News Releases

Calgary, Alberta, May 5, 2023: High Arctic Energy Services Inc. (TSX: HWO) “High Arctic” or the “Corporation” intends to release its 2023 first quarter results on Thursday, May 11, 2023 after markets close and has scheduled a conference call to begin at 2:00 pm MT (4:00 pm ET) on Friday, May 12, 2023. The conference call dial in numbers are 1-800-952-5114 or 416-641-6104 and the participant passcode is 6292679#. 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 will remain available until June 30, 2023. An audio recording of the conference call will also be available within 24 hours on High Arctic’s website. The Corporation’s First Quarter Financial Statements and Management’s Discussion & Analysis will be posted to High Arctic’s website and SEDAR after the results are released. The Corporation’s Annual General Meeting will be held in the Neilson 1 Room at the Hyatt Regency Calgary, 700 Centre Street SE, Calgary, AB, T2G 5P6 on Thursday, May 11, 2023 at 3:00 p.m. MT. All shareholders, business analysts and other interest parties are encouraged to listen to the meeting via teleconference at toll-free 1-800-952-5114 (Canada and U.S.) or via the internet at: https://www.confsolutions.ca/ILT?oss=7P1R8009525114 (International), Conference ID: 9758331#. 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 nitrogen services and pressure control equipment on a rental basis to exploration and production companies. For further information, please contact: Lance Mierendorf , Chief Financial Officer 1.587.318.2218 1.800.668.7143 High Arctic Energy Services Inc.

CALGARY, Canada – March 28, 2023, High Arctic Energy Services Inc. (TSX: HWO) (the “Corporation” or “High Arctic”) released its’ fourth quarter and year-end results today. The audited consolidated financial statements, management discussion & analysis (“MD&A”), and annual information form for the year ended December 31, 2022 will be available on SEDAR at www.sedar.com, and on High Arctic’s website at haes.ca. All amounts are denominated in Canadian dollars (“CAD”), unless otherwise indicated. Mike Maguire, Chief Executive Officer commented: “High Arctic enters 2023 well positioned to increase our service activity in Papua New Guinea in support of the significant LNG commitments made by our customers there. High Arctic has developed a strong position in PNG through top-tier equipment, local logistics expertise and a loyal and well-trained local workforce. The divestment of underperforming businesses in Canada has provided funds to pursue opportunistic growth in both our PNG and Canadian businesses and return value to shareholders, while weathering any market turbulence due to high inflation or recession.“ Highlights The following highlights the Corporations results for Q4-2022 and YTD-2022: • Disposition of underperforming assets in Canada for $38.2 million. • Executed a strategic consolidation of the snubbing industry in Canada by partnering with Team Snubbing, a large snubbing specialist. • Retained profitable Rental and Nitrogen Services businesses and real estate in Canada. • After a slowdown prolonged by the pandemic in PNG, rig operations recommenced in 2022. • In April, reinstated a monthly dividend of $0.005 per share and returned $2.2 million to shareholders. • Generated Adjusted EBITDA of $5.7 million YTD-2022 and a negative Adjusted EBITDA of $0.9 million in Q4-2022 while realizing a net loss of $36.6 million YTD-2022 and net loss of $9.1 million Q4-2022. • The significant loss was due to non-cash impairment expense of $9.7 million and elimination of $7.7 million deferred tax asset both associated with the Canadian business sales, a $3.9 million PNG inventory adjustment and obsolescence provision in Q4-2022 in PNG, and $17.7 million in depreciation expense. Strategy High Arctic’s 2023 Strategic Objectives build on the platform we created in 2022, and include: • Safety excellence and quality service delivery, • Redeployment of idled assets in PNG, • Scaling our Canadian business, • Opportunities for growth and corporate transactions that enhance shareholder value, and • Examination of the Corporation’s optimal capital structure and dividend policy. ——————– Papua New Guinea – Drilling and Ancillary Services Drilling Services activities rose in 2022 with PNG seeing drilling rig activity following a long period of relative inactivity during the Covid-19 pandemic. Early in 2022, the Corporation utilized Rig 115 to complete the abandonment of a complex legacy well for a key customer while in Q3-2022 the Corporation executed a three-year renewal of the contract for the provision of drilling services with its principal customer using Rig 103. 2022 also saw the Corporation take steps to formalize the provision of personnel services to the PNG industry following the success of doing the same in 2021. Provision of personnel to both key PNG customers remained strong throughout the year. With higher industry activity, the Corporation increased utilization of its rental equipment including camps, matting, and mobile material handling equipment. The combination of these service activities led to High Arctic achieving revenues of $30.7 million in 2022 as compared to $10.7 million in 2021 in its Drilling Services segment. In 2022, the Papua-LNG joint venture entered front-end-engineering-and-design (“FEED”) and commenced early works activity, foreshadowing a final investment decision (“FID”) in the second half of 2023. The operator of the PNG-LNG joint venture announced the signing of a gas agreement for the development of the P’nyang gas field in the Western Province of PNG, which is anticipated to result in the addition of further gas liquefaction capacity in the world class PNG-LNG export facility. In preparation for year-end verification and active drilling in 2023, High Arctic conducted comprehensive substantive procedures to verify the current asset carrying value of inventory. This resulted in a $3.9 million inventory adjustment in the fourth quarter of 2022. Canada – Production and Ancillary Services On July 27, 2022, High Arctic executed two separate asset sales transactions resulting in the effective divestment of the Corporation’s Production Services segment (the “Sale Transactions”). The Canadian well servicing business was sold for an aggregate purchase price of $38.2 million to be settled in cash consideration. The Well Servicing Transaction involved the sale of well servicing rigs, associated rental equipment, and real estate used in the support of these operations along with the transfer of field personnel and a large majority of the office support personnel. The sale price was $38.2 million, which resulted in impairment of $9.0 million recognized in 2022. The well servicing business was originally purchased by the Corporation in August 2016 for $42.8 million in cash with a non-cash $12.7 million gain on the acquisition booked to PP&E. The Canadian snubbing business was sold to Team Snubbing for a consideration consisting of 42% equity ownership in the post-closing outstanding shares in Team Snubbing, valued at $7.7 million, and a convertible promissory note of $3.4 million. The note has a five-year term, with interest accruing at 4.5% from January 1, 2023, and principal repayments commencing July of 2024. High Arctic’s investment in the share capital of Team Snubbing allows for significant influence of key corporate, strategic and financial decisions and High Arctic has rights to the net assets of Team Snubbing. The sale resulted in a 2022 impairment loss of $0.7 million. High Arctic retains its Ancillary Services Segment in Canada comprised of the Nitrogen Pumping business and a Rentals business focused on pressure control equipment. As a result of the Sale Transactions, the Corporation has a significantly reduced Canadian business and has written down the deferred tax assets of $7.7 million while retaining $126.7 million of operating tax loss carry-forward in Canada. Additionally, the $37.0 million revolving bank loan credit facility was terminated effective July 28, 2022. Outlook The Corporation begins 2023 with a strong balance sheet, access to … Read more

Calgary, Alberta, January 16, 2023: High Arctic Energy Services Inc. (TSX: HWO) “High Arctic” or the “Corporation” is pleased to announce that it has closed the sale of its Canadian well servicing business (“Well Servicing Transaction”) on receipt of the final cash payment of $28.0 million earlier today. The Corporation repaid $3.6 million of mortgage principal related to the real estate properties included in the Well Servicing Transaction during December 2022. The Well Servicing Transaction was announced by the Corporation on July 18, 2022 with an effective date of July 29, 2022. The sale was transacted through an asset purchase agreement for an aggregate sale price of $38.2 million in cash, of which $10.2 million was previously received on July 28, 2022. The receipt of the funds today further strengthens High Arctic’s financial position. Cash balances, less mortgage liabilities and bank debt, exceed $42 million as of January 16, 2022. This strong cash position provides High Arctic with flexibility to fund business development and further its track record of shareholder returns. Over the past ten years High Arctic has carried a conservative capital structure while returning significant shareholder value through dividends and share buybacks of approximately $110 million. 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 nitrogen services and pressure control equipment on a rental basis to exploration and production companies. For further information, please contact: Lance Mierendorf, 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 mail: info@haes.ca 230116 – PR – 2nd Closing – PD Asset Sale

CALGARY, Canada – December 13, 2022 – 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 of the Corporation 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 750,000 common shares, or approximately 1.5% of the currently issued and outstanding shares of High Arctic. The Corporation can apply to purchase additional shares pursuant to the NCIB up to a maximum amount representing the greater of 10% of the public float and 5% of the issued and outstanding shares of High Arctic. There were 48,716,769 common shares outstanding as of December 5, 2022. The TSX also limits the maximum number of common shares that High Arctic may purchase on any given day to 25% of the average daily trading volume of common shares on the TSX for the six-month period prior to NCIB approval. For the period ended November 30, 2022, the average daily trading volume of High Arctic shares was 23,742 leading to a daily NCIB purchase limit of 5,936 common shares. Subject to prescribed rules, High Arctic may also make one block repurchase per calendar week which exceeds the daily limit. The Corporation is authorized to make purchases during the period from December 15, 2022 to December 14, 2023, or until such earlier time as the NCIB is completed or is 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 an independent brokerage agent to conduct the NCIB transactions under an automatic purchase plan agreement (“APPA”) dated December 13, 2022. The APPA will allow the broker 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 the broker based on direction received from High Arctic prior to any blackout period and in accordance with all regulatory and securities law. All common shares acquired under the NCIB will be cancelled. The Corporation believes that from time to time the market price of 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 expires on December 14, 2022, and under that program, a total of 16,376 common shares at a weighted average price of $1.40 per share have been repurchased for cancellation. 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 nitrogen services and pressure control equipment on a rental basis to exploration and production companies. For further information, please contact: Lance Mierendorf 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 221213 – PR – NCIB Renewal

CALGARY, Canada – November 10, 2022, High Arctic Energy Services Inc. (TSX: HWO) (the “Corporation” or “High Arctic”) released its’ third quarter results today. Mike Maguire, CEO of High Arctic, commented: “Papua New Guinea is key to High Arctic’s long-term business strategy. There have been significant LNG commitments in PNG made by large oil and gas companies and High Arctic is positioned well to support our customers’ future investments. Over fifteen years High Arctic has developed the logistics expertise and trained local workforce required to operate the heli-portable drilling rigs in otherwise inaccessible PNG locations. As our long-term investors know, PNG is a market where we have developed a strong position with potential for higher profits and free cash flow. In the past this has funded corporate growth and shareholder returns. The divestment of our Canadian Production Services segment this quarter allows us to focus on putting rigs back to work in PNG. We are currently providing services to both our principal customer and the PNG-LNG operator, and we are looking forward to returning to consistent drilling operations following an exceptional period of Covid driven activity suspension. The Corporation continues to look at the capital allocation decision in relation to its current and expected significant cash balances. This may include a return of capital to shareholders or reinvestment in the business.” Highlights The following highlights the Corporations results for Q3-2022 and YTD-2022: • During the Quarter, High Arctic made a strategic shift to capitalize on opportunities and focus on developments in its core market of Papua New Guinea while resetting its long-standing energy service presence in Canada. o Disposed of Canadian well servicing business for cash consideration, originally acquired in 2016 o Consolidated snubbing industry in Canada through disposal of snubbing business for an equity interest and note receivable in acquiring company o Renewed a key drilling services contract in PNG as the country begins early-stage reactivation of upstream activity in its largest commodity export, liquified natural gas o Carried forward in Canada with active Rental and Nitrogen Services businesses o Built upon its record of shareholder returns with dividend payments of $731, and o Delivered safety excellence and ESG alignment with a customer portfolio of high-quality operators. • Preparations to return to drilling in PNG with Rig 103 progressed, adding an upgrade of the topdrive, enhancing the rigs drilling capability. Rig 103 is expected to commence drilling operations by the end of the first quarter of 2023. • High Arctic maintained a strong financial position, with working capital of $65,434 including $23,386 cash, $12,101 accounts receivable, $28,000 asset sale receivable (due in January 2023), and total debt of $7,860 as at September 30, 2022. Outlook High Arctic has taken transformative actions this quarter which will allow the Corporation to focus on the emerging opportunities to deploy drilling assets in Papua New Guinea, while maintaining exposure to the Canadian Energy Services market. High Arctic believes that the fundamentals for sustained high LNG demand, particularly in Asia, positions PNG for substantive LNG export growth, and the drilling required to realize this has the potential to exceed our past activity peaks. On August 1, 2022 High Arctic entered into a three-year contract renewal covering customer owned Heli-portable Rig 103 and High Arctic’s services related to the supply of personnel, camp accommodation and rental equipment to support the drilling operations in PNG. Work is currently underway to prepare Rig 103, including an upgrade of its topdrive, for recommencement of drilling early in 2023. High Arctic anticipates Rig 103 will operate consistently through the term of the contract. This cornerstone contract is flexible and scalable to align with activity, which positions High Arctic to respond quickly to future incremental drilling opportunities associated with LNG expansion. While the contract for customer owned Rig 104 was not renewed at that time, High Arctic is optimistic for future contracts with third-party customers in the coming activity cycle. High Arctic maintains active dialogue with the management of all the active energy companies in PNG, towards understanding their project timeframes and plans for drilling activity utilizing High Arctic’s owned rigs. The Corporation expects an additional drilling rig deployment in the 1st half of 2023 and is optimistic about further activity increases by the end of next year. The advancement of the TotalEnergies led Papua-LNG project’s front-end-engineering-and-design continues to progress and has recently included public forums outlining plans for early-works and overall project timelines around a final investment decision on the two-train Papua-LNG project in the 2nd half of 2023. Earlier this year ExxonMobil, operator of the PNG-LNG joint venture, announced the signing of a gas agreement for the development of the P’nyang gas field in the Western Province of PNG, which is anticipated to result in the addition of another train to the world class PNG-LNG export facility. These developments underpin our optimism of an expanding PNG energy sector and increasing future demand for our people, equipment and expertise. In Canada, the post-closing transitional activities have progressed smoothly with the buyers of Concord Well Servicing and High Arctic’s snubbing division. The consolidated Team Snubbing Services has already increased market share, with deployed services exiting Q3-2022 exceeding the sum of the two parts in 2021. Team’s dominant market position and service quality has immediately driven pricing improvements and margin growth. Streamlining of the management support structure of High Arctic’s remaining Canadian business is well underway and has been consolidated for efficient operation of our pressure control focused HAES Rentals and Nitrogen pumping services. Management remains attentive to opportunities to best realize a return on the investments in these Canadian service lines, and the dormant snubbing assets in the USA. Commensurate with these efforts is an exploration of growth financing options levered off the Corporations assets in PNG. Strategy Strategic priorities build on High Arctic’s core values, code of business conduct and fiscal discipline, including: • Safety excellence and quality service delivery, • Actions aimed at generating free cash flow including: • Increased utilization of the Corporation’s world-class fleet of … Read more

Calgary, Alberta, November 7, 2022: High Arctic Energy Services Inc. (TSX: HWO) “High Arctic” or the “Corporation” intends to release its 2022 third quarter results on Thursday, November 10, 2022 after markets close and has scheduled a conference call to begin at 2:00 pm MT (4:00 pm ET) on Friday, November 11, 2022. The conference call dial-in numbers are 1-800-952-5114 or 416-641-6104 and the participant passcode is 6534880#. 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 will remain available until December 16, 2022. An audio recording of the conference call will also be available within 24 hours on High Arctic’s website. The Corporation’s Third Quarter Financial Statements and Management’s Discussion & Analysis will be posted to High Arctic’s website and SEDAR after the results are released. 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 nitrogen services and pressure control equipment on a rental basis to a number of exploration and production companies. For further information, please contact: Lance Mierendorf,  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