholly owned subsidiaries to the extractive industries with particular focus on exploration and production companies operating in the energy sector. HAES Cyprus conducts its business operations in three separate operating segments: Drilling Services, Ancillary Services and Production Services. 240528 HAES NR Cyprus MDA Omission 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 and other oilfield equipment on a rental basis to exploration and production companies, from its bases in Whitecourt and Red Deer, Alberta. For further information, please contact: Lonn Bate Interim 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 Forward-Looking Statements Forward-Looking Statements. Certain statements contained in this press release may constitute forward-looking statements. These statements relate to future events. All statements other than statements of historical fact may be forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “predict”, “potential”, “targeting”, “intend”, “could”, “might”, “should”, “believe” and similar expressions. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. High Arctic believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this press release should not be unduly relied upon by investors. These statements speak only as of the date of this press release and are expressly qualified, in their entirety, by this cautionary statement. In particular, this press release contains forward-looking statements, pertaining to the following: the timing and anticipated receipt of required regulatory (including stock exchange), court, and shareholder approvals for the Arrangement; the ability of High Arctic to satisfy the other conditions to, and to complete, the Arrangement; and the closing of the Arrangement, the approval by the Board and the amount and payment of the Return of Capital. In respect of the forward-looking statements and information concerning the anticipated completion of the proposed Arrangement and related transactions, High Arctic has provided them in reliance on certain assumptions that it believes are reasonable at this time, including assumptions as to the ability of the parties to receive, in a timely manner, the necessary regulatory, court, shareholder and other third party approvals; and the ability of the parties to satisfy, in a timely manner, the other conditions to the closing of the Arrangement. These dates may change for a number of reasons, including unforeseen delays in preparing meeting material; inability to secure necessary shareholder, regulatory, court or other third-party approvals in the time assumed or the need for additional time to satisfy the other conditions to the completion of the Arrangement. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these times. This forward-looking information represents High Arctic’s views as of the date of this document and such information should not be relied upon as representing its views as of any date subsequent to the date of this document. High Arctic has attempted to identify important factors that could cause actual results, performance or achievements to vary from those current expectations or estimates expressed or implied by the forward-looking information. However, there may be other factors that cause results, performance or achievements not to be as expected or estimated and that could cause actual results, performance or achievements to differ materially from current expectations. There can be no assurance that forward-looking information will prove to be accurate, as results and future events could differ materially from those expected or estimated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Except as required … Read more

CALGARY, Canada – May 21, 2024 – High Arctic Energy Services Inc. (TSX: HWO) (“High Arctic” or the “Corporation”) is pleased to announce that the Toronto Stock Exchange (the “TSX”) has conditionally approved the listing on the TSX of the new common shares of High Arctic (“New High Arctic Common Shares”) which will be issued to the shareholders of High Arctic (“Shareholders”) in exchange for their existing common shares (“Common Shares”) pursuant to the terms of the previously announced plan of arrangement (the “Arrangement”) between the Corporation and High Arctic Overseas Holdings Corp. (“SpinCo”). It is a condition of closing of the Arrangement that the TSX conditionally approve the listing of the New High Arctic Common Shares on the TSX or the TSX Venture Exchange (“TSXV”) on completion of the Arrangement. The TSX has also conditionally accepted the previously announced return of capital of up to $38.2 million (up to $0.76 per common share) of High Arctic (the “Return of Capital”). The purpose of the Arrangement is to separate the Corporation’s North American and Papua New Guinea businesses. As at the closing of the Arrangement, which is expected to occur on July 31, 2024, each Shareholder will receive onequarter of one (1/4) common share of SpinCo (“SpinCo Common Share”) and one-quarter of one (1/4) New High Arctic Common Share for each Common Share held. The Arrangement, the Return of Capital, and other resolutions related to the reorganization, as well as annual meeting matters, will be put to the Shareholders for approval at an annual general and special meeting of shareholders of the Corporation to be held in Calgary, Alberta on June 17, 2024 (the “Meeting”). Assuming the required Shareholder approval is obtained at the Meeting, the Return of Capital is expected to be distributed to Shareholders prior to the closing of the Arrangement. The Arrangement remains subject to the satisfaction of closing conditions, including the final approval of the listing of the New High Arctic Common Shares by the TSX, the approval of the listing of the SpinCo Common Shares on the TSXV, and final approval of the Arrangement by the Court of King’s Bench of Alberta. For more information on the Arrangement and the Return of Capital, please see the information circular dated May 9, 2024 in respect of the Meeting, available on the Company’s SEDAR+ profile at www.sedarplus.com. 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 and other oilfield equipment on a rental basis to exploration and production companies, from its bases in Whitecourt and Red Deer, Alberta. For further information, please contact: Lonn Bate Interim 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 240521 – HAES NR – Conditional Approval

CALGARY, Alberta – May 15, 2024, High Arctic Energy Services Inc. (TSX: HWO) (the “Corporation” or “High Arctic”) released its’ first quarter financial and operating results. The unaudited consolidated financial statements, management discussion & analysis (“MD&A”), for the quarter ended March 31, 2024 will be available on SEDAR+ at www.sedarplus.ca, and on High Arctic’s website at haes.ca. All amounts are denominated in Canadian dollars (“CAD”), unless otherwise indicated. Intention to Return Capital and Reorganize On May 11, 2024 the Corporation announced the Annual General and Special Meeting of Shareholders to be held in Calgary, Alberta on June 17, 2024 (the “Meeting”). The meeting has been called by the High Arctic Board of Directors for the purpose of holding a shareholders vote on the separation of the Corporation’s North American and Papua New Guinea (“PNG”) businesses, by way of a court-approved plan of arrangement (the “Arrangement”), as well as a distribution of surplus cash to shareholders by way of a return of capital of up to $0.76 per common share ( up to $38.2 million) of High Arctic (the “Return of Capital”). The Arrangement will transfer High Arctic’s PNG business to a separate, dedicated, and independent, publicly traded company named High Arctic Overseas Holdings Corp. (“SpinCo”), while High Arctic will continue to own and operate the Corporation’s existing North American Business. Each of the two companies will have its own management and operational teams and a separate Board of Directors. Under the proposed Arrangement, each shareholder of High Arctic will receive one-quarter of one (1/4) common share of SpinCo and one-quarter of one (1/4) common share of post-Arrangement High Arctic for each common share of High Arctic held. As a result of the Arrangement, each shareholder will continue to own its pro rata portion of both SpinCo and post-Arrangement High Arctic. The Arrangement, the Return of Capital, and other resolutions related to the reorganization, as well as annual meeting matters, will be put to the Shareholders for approval at the Meeting. Both the Arrangement and the Return of Capital will require two thirds (2/3) of all votes cast in favour to pass. Mike Maguire, Chief Executive Officer commented: “Our businesses in both Canada and PNG have had very solid starts to 2024. Our recent acquisition and amalgamation of Delta Rental Services in Canada has delivered financial performance in line with our pretransaction expectations and we anticipate further improvement as we move out of integration phase and optimize equipment cross-deployment. In PNG Rig 103 has delivered another high-quality quarter of drilling activity ahead of its suspension and stacking which will be completed in Q2 2024. I am pleased to have finally published the details of our long-anticipated reorganization and the associated tax efficient Return of Capital to shareholders. I am excited about the opportunities that this can unlock for the two distinct and separate businesses. Mail-out of meeting materials to shareholders is underway and I encourage all shareholders to read the materials which detail the reasons supporting the Arrangement, key dates and the processes available for voting. The PNG business will be owned by a new publicly listed Canadian company with operations focussed on PNG. High Arctic will retain the Canadian assets which have been strengthened with the addition of Delta Rental Services and is an attractive vehicle for future growth and transactions. The Board and Management of High Arctic unanimously recommend that all shareholders vote in favour of all resolutions at the meeting.” In the following discussion, the three months ended March 31, 2024 may be referred to as the “quarter” or “Q1 2024” and the comparative three months ended March 31, 2023 may be referred to as “Q1 2023”. References to other quarters may be presented as “QX 20XX” with X/XX being the quarter/year to which the commentary relates. 2024 FIRST QUARTER HIGHLIGHTS  Seamless integration of the Delta business with the legacy High Arctic rental business that now operates under the Delta Rental Services banner with first quarter results in line with expectations, and potential for upside from deploying underutilized assets into our expanded geographical coverage in Alberta.  Realized a fourth continuous quarter of full utilization of PNG Rig 103 and with performance in Q1 2024 consistent with the second half of 2023.  Improved liquidity with a working capital balance of $67.5 million, which includes a cash balance of $57.3 million, and long-term debt of $3.5 million.  Generated Adjusted EBITDA from continuing operations of $4.5 million on revenue of $18.0 million.  Achieved net income of $3.5 million or $0.07 per share on a fully-diluted basis.  Strong Q1 2024 operational performance from Team Snubbing resulted in $0.5 million in income from equity investments from High Arctic’s 42% equity investment. 2024 Strategic Objectives High Arctic’s 2024 Strategic Objectives build on the platforms created and directions taken in 2023, and include:  Continued relentless focus on safety excellence and quality service delivery,  Distribute surplus capital and prepare for the spin out of the PNG business to shareholders,  Create appropriate capital and corporate structures for the current businesses, that provide the opportunity to consider transactions which would create value for the Corporation’s shareholders,  Grow the core businesses through selective and opportunistic investments,  Steward capital to preserve balance sheet strength and financial flexibility, and  Execute accretive acquisitions in Canada that allow the Corporation to optimize its available tax loss carryforwards. Q1 2024 Investor Conference Call A High Arctic investor conference call is schedule to begin at 11:00 am MT (1:00 pm ET) on Thursday, May 16, 2024. The conference call dial in numbers are 1-800-898-3989 or 416-340-2217 and the participant passcode is 6026512#. 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 entering passcode 8446938# will remain available until June 15, 2024. An audio recording of the conference call will also be available within 24 hours on … Read more

CALGARY, Alberta – May 13, 2024 – High Arctic Energy Services Inc. (TSX: HWO) (“High Arctic” or the “Corporation”) intends to release its 2024 first quarter results on Wednesday, May 15, 2024 after markets close and has scheduled a conference call to begin at 11:00 am MT (1:00 pm ET) on Thursday, May 16, 2024. The filing of the 2024 first quarter results follows our announcement of May 11, 2024 for the reorganization to create two publicly traded energy services companies and return of capital to shareholders at an Annual General and Special Meeting of Shareholders on June 17, 2024. The conference call dial in numbers are 1-800-898-3989 or 416-340-2217 and the participant passcode is 6026512#. 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 entering passcode 8446938# will remain available until June 15, 2024. An audio recording of the conference call will also be available within 24 hours on High Arctic’s website. The Corporation’s First Quarter Interim Financial Statements and Management’s Discussion & Analysis will be posted to High Arctic’s website and SEDAR+ after the results are released which is expected to be after market close on May 15, 2024. 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 and other oilfield equipment on a rental basis to exploration and production companies, from its bases in Whitecourt and Red Deer, Alberta. For further information, please contact: Lonn Bate Interim 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 240513 HAES Q1 2024 Investor Call Dial in Details

CALGARY, Canada – May 11, 2024 – High Arctic Energy Services Inc. (TSX: HWO) (“High Arctic” or the “Corporation”) is pleased to announce that its Board of Directors (“Board”) has unanimously approved the reorganization of High Arctic to separate the Corporation’s North American and Papua New Guinea (“PNG”) businesses, by way of a court-approved plan of arrangement (the “Arrangement”), as well as a distribution of surplus cash to shareholders by way of a return of capital of up to $38.2 million (up to $0.76 per common share) of High Arctic (the “Return of Capital”). The Arrangement will transfer High Arctic’s PNG business to a separate, dedicated, and independent, publicly traded company named “High Arctic Overseas Holdings Corp.” (“SpinCo”), while High Arctic will continue to own and operate the Corporation’s existing North American Business. Each of the two companies will have its own management and operational teams and separate Board of Directors. Under the proposed Arrangement, each shareholder of High Arctic (“Shareholder”) will receive one-quarter of one (1/4) common share of SpinCo (“SpinCo Common Share”) and one-quarter of one (1/4) common share of post-Arrangement High Arctic for each common share of High Arctic held. The Arrangement, the Return of Capital, and other resolutions related to the reorganization, as well as annual meeting matters, will be put to the Shareholders for approval at an annual general and special meeting of shareholders of the Corporation to be held in Calgary, Alberta on June 17, 2024 (the “Meeting”). As a result of the Arrangement, each Shareholder will continue to own its pro rata portion of both SpinCo and post-Arrangement High Arctic. Strategic Rationale High Arctic’s Board and management are of the view that the Corporation has historically been unable to derive appropriate value from the market that represents the sum of the parts. The Corporation has also found a lack of synergy between the businesses in PNG and Canada. In separating the PNG business from the Corporation, High Arctic’s Board and management believe value can be created for the Shareholders. For the holders of SpinCo Common Shares, separation provides the opportunity for SpinCo to consider transactions with a wider group of PNG focused companies, and greater flexibility to relocate in the future to a market that better understands PNG and is likely to ascribe greater value to SpinCo. For the holders of post-Arrangement High Arctic common shares, the transaction opens-up opportunities for High Arctic to participate in Canadian M&A activity where the PNG business may have been perceived as an impediment to accretive transactions. For years the Corporation has both pursued or entertained potential business combination transactions. The distinctly different profiles of the North American and PNG businesses have proven to be the main impediment to identifying transactions acceptable to all parties and in the best interests of Shareholders. Finding unique companies desirous of being linked to both distinct businesses has proven unsuccessful. Companies to whom association with our North American Business may be attractive are a distinctly broader group and do not overlap with the international companies with whom the PNG business and its risk profile may fit well. Board and management unanimously agree that the separation of these two businesses will ensure that management is dedicated to enhancing the value of each business and accessing new pathways to transformative and accretive transactions that are currently inaccessible.   Benefits to Shareholders Certain of the expected benefits to Shareholders of the Arrangement are as follows:  The benefits of dividing the Corporation into its distinct businesses;  Each company will be owned by Shareholders on a pro rata basis with reference to the number of High Arctic Common Shares held prior to the Arrangement;  The Arrangement is expected to improve the market’s identification and valuation of each company and allow Shareholders, investors and analysts to more accurately compare, evaluate and value each of the companies on a stand-alone basis against appropriate peers, benchmarks and performance criteria specific to that company;  Each company will have independent access to capital (equity and debt) which management believes will result in optimal capital allocation;  The procedures by which the Arrangement is to be approved, including the requirement for approval of the Arrangement by the Court after a hearing at which fairness to the Corporation’s securityholders will be considered;  The Corporation has received the financial Fairness Opinion (defined below);  The availability of rights of dissent to Shareholders with respect to the Arrangement; and  The tax treatment of the Arrangement is expected to be tax efficient for Canadian tax purposes for most shareholders. Board and Management of High Arctic and SpinCo The Hon. Joe Oliver has informed the Corporation that he does not intend to stand for re-election as a director at the Meeting and will resign on May 15, 2024. Mr. Oliver has served as a director of High Arctic for eight years, and his intention to resign coincides with the Arrangement and the setting of a new strategic direction for the remaining Corporation, which he supports. Michael Binnion, High Arctic’s Chairman stated: “On behalf of the Board, I would like to thank the Honorable Joe Oliver for his dedication and commitment to High Arctic during his tenure. Joe has played an important role in the evolution of High Arctic including the challenges of a global pandemic and a rebuilding of the businesses that sets the stage for a new and independent future. We wish Joe all the very best.” Upon completion of the Arrangement and election or re-election by Shareholders at the Meeting, the Board of High Arctic will consist of: Simon Batcup (Chair) Douglas Strong Michael Binnion Craig Nieboer The management of High Arctic will consist of: Michael Maguire (Interim CEO) Lonn Bate (CFO) Trevor Barker (GM Operations) Justin Morrical (Business Development Manager) High Arctic is actively pursuing permanent CEO placement options. If the Arrangement is approved, Mr. Maguire will assume the role in an interim capacity and transition duties to a new CEO appointed by the Board. The management … Read more