News Releases

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: www.haes.ca Email: info@haes.ca

Calgary, Alberta, September 21, 2022: 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 $0.005 per share to holders of common shares. The dividend is payable on October 14, 2022 to holders of High Arctic common shares of record at the close of business on September 30, 2022. The dividend is designated as an “eligible dividend” for Canadian Income Tax purposes. 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: www.haes.ca Email: info@haes.ca September 2022 High Arctic Declares Monthly Dividend

CALGARY, Canada – August 11, 2022, High Arctic Energy Services Inc. (TSX: HWO) (the “Corporation” or “High Arctic”) released its’ second quarter results today. Mike Maguire, Chief Executive Officer commented: “The sale of our Canadian well servicing business provided a compelling opportunity to monetize a substantive part of our business rooted in a competitive market with lower operating margins. The transaction with Team Snubbing creates a contractor of scale with a high margin bespoke offering capable of generating profits in the Canadian energy services sector and positioned for growth internationally. As a result, High Arctic can focus on the growth opportunities we expect to see materialize in PNG. The announcements this year of key developments in both the Papua LNG project and for the PNG-LNG joint venture’s P’nyang gas field has the country primed for multi-year sustained development and exploration activity. These projects will stimulate drilling and other substantive work activity that requires high quality PNG focused and experienced contractors. High Arctic has a history of success in PNG and is well placed to be a key service provider to each project. High Arctic retains high quality businesses in Canada. The proceeds from the Sale Transactions will provide a means to pursue opportunities in PNG and to optimize the return from the remaining Canadian businesses. The Corporation also has a history of returning surplus cash to shareholders, and we will continue to consider that option.” Highlights The following highlights the Corporations results for Q2-2022 and YTD-2022: • Activity in PNG continued with an increased personnel count to over 200 employees and the successful completion of customer well abandonment work with Rig 115, while maintaining safety excellence. • After the Quarter, High Arctic successfully renewed a 3-year contract for Drilling Services with a core customer in PNG and expects drilling to commence in Q4 2022. • After quarter end on July 27, 2022, the Corporation sold its Canadian well servicing business for an aggregate purchase price of $38.2 million, and also sold its Canadian snubbing business for 42% equity ownership of Team Snubbing Services Inc. (“Team”), the acquiring company, and a note receivable of $3.4 million (“Sale Transactions”). o the Sale Transactions represent the effective divestment of High Arctic’s Production Services segment; o the well servicing business was purchased in August 2016 for $42.8 million in cash and recorded a non-cash bargain purchase gain of $12.7 million, higher than the $8.2 million non-cash impairment recognized on the sale during the Quarter; o the Corporation also recorded a non-cash $7.7 million write-down of deferred tax assets to reflect the divestments of its main Canadian businesses; and o the Corporation retains over $130 million of operating tax loss carry-forward in Canada. • Revenues for Q2-2022 were $25.7 million, an increase of 57% from $16.4 million in Q2-2021, due to higher revenues in each of the Drilling, Ancillary Services and Canadian Production Services segments. • Oilfield operating services margin as a percent of revenue increased in Q2-2022 to 23.1% versus 20.0% in Q2-2021. • Adjusted EBITDA for the three and six-month periods ended June 30, 2022 was $3.1 million and $6.0 million respectively (2021: $0.8 million and $1.7 million, respectively). • Net loss for the three and six-month periods ended June 30, 2022 was $20.3 million and $22.9 million, respectively. High Arctic Energy Services Inc. Q2-2022 Results 2 o Adjusted for removal of one-off impairment and deferred tax write downs, Net loss was $3.9 million and $6.5 million respectively, lower compared to $4.0 million and $9.2 million loss in the respective 2021-periods. • During Q2-2022, High Arctic commenced payment of a $0.005 per share monthly dividend with $0.5 million dividend payments during the quarter. • Maintained a strong balance sheet, with a working capital balance of $27.5 million, including cash of $15.1 million, and total debt (current and long-term) of $7.9 million on June 30, 2022. Strategy Our 2022 strategic priorities build on the platform we created in 2021 and include: • Safety excellence and quality service delivery, • Actions aimed at generating free cash flow including: • Increased utilization of the Corporation’s world-class fleet of equipment, • Improved efficiency and work force productivity, and • Operating cost control. • Development of new and existing employees to grow our workforce to meet demand, • Pursuit of opportunities that secure the Corporation’s future as a lower emissions energy services provider, • Pursuit of opportunities for growth and corporate transactions in well understood markets that enhance shareholder value, and • Disciplined capital stewardship to improve returns for shareholders including divestitures, dividends and common share buybacks. Canadian Production Services Segment Divestments On July 28, 2022, High Arctic announced the first closing of the sale of its Canadian well servicing business for an aggregate purchase price of $38,200 payable in cash. Additionally, on the same date the Corporation announced the closing of the sale of High Arctic’s Canadian Snubbing business to a private entity for consideration consisting of 42% ownership in the outstanding shares in Team and a note receivable of $3,365. High Arctic will appoint two directors to the 5-person board of Team. High Arctic retains its Ancillary Services Segment in Canada comprised of the Nitrogen Pumping business and a Rentals business focused on pressure control. High Arctic also retains its snubbing assets in the USA. The Well Servicing Transaction resulted in the reclass of the following to Assets held-for-sale: property and equipment of $41,231, right-of-use asset of $4,662, prepaids of $185 and lease liability of $7,695. The Well Servicing Transaction resulted in the write down of property and equipment as non-cash impairment expense of $8,236 as at June 30, 2022. The well servicing business was purchased in August 2016 for $42,800 with a non-cash $12,700 gain on the acquisition booked to PP&E. The Snubbing Transaction consideration comprises of 420,000 common voting shares in Team a private company, representing 42% of the post-closing total outstanding shares, and a convertible promissory note for $3,365 with a five-year term, interest accruing at 4.5% from January 1, 2023, and … Read more

[fusion_builder_container type=”flex” hundred_percent=”no” equal_height_columns=”no” menu_anchor=”” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” class=”” id=”” background_color=”” background_image=”” background_position=”center center” background_repeat=”no-repeat” fade=”no” background_parallax=”none” parallax_speed=”0.3″ video_mp4=”” video_webm=”” video_ogv=”” video_url=”” video_aspect_ratio=”16:9″ video_loop=”yes” video_mute=”yes” overlay_color=”” video_preview_image=”” border_color=”” border_style=”solid” padding_top=”” padding_bottom=”” padding_left=”” padding_right=””][fusion_builder_row][fusion_builder_column type=”1_1″ layout=”1_1″ background_position=”left top” background_color=”” border_color=”” border_style=”solid” border_position=”all” spacing=”yes” background_image=”” background_repeat=”no-repeat” padding_top=”” padding_right=”” padding_bottom=”” padding_left=”” margin_top=”0px” margin_bottom=”0px” class=”” id=”” animation_type=”” animation_speed=”0.3″ animation_direction=”left” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” center_content=”no” last=”true” min_height=”” hover_type=”none” link=”” border_sizes_top=”” border_sizes_bottom=”” border_sizes_left=”” border_sizes_right=”” first=”true”][fusion_text] Calgary, Alberta, August 8, 2022: High Arctic Energy Services Inc. (TSX: HWO) “High Arctic” or the “Corporation” intends to release its 2022 second quarter results on Thursday, August 11, 2022 after markets close and has scheduled a conference call to begin at 11:00 am MT (1:00 pm ET) on Friday, August 12, 2022. The conference call dial in numbers are 1-800-952-5114 or 416-641-6104 and the participant passcode is 3553595#. 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 September 13, 2022. An audio recording of the conference call will also be available within 24 hours on High Arctic’s website. The Corporation’s Second 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: www.haes.ca Email: info@haes.ca 220805- Q2 2022 Results Release ANNOUNCEMENT w conf call_Final [/fusion_text][/fusion_builder_column][/fusion_builder_row][/fusion_builder_container]

[fusion_builder_container type=”flex” hundred_percent=”no” equal_height_columns=”no” menu_anchor=”” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” class=”” id=”” background_color=”” background_image=”” background_position=”center center” background_repeat=”no-repeat” fade=”no” background_parallax=”none” parallax_speed=”0.3″ video_mp4=”” video_webm=”” video_ogv=”” video_url=”” video_aspect_ratio=”16:9″ video_loop=”yes” video_mute=”yes” overlay_color=”” video_preview_image=”” border_color=”” border_style=”solid” padding_top=”” padding_bottom=”” padding_left=”” padding_right=””][fusion_builder_row][fusion_builder_column type=”1_1″ layout=”1_1″ background_position=”left top” background_color=”” border_color=”” border_style=”solid” border_position=”all” spacing=”yes” background_image=”” background_repeat=”no-repeat” padding_top=”” padding_right=”” padding_bottom=”” padding_left=”” margin_top=”0px” margin_bottom=”0px” class=”” id=”” animation_type=”” animation_speed=”0.3″ animation_direction=”left” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” center_content=”no” last=”true” min_height=”” hover_type=”none” link=”” border_sizes_top=”” border_sizes_bottom=”” border_sizes_left=”” border_sizes_right=”” first=”true”][fusion_text] Calgary, Alberta, August 1, 2022: High Arctic Energy Services Inc. (TSX: HWO) “High Arctic” or the “Corporation” is pleased to announce that it has agreed to terms with its principal customer in Papua New Guinea (“PNG”) for a three-year contract renewal covering customer owned Heli-portable Drilling Rig 103 and High Arctic’s services related to the supply of personnel, camp accommodation and rental equipment to support the drilling operations. The renewals are effective August 1, 2022 and include options to further extend the contracts on the same terms and conditions beyond July 31, 2025. In late 2021, High Arctic’s principal PNG customer merged with one of the largest energy exploration and production companies operating in the Asia Pacific, to create a regional champion of quality, size and scale. Both companies have extensive history in PNG. The resulting company has large stakes in the two LNG projects as well as operatorship of all producing PNG oil fields and several gas fields supplying the existing PNG-LNG export facility. Mike Maguire, CEO of High Arctic, stated, “High Arctic has worked continuously with this principal customer since first arriving in Papua New Guinea in 2007. Together we have forged a strong partnership that set the benchmark for safe and efficient operations in the remote and logistically challenging PNG environment. We are proud to have continued our strong symbiotic relationship supporting their field operations through the challenges brought upon by Covid-19 and the recent transition of ownership. We are excited to be working closely with the new management team and are proud to remain their drilling service company of choice in PNG.” Key technical personnel have started deployment and work is underway to prepare Drilling Rig 103 and its leapfrog unit for recommencement of drilling in early Q4 2022. The terms of the contract renewals are substantially similar to those contained within previous contracts. This cornerstone contract is flexible and scalable to align with activity which positions High Arctic to respond quickly to future incremental drilling opportunities. This contract announcement follows recent positive developments that highlight the tremendous expansion potential for LNG production in PNG. On July 20, 2022, TotalEnergies, operator of the Papua-LNG joint venture, announced commencement of upstream FEED studies in PNG targeting a final investment decision on the two-train Papua-LNG project by the end of 2023, and commencement of production in 2027. 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. 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 investments in PNG made by large oil and gas companies. High Arctic is positioned well to support future investments given high barriers to entry due to the technical expertise required to operate the heli-portable drilling rigs in remote locations. High Arctic’s contract drilling service history in PNG includes our long-term principal customer and both major multi-national companies operating the two LNG project joint ventures, among many others. We are currently providing services to both our principal customer and the PNG-LNG operator, and we are pleased to be returning to consistent drilling operations.” All the rigs under High Arctic’s care have been maintained during the Covid-19 induced PNG drilling suspension and are in good preservation for quick redeployment into service. These include our principal customer’s other heli-portable Drilling Rig 104, High Arctic’s own versatile heli-portable Drilling Rigs 115 & 116 and our high-capacity heli-portable hydraulic workover unit Rig 102. Forward-Looking Statements This press release contains forward-looking statements. When used in this document, the words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “seek”, “propose”, “estimate”, “expect”, and similar expressions are intended to identify forward-looking statements. Such statements reflect the Corporation’s current views with respect to future events and are subject to certain risks, uncertainties and assumptions. Many factors could cause the Corporation’s actual results, performance or achievements to vary from those described in this press release. Should one or more of these risks or uncertainties materialize, or should assumptions underlying forward-looking statements prove incorrect, actual results may vary materially from those described in this press release as intended, planned, anticipated, believed, estimated or expected. Specific forward-looking statements in this press release include, but are not limited to, statements pertaining to the following: for recommencement of drilling in early Q4 2022, tremendous expansion potential for LNG production in PNG, a final investment decision on the two-train Papua-LNG project by the end of 2023, the addition of another train to the world class PNG-LNG export facility, quick redeployment of the rigs under High Arctic’s control, and, returning to consistent drilling operations. The Corporation’s actual results could differ materially from those anticipated in these forward-looking statements as a result of the risk factors set forth above and elsewhere in this press release. The forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement. These statements are given only as of the date of this press release. The Corporation does not assume any obligation to update these forward-looking statements to reflect new information, subsequent events or otherwise, except as required by law. 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 … Read more

Calgary, Alberta, July 28, 2022: High Arctic Energy Services Inc. (TSX: HWO) “High Arctic” or the “Corporation” is pleased to announce that it has closed the previously announced sale of High Arctic’s Canadian well servicing business to Precision Drilling Corporation (“Precision”) by asset purchase agreement for an aggregate purchase price of $38.2 million payable in cash (the “Well Servicing Transaction”). Additionally, the Corporation has closed the previously announced sale of High Arctic’s Canadian snubbing business to Team Snubbing Services Inc. (“Team”) by asset purchase agreement for 42% of the post-closing total outstanding shares in Team and a note receivable of $3.4 million (the “Snubbing Transaction”). Post-closing High Arctic retains its Ancillary Services Segment in Canada comprised of the Nitrogen Pumping business and a smaller Rentals business focused on pressure control while keeping the HAES Rental Services branding. High Arctic also retains its snubbing assets in Colorado, USA. These Ancillary Services businesses will be supported from our Whitecourt, Alberta facility, and the Corporation will retain a small corporate headquarters in Calgary, Canada. The Corporation expects to realize a significant reduction in Canadian overhead and G&A expenses of about $4.0 million annually. After Closing, the Company reports a cash balance of $24.5 million comprised of the initial $10.2 cash payment from Precision and $14.3 million pre-close cash on hand. Over the next six months these sale transactions will further increase cash as the Corporation collects an additional $3.0 million from retained working capital over the next 75 days, and the final $28.0 million cash payment is received from Precision in January 2023. Cash balances are offset by mortgage debt of $7.9 million. Upon receipt of the final payment from Precision, the Company expects to repay about $3.5 million of this mortgage debt. The Corporation confirms that no funding is available under its current undrawn revolving Credit Facility due to these sale transactions and the arrangement is being cancelled. High Arctic intends to fund working capital and capital expenditure needs from cash balances with a view to establish a new arrangement geared towards its Papua New Guinea (“PNG”) business in due course. Mike Maguire, CEO of High Arctic, said, “These two transactions represent the effective divestment of High Arctic’s Canadian Production Services and allows our management to streamline and develop a longer-term strategy for the remaining Canadian business and focus attention on the growth opportunities in PNG. We are excited about the opportunities for our Drilling Services segment in PNG as the next round of gas development projects materialize there. The timing of the receipt of proceeds from the transactions provides the opportunity for management to evaluate the need and sources for both working and growth capital in PNG. The Corporation has a history of returning surplus cash to shareholders and will consider capacity to distribute funds to shareholders.” The Well Servicing Transaction included High Arctic’s Canadian Well Servicing fleet marketed under the Concord Well Servicing brand comprising of 51 marketable rigs and 29 inactive and out of service rigs, as well as oilfield rental equipment associated with well servicing including hydraulic catwalks purchased in 2021. The consideration included $10.2 million immediately payable at closing and the remaining $28.0 million payable in January 2023. Title to four Alberta real estate locations owned by the Corporation will transfer to Precision on final payment, with High Arctic retaining owned Alberta properties in Whitecourt and Clairmont. Precision will assume the lease obligations for High Arctic’s properties in Cold Lake and Acheson. High Arctic’s Well Servicing employees, and the large majority of High Arctic’s Canadian field and office support personnel, have agreed to transfer employment to Precision. The Snubbing Transaction includes High Arctic’s Canadian Snubbing fleet comprising 7 marketable packages and 32 inactive and out of service snubbing units, underbalance hoists and associated support equipment. Commensurate with the Snubbing Transaction, High Arctic will appoint two directors to the 5-person board of Team, and an affiliate of Team will enter into a five-year lease of High Arctic’s owned property in Clairmont, Alberta on current market terms. High Arctic’s snubbing employees will transfer employment to Team. The Snubbing Transaction consideration comprises 420,000 common voting shares in Team, representing 42% of the post-closing total outstanding shares, and a convertible promissory note for $3.4 million with a five-year term, interest accruing at 4.5% from January 1, 2023, and principal repayments commencing July of 2024. Mike Maguire, CEO of High Arctic, said, “We are pleased that most of our affected employees have taken up employment with Precision and Team, and we are confident that their capability and focus on quality will benefit their new employers and set them up for career success. On behalf of High Arctic’s Board of Directors and management I acknowledge the work put in by all involved parties to realize these transactions and thank Paradigm Capital Inc. who acted as exclusive financial advisor for High Arctic on the Well Serving Transaction and DLA Piper (Canada) LLP who acted as legal advisor to High Arctic on both transactions.” Forward-Looking Statements This press release contains forward-looking statements. When used in this document, the words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “seek”, “propose”, “estimate”, “expect”, and similar expressions are intended to identify forward-looking statements. Such statements reflect the Corporation’s current views with respect to future events and are subject to certain risks, uncertainties and assumptions. Many factors could cause the Corporation’s actual results, performance or achievements to vary from those described in this press release. Should one or more of these risks or uncertainties materialize, or should assumptions underlying forward-looking statements prove incorrect, actual results may vary materially from those described in this press release as intended, planned, anticipated, believed, estimated or expected. Specific forward-looking statements in this press release include, but are not limited to, statements pertaining to the following: collection of an additional $3.0 million over the next 75 days from retained working capital, realize a significant reduction in Canadian overhead and G&A expenses of about $4.0 million, establishing a new lending arrangement geared towards the … Read more