CALGARY, Canada – May 29, 2024 – High Arctic Energy Services Inc. (TSX: HWO) (“High Arctic” or the “Corporation”)
announces that, further to the Corporation’s news releases dated May 11, 2024 and May 21, 2024, and the
management information circular of the Corporation dated May 9, 2024 (the “Information Circular”), which was mailed
to shareholders of the Corporation, the Corporation has filed the management’s discussion and analysis for High Arctic
Energy Services Cyprus Limited (“HAES Cyprus”) for the years ended December 31, 2023, 2022 and 2021 (the
“MD&A”) on the Corporation’s profile on SEDAR+ at www.sedarplus.ca. The MD&A was not included in the Information
Circular as a result of a clerical error made on compiling the Information Circular.

As previously announced, the Information Circular relates to, among other things, a proposed plan of arrangement (the
“Arrangement”) between the Corporation and High Arctic Overseas Holdings Corp. (“SpinCo”) and a proposed return
of capital to shareholders of the Corporation (“Return of Capital”).

The Corporation will provide, free of charge, a copy of the omitted MD&A upon request by any interested party. Please
request a copy of the MD&A by sending an email to info@haes.ca. In the subject line of the email state “MD&A” and in
the body of the email please provide your full name and mailing address, or email address if an emailed copy is
requested, to ensure your request will be expedited.

The following is a summary of the highlights of the MD&A. This summary is qualified in its entirety by the full text of the
MD&A.

The following is a summary review of risks, the results of operations, liquidity, and capital resources of HAES Cyprus
and should be read in conjunction with the audited consolidated financial statements and notes of HAES Cyprus for
the years ended December 31, 2023, 2022 and 2021, and the full text of the MD&A.

CORPORATE PROFILE
Headquartered in Nicosia, HAES Cyprus provides services in Papua New Guinea (“PNG”) through its wholly owned
subsidiaries to the extractive industries with particular focus on exploration and production companies operating in the
energy sector. HAES Cyprus conducts its business operations in three separate operating segments: Drilling Services,
Ancillary Services and Production Services.

240528 HAES NR Cyprus MDA Omission

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 pressure control and other oilfield equipment on a
rental basis to exploration and production companies, from its bases in Whitecourt and Red Deer, Alberta.
For further information, please contact:

Lonn Bate
Interim 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

Forward-Looking Statements

Forward-Looking Statements. Certain statements contained in this press release may constitute forward-looking
statements. These statements relate to future events. All statements other than statements of historical fact may
be forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words
such as “seek”, “anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “predict”, “potential”,
“targeting”, “intend”, “could”, “might”, “should”, “believe” and similar expressions. These statements involve known
and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from
those anticipated in such forward-looking statements. High Arctic believes that the expectations reflected in those
forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be
correct and such forward-looking statements included in this press release should not be unduly relied upon by
investors. These statements speak only as of the date of this press release and are expressly qualified, in their
entirety, by this cautionary statement.
In particular, this press release contains forward-looking statements, pertaining to the following: the timing and
anticipated receipt of required regulatory (including stock exchange), court, and shareholder approvals for the
Arrangement; the ability of High Arctic to satisfy the other conditions to, and to complete, the Arrangement; and the
closing of the Arrangement, the approval by the Board and the amount and payment of the Return of Capital.
In respect of the forward-looking statements and information concerning the anticipated completion of the proposed
Arrangement and related transactions, High Arctic has provided them in reliance on certain assumptions that it
believes are reasonable at this time, including assumptions as to the ability of the parties to receive, in a timely
manner, the necessary regulatory, court, shareholder and other third party approvals; and the ability of the parties
to satisfy, in a timely manner, the other conditions to the closing of the Arrangement. These dates may change for
a number of reasons, including unforeseen delays in preparing meeting material; inability to secure necessary
shareholder, regulatory, court or other third-party approvals in the time assumed or the need for additional time to
satisfy the other conditions to the completion of the Arrangement. Accordingly, readers should not place undue
reliance on the forward-looking statements and information contained in this news release concerning these times.
This forward-looking information represents High Arctic’s views as of the date of this document and such information
should not be relied upon as representing its views as of any date subsequent to the date of this document. High
Arctic has attempted to identify important factors that could cause actual results, performance or achievements to
vary from those current expectations or estimates expressed or implied by the forward-looking information.
However, there may be other factors that cause results, performance or achievements not to be as expected or
estimated and that could cause actual results, performance or achievements to differ materially from current
expectations. There can be no assurance that forward-looking information will prove to be accurate, as results and
future events could differ materially from those expected or estimated in such statements. Accordingly, readers
should not place undue reliance on forward-looking information. Except as required by law, High Arctic undertakes
no obligation to publicly update or revise any forward-looking statements.