High Arctic Grows EBITDA to $49.3 million
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News Releases
High Arctic Declares Monthly Dividend
High Arctic Declares Monthly Dividend Calgary, Canada – February 18, 2015 – 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 $0.0165 per share to holders of common shares. The dividend is payable on March 13, 2015, to holders of High Arctic common shares of record at the close of business on February 27, 2015. The ex-dividend date is February 25, 2015. The dividend is designated as an “eligible dividend” for Canadian Income Tax purposes. About High Arctic High Arctic is a publicly traded company listed on the Toronto Stock Exchange under the symbol “HWO”. The Corporation’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’s largest operation is in Papua New Guinea where it provides drilling and specialized well completion services and supplies rig matting, camps and drilling support equipment on a rental basis. The Canadian operation provides snubbing services, nitrogen supplies and equipment on a rental basis to a large number of oil and natural gas exploration and production companies operating in Western Canada. Further Information Ken Olson Chief Financial Officer Phone: 403 508 7836 ext 103 Email: ken.olson@z6a.d3d.myftpupload.com
High Arctic Declares Monthly Dividend
Calgary, Canada – January 21, 2015 – 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 $0.0165 per share to holders of common shares. The dividend is payable on February 13, 2015, to holders of High Arctic common shares of record at the close of business on January 30, 2015. The ex-dividend date is January 28, 2015. The dividend is designated as an “eligible dividend” for Canadian Income Tax purposes. About High Arctic High Arctic is a publicly traded company listed on the Toronto Stock Exchange under the symbol “HWO”. The Corporation’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’s largest operation is in Papua New Guinea where it provides drilling and specialized well completion services and supplies rig matting, camps and drilling support equipment on a rental basis. The Canadian operation provides snubbing services, nitrogen supplies and equipment on a rental basis to a large number of oil and natural gas exploration and production companies operating in Western Canada. Further Information Ken Olson Chief Financial Officer Phone: 403 508 7836 ext 103 Email: ken.olson@z6a.d3d.myftpupload.com
High Arctic Announces Normal Course Issuer Bid
Calgary, Canada – January 8, 2015 – High Arctic Energy Services Inc. (TSX: HWO) (“High Arctic” or the “Corporation”) is pleased to announce that it has made the necessary filings, and received the necessary approvals to conduct a normal course issuer bid (“NCIB”) through the facilities of the Toronto Stock Exchange (“TSX”). The TSX has accepted the Corporation’s notice to conduct the NCIB to purchase outstanding common shares on the open market, in accordance with the rules of the TSX. As approved by the TSX, the Corporation is authorized to purchase up to 2,938,125 common shares, representing approximately 10% of the public float of High Arctic, being 29,381,251 as of January 7, 2015. As of January 7, 2015, there were 55,768,652 common shares outstanding. The maximum number of common shares that High Arctic may purchase on any given day is 20,505 common shares, which is 25% of the Corporations average daily trading volume on the TSX. High Arctic may also make one weekly block repurchase which exceeds the daily limit subject to prescribed rules. All common shares acquired under the NCIB will be cancelled. The Corporation is authorized to make purchases during the period from Jan 12, 2015 to Jan 11, 2016, or until such earlier time as the NCIB is completed or terminated at the option of the Corporation. Any common shares the Corporation purchases under the NCIB will be purchased on the open market through the facilities of the TSX or alternative Canadian markets, at the prevailing market price at the time of the transaction. The Corporation has appointed AltaCorp Capital Inc. (“AltaCorp”) as its broker to conduct the NCIB transactions under an automatic purchase plan agreement (“APPA”) dated Jan 7, 2015. The APPA will allow AltaCorp to purchase common shares under the bid during internal blackout periods when the Corporation would normally not be permitted to trade in its shares. Such purchases will be at the sole discretion of AltaCorp based on direction received from High Arctic prior to any blackout period and in accordance with all regulatory and securities law. Management of the Corporation believes that from time to time the market price of the High Arctic common shares may not reflect their underlying value and that, at such times, the purchase of common shares for cancellation will increase the proportionate interest of, and be advantageous to, all remaining shareholders. In addition, the purchases by High Arctic under the NCIB may increase liquidity to the Corporation’s shareholders wishing to sell their common shares. The Corporation’s previous NCIB expired on May 27, 2014 and under that program, a total of 105,470 common shares at a weighted average price of $2.19 per share were repurchased for cancellation during the 12 month period when it operated. Forward-Looking Statements This news release may contain forward-looking statements relating to expected future events and anticipated financial and operating results of the Company that involve risks and uncertainties. Actual results may differ materially from management expectations, as projected in such forward-looking statements, for a variety of reasons, including, but not limited to, market and general economic conditions, and the risks and uncertainties detailed in both the Company’s Management Discussion and Analysis for the year ended December 31, 2013 and the Annual Information Form for the year ended December 31, 2013 found on SEDAR (www.sedar.com). Due to the potential impact of these factors, the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless required by applicable law. About High Arctic High Arctic is a publicly traded company listed on the Toronto Stock Exchange under the symbol “HWO”. The Corporation’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’s largest operation is in Papua New Guinea where it provides drilling and specialized well completion services and supplies rig matting, camps and drilling support equipment on a rental basis. The Canadian operation provides snubbing services, nitrogen supplies and equipment on a rental basis to a large number of oil and natural gas exploration and production companies operating in Western Canada. Further Information Ken Olson Chief Financial Officer Phone: 403 580 7836 ext 103 Email: ken.olson@z6a.d3d.myftpupload.com
High Arctic Declares Monthly Dividend
High Arctic Declares Monthly Dividend Calgary, Canada – December 18, 2014 – 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 $0.0165 per share to holders of common shares. The dividend is payable on January 14, 2015, to holders of High Arctic common shares of record at the close of business on December 31, 2014. The ex-dividend date is December 29, 2014. The dividend is designated as an “eligible dividend” for Canadian Income Tax purposes. About High Arctic High Arctic is a publicly traded company listed on the Toronto Stock Exchange under the symbol “HWO”. The Corporation’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’s largest operation is in Papua New Guinea where it provides drilling and specialized well completion services and supplies rig matting, camps and drilling support equipment on a rental basis. The Canadian operation provides snubbing services, nitrogen supplies and equipment on a rental basis to a large number of oil and natural gas exploration and production companies operating in Western Canada. Further Information Ken Olson Chief Financial Officer Phone: 403 508 7836 ext 103 Email: ken.olson@z6a.d3d.myftpupload.com
High Arctic Signs a 2 Year Drilling Services Contract with InterOil for Rig 116
Calgary, Canada – December 1, 2014 – High Arctic Energy Services Inc. (TSX: HWO) (“High Arctic” or the “Company”) is pleased to announce that it has signed a Drilling Services Agreement with InterOil Corporation for a second heli-portable drilling rig in Papua New Guinea (“PNG”). High Arctic has agreed to provide its Rig 116, along with a 100 person camp, for a firm contract term of two years. The two year term commences once the rig has been accepted at the first drilling location in PNG. The contract is projected to deliver annualized revenue of approximately US$30 million once the drilling operations commence. It is anticipated that the rig will begin operations in the third quarter of 2015. Tim Braun, High Arctic’s CEO, stated; “The execution of a two year contract for Rig 116 in Papua New Guinea fulfills the growth strategy identified earlier in the year and further strengthens High Arctic’s market position in the country. We are pleased that we have expanded our relationship with InterOil and look forward to partnering with them to commercialize their resource fields in PNG.” Rig 116 is currently in Houston Texas undergoing upgrading in preparation for this work and will be mobilized to Papua New Guinea once the work is completed. The commissioning of Rig 115 has commenced following its upgrading and is expected to be shipped to PNG and ready to begin drilling operations under a previously announced contract with InterOil by the end of March, 2015. Both Rig 115 and Rig 116 will be supported from a common location near the InterOil resource fields, which will provide efficiencies in our service delivery offering. Forward-Looking Statements This news release may contain forward-looking statements relating to expected future events and anticipated financial and operating results of the Company that involve risks and uncertainties. Actual results may differ materially from management expectations, as projected in such forward-looking statements, for a variety of reasons, including, but not limited to, market and general economic conditions, and the risks and uncertainties detailed in both the Company’s Management Discussion and Analysis for the year ended December 31, 2013 and the Annual Information Form for the year ended December 31, 2013 found on SEDAR (www.sedar.com). Due to the potential impact of these factors, the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless required by applicable law. About High Arctic High Arctic is a publicly traded company listed on the Toronto Stock Exchange under the symbol “HWO”. The Corporation’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’s largest operation is in Papua New Guinea where it provides drilling and specialized well completion services and supplies rig matting, camps and drilling support equipment on a rental basis. The Canadian operation provides snubbing services, nitrogen supplies and equipment on a rental basis to a large number of oil and natural gas exploration and production companies operating in Western Canada. Further Information Ken Olson Chief Financial Officer Phone: 403 580 7836 ext 103 Email: ken.olson@haes.ca
High Arctic Reports 14% Increase in Revenue
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High Arctic Increases Monthly Dividend 10%
Calgary, Canada – November 13, 2014 – High Arctic Energy Services Inc. (TSX: HWO) (“High Arctic” or the “Corporation”) is pleased to announce that its Board of Directors has approved a 10% increase in the monthly dividend amount. The new monthly amount is $0.0165 per share or 19.8 cents per annum. The Board has declared the dividend of $0.0165 per share payable on December 12th, 2014 to the holders of common shares of record at the close of business on November 28, 2014. The ex-dividend date is November 26, 2014. The dividend is designated as an “eligible dividend” for Canadian Income Tax purposes. Michael Binnion, Chairman of the Board of Directors, stated “This increase reflects the confidence we have in our current business and our ability to deliver on the opportunities in front of us. The new dividend rate equates to an annual dividend of approximately $10.9 million which is 26% of our trailing twelve months of funds provided from operations.” About High Arctic High Arctic is a publicly traded company listed on the Toronto Stock Exchange under the symbol “HWO”. The Corporation’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’s largest operation is in Papua New Guinea where it provides drilling and specialized well completion services and supplies rig matting, camps and drilling support equipment on a rental basis. The Canadian operation provides snubbing services, nitrogen supplies and equipment on a rental basis to a large number of oil and natural gas exploration and production companies operating in Western Canada. Further Information Ken Olson Chief Financial Officer Phone: 403 508 7836 ext 103 Email: ken.olson@z6a.d3d.myftpupload.com
High Arctic Declares Monthly Dividend
High Arctic Declares Monthly Dividend Calgary, Canada – October 22, 2014 – 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 $0.015 per share to holders of common shares. The dividend is payable on November 14, 2014, to holders of High Arctic common shares of record at the close of business on October 31, 2014. The ex-dividend date is October 29, 2014. The dividend is designated as an “eligible dividend” for Canadian Income Tax purposes. About High Arctic High Arctic is a publicly traded company listed on the Toronto Stock Exchange under the symbol “HWO”. The Corporation’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’s largest operation is in Papua New Guinea where it provides drilling and specialized well completion services and supplies rig matting, camps and drilling support equipment on a rental basis. The Canadian operation provides snubbing services, nitrogen supplies and equipment on a rental basis to a large number of oil and natural gas exploration and production companies operating in Western Canada. Further Information Ken Olson Chief Financial Officer Phone: 403 508 7836 ext 103 Email: ken.olson@z6a.d3d.myftpupload.com
High Arctic Declares Monthly Dividend
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW High Arctic Declares Monthly Dividend Calgary, Canada – September 19, 2014 – 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 $0.015 per share to holders of common shares. The dividend is payable on October 14, 2014, to holders of High Arctic common shares of record at the close of business on September 30, 2014. The ex-dividend date is September 26, 2014. The dividend is designated as an “eligible dividend” for Canadian Income Tax purposes. About High Arctic High Arctic is a publicly traded company listed on the Toronto Stock Exchange under the symbol “HWO”. The Corporation’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’s largest operation is in Papua New Guinea where it provides drilling and specialized well completion services and supplies rig matting, camps and drilling support equipment on a rental basis. The Canadian operation provides snubbing services, nitrogen supplies and equipment on a rental basis to a large number of oil and natural gas exploration and production companies operating in Western Canada. Further Information Ken Olson Chief Financial Officer Phone: 403 508 7836 ext 103 Email: ken.olson@z6a.d3d.myftpupload.com