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.
News Releases
High Arctic – Record First Quarter Adjusted EBITDA of $14.3 Million
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.
High Arctic Announces Normal Course Issuer Bid
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.
High Arctic Reports $33.4 Million in Adjusted EBITDA for 2011
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.
High Arctic Announces Press Release Correction
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.
High Arctic Announces 2012 Capital Budget and Financial Update
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.
High Arctic Appoints Vice President
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.
Third Quarter Management Discussion & Analysis
Red Deer, Canada – November 14, 2011– The following is Management‟s Discussion and Analysis (“MD&A”) of the financial condition and results of operations of High Arctic Energy Services Inc. (the “Corporation” or “High Arctic”) for the three and nine months ended September 30, 2011 as compared to the same periods in 2010. It also contains information on the Corporation‟s future outlook based upon currently available information. This MD&A should be read in conjunction with the unaudited interim consolidated financial statements and accompanying notes for the three and nine months ended September 30, 2011 (the “Interim Financial Statements”) and the audited financial statements for the year ended December 31, 2010 and annual MD&A of those audited financial statements. Readers should also read the “Forward-Looking Statements” contained at the end of this document.
Third Quarter Financial Statements
Red Deer, Canada – November 14, 2011 – High Arctic Energy Services Inc.
Consolidated Statement of Financial Position
As at September 30, 2011, December 31, 2010 and January 1, 2010
High Arctic Reports $7.9 Million in Adjusted EBITDA for 3rd Qtr of 2011 & $22.2 Million Year to Date
Red Deer, Canada – November 14, 2011 – High Arctic Energy Services Inc. (TSX: HWO) (“High Arctic” or the “Corporation”) today announced its operating and financial results for the third quarter and first nine months of 2011.