Red Deer, Canada – April 14, 2011 – At the request of Investment Industry Regulatory Organization of Canada (IIROC) on behalf of the Toronto Stock Exchange, High Arctic Energy Services Inc. discloses to investors that the Corporation is not aware of any reason for the recent increase in its share price.
News Releases
High Arctic Earns $12.8 million for the Year ended Dec. 31, 2010
Red Deer, Canada – March 11, 2011 – High Arctic Energy Services Inc. (TSX: HWO) (“High Arctic” or the “Corporation”) today announced its results for the year ended December 31, 2010.
Commenting on the results, Bruce Thiessen, High Arctic’s CEO said, “Our goals going into 2010 were primarily to reduce our debt levels, concentrate on our core businesses and improve our profitability. I am pleased to say that we have successfully addressed those challenges. Most significantly, in the past three years the Corporation has reduced its credit facilities and convertible debentures from $146.2 million at December 31, 2007 to $36.5 million at December 31, 2010. We will continue to build upon our achievements during 2011 as we transition our efforts to growing our business and increasing shareholder value while maintaining our fiscal discipline.”
High Arctic Announces Loan
Red Deer, Canada – March 11, 2011 – High Arctic Energy Services Inc. (TSX: HWO) (“High Arctic” or the “Corporation”) announces that it will enter into loan agreements with certain directors and officers of the Corporation (each a “Borrower” and collectively, the “Borrowers”) whereby the Borrowers will receive loans from Corporation (each a “Loan” and collectively, the “Loans”) in the total aggregate amount of up to $1,110,398. The purpose of the Loans is to assist the Borrowers with the payment of Canadian income taxes payable by the Borrowers as a result of the issuance to the Borrowers of Common Shares of the Corporation (“Incentive Shares”) pursuant to the Corporation’s executive and director share incentive plan (the “Plan”). The amount of each Loan will be a maximum of 50% of the estimated amount of such taxes payable by the Borrower. The participants of the Plan are subject to taxation immediately upon issuance of the Incentive Shares despite the shares being held by a trustee as part of a three year vesting arrangement under the Plan.