Calgary, Canada – June 13, 2014 – High Arctic Energy Services Inc. (TSX: HWO) (“High Arctic” or the “Company”) is pleased to announce the planned addition of two new executives. Mr. Tim Braun has agreed to join High Arctic as Chief Executive Officer effective on July 2, 2014. Tim has spent 33 years in the oilfield services sector primarily with several large drilling contractors. Most recently, he spent eight years as a senior executive with an international drilling contractor, Saxon Energy Services, in several capacities including Chief Operating Officer. Prior thereto, he spent over 10 years with Precision Drilling Corporation. With his extensive background in international oilfield services, Tim brings valuable experience to High Arctic as it grows its international operations and seeks to expand its Canadian services. Tim will be based in the Calgary office.
Mr. Darren Greer has also agreed to join High Arctic with an expected start date in September. Darren will take over the role of President, International and will have overall responsibility for the business in Papua New Guinea and for developing additional regional business opportunities. Darren will be based in the newly established Brisbane office. Darren is a professional engineer and spent twelve years in senior petroleum and drilling engineering roles, primarily with a major Australian oil company. For the past four years, he has been an executive with Easternwell, an Australia oilfield services contractor, most recently as Chief Operating Officer. His extensive knowledge of the business from an operator perspective will be valuable in delivering solutions to our customers.
With the appointment of Mr. Braun, Dennis Sykora will step down from the role of Interim Chief Executive Officer. He will continue as a member of the Board of Directors and will provide support as a member of its Executive Committee.
With the appointment of Darren, Kevin Doran, the current President, International, is expected to transition into retirement. Mike Maguire, Vice President International Operations, joined High Arctic in December 2013 and has already assumed responsibility for the operations in Papua New Guinea as part of the ongoing succession planning for High Arctic.
Michael Binnion, Chairman of High Arctic, stated, “Tim and Darren each bring a complementary range of skills and experience which will benefit High Arctic as it expands its business. We wish to thank Kevin for his tremendous efforts during the past seven years. We recognize the instrumental role Kevin has played in the growth and evolution of our business in PNG and I am confident we are in good hands going forward. I am pleased that he will make himself available to aid in the transition and we wish him improved health in his retirement.”
This news release may contain forward-looking statements relating to expected future events and financial and operating results of the Company that involve risks and uncertainties. Actual results may differ materially from management expectations, as projected in such forward-looking statements for a variety of reasons, including market and general economic conditions and the risks and uncertainties detailed in both the Company’s Management’s Discussion and Analysis for the three months ended March 31, 2014 and in the Annual Information Form for the year ended December 31, 2013 found on SEDAR (www.sedar.com). Due to the potential impact of these factors, the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless required by applicable law.
About High Arctic
The Company is a provider of specialized oilfield equipment and services for drilling, completion and work over operations. Based in Alberta, High Arctic has operations throughout Western Canada and in Papua New Guinea. The Company’s most recent investor presentation can be found at www.haes.ca.
Chief Financial Officer