Red Deer, Canada – June 15, 2011 – High Arctic Energy Services Inc. (TSX: HWO) (“High Arctic” or the “Corporation”) announces that it has completed a consolidation of its common shares on the basis of one (1) new post-consolidation common share for every five (5) pre-consolidated common shares. The 252,183,147 common shares of the Corporation outstanding will be reduced to approximately 50,436,636 common shares, as approved by shareholders at the Corporation’s annual and special meeting held on June 1, 2011. No fractional shares will be issued. Any fractions of a share will be rounded to the next highest whole number of common shares. A new CUSIP number of 429644206 replaces the old CUSIP number of 429644, to distinguish between the pre- and post-consolidated shares. The Corporation’s name and trading symbol will remain unchanged.
High Arctic’s common shares are expected to begin trading on a post-consolidation basis on the Toronto Stock Exchange when markets open on June 20, 2011.
This news release may contain forward-looking statements relating to expected future events and financial and operating results of the Corporation 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 Corporation’s Management Discussion and Analysis for the year ended December 31, 2010 and the Annual Information Form for the year ended December 31, 2010 found on SEDAR (www.sedar.com). Due to the potential impact of these factors, the Corporation 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 Corporation, through its subsidiaries, is a provider of specialized oilfield equipment and services, including drilling, completion and workover operations. Based in Red Deer, Alberta, High Arctic has domestic operations throughout Western Canada and international operations primarily in Papua New Guinea.
Chief Executive Officer
Phone: 403 340 9825