Red Deer, Canada – August 13, 2012 – High Arctic Energy Services Inc. (TSX: HWO) (“High Arctic” or the “Company”) today announced its operating and financial results for the second quarter of 2012.
High Arctic continued its strong year over year growth in revenue, EBITDA and net earnings in the second quarter of 2012. Adjusted EBITDA increased 33.3% to $5.2 million in the quarter and by 35.4% to $19.5 million for the six months to June 30 as compared to the same periods of last year.
Red Deer, Canada – July 20, 2012 – 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 $0.01 per share to holders of common shares. The dividend is payable on August 14, 2012, to holders of High Arctic common shares of record at the close of business on July 31, 2012. The ex-dividend date is July 27, 2012.The dividend is designated as an “eligible dividend” for Canadian Income Tax purposes.
Red Deer, Canada – June 26, 2012 – High Arctic Energy Services Inc. (TSX: HWO) (“High Arctic” or the “Company”) has received a letter of award from its primary customer in Papua New Guinea to supply a new 104 man oilfield camp plus a 4 man “pioneer” camp. The heli-portable camp is a new build that will be constructed in Dubai by a supplier with considerable experience in supplying camps of this nature in PNG. A number of design changes will be incorporated to substantially reduce the footprint of the main camp and to make it easier to reassemble when moving to a new location by helicopter. These design changes were the result of a collaborative effort with the customer and should bring substantial cost savings and environmental benefits by reducing the size of the drilling locations. The pioneer camp is a self sufficient camp suitable for a small crew to set up at a new location prior to the arrival of the main camp.
Red Deer, Canada – May 17, 2012 – High Arctic Energy Services Inc. (TSX: HWO) (“High Arctic” or the “Corporation”) is pleased to announce that its Board of Directors has approved the implementation of a dividend policy that provides for the payment of a monthly dividend. The Board of Directors has declared the Corporation’s first monthly dividend at a rate of $0.01 per share, payable on June 14, 2012, to holders of High Arctic common shares of record at the close of business on May 31, 2012. This equates to an annual dividend of 12 cents per share. The ex-dividend date is May 29, 2012. The dividend is designated as an “eligible dividend” for Canadian Income Tax purposes.
Red Deer, Canada – May 14, 2012 – High Arctic Energy Services Inc. (TSX: HWO) (“High Arctic” or the “Company”) today announced its operating and financial results for the first quarter of 2012.
Red Deer, Canada – March 21, 2012 – 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 2,481,013 common shares, representing approximately 5% of the currently issued and outstanding common shares of the Corporation. As of today’s date, there are 49,620,262 common shares outstanding. On any trading day, High Arctic will not purchase more than 6,248 common shares, other than through block purchase exceptions.
Red Deer, Canada – March 20, 2012 – High Arctic Energy Services Inc. (TSX: HWO) (“High Arctic” or the “Company”) today announced its operating and financial results for the fourth quarter and year ended December 31, 2011.
High Arctic generated revenue of $127.2 million, compared to $119.3 million in 2010, representing a 6.6% increase. This increase was driven by a $7.9 million, or 20.2% increase in Canadian revenue. Adjusted EBITDA was $33.4 million compared to $33.3 million in 2010.
Net earnings for 2011 of $18.0 million ($0.40 per share), increased by $3.5 million, representing an increase of 24.1% compared to $14.5 million ($0.46 per share) in 2010.
Red Deer, Canada – February 2, 2012 – High Arctic Energy Services Inc. (TSX: HWO) (“High Arctic” or the “Corporation”) wishes to announce a correction to the press release issued on February 1, 2012 entitled “High Arctic Announces 2012 Capital Budget and Financial Update”.
The original press release stated that Adjusted EBITDA(1) for the fourth quarter on a consolidated basis is anticipated to range between $11 million and $12 million, which would result in total Adjusted EBITDA(1) for 2012 of $33 million to $34 million. The total Adjusted EBITDA(1) of $33 million to $34 million is for 2011 instead of 2012.
Red Deer, Canada – February 1, 2012 – High Arctic Energy Services Inc. (TSX: HWO) (“High Arctic” or the “Corporation”) is pleased to announce that its Board of Directors has approved a total capital budget of $23 million for 2012, an indication of the Company’s positive outlook for growth opportunities and anticipated continued strong cash flows. Growth capital expenditures are expected to be $16 million, and maintenance capital expenditures are budgeted at $7 million. Capital expenditures are anticipated to be funded from operating cash flow.
Red Deer, Canada – January 11, 2012 – High Arctic Energy Services Inc. (TSX: HWO) (“High Arctic” or the “Corporation”) is pleased to announce the appointment of Mr. Dan Beaulieu as Vice President, Canadian Operations effective immediately. In that capacity, he will have responsibility for managing the Canadian operations and will be based in the Red Deer head office.
Mr. Beaulieu has over 30 years of oilfield services experience. He has spent the past 11 years with a major integrated oilfield services company where he was the senior manager of a Canadian business unit. He had joined that company as part of a transaction to sell his own services company that he founded. Dan will play an important role in expanding High Arctic’s position as a leading well pressure control services provider to take advantage of the growing opportunities in the shale gas and other resource plays.