Red Deer, Canada – March 11, 2011 – High Arctic Energy Services Inc. (TSX: HWO) (“High Arctic” or the “Corporation”) today announced its results for the year ended December 31, 2010.
Commenting on the results, Bruce Thiessen, High Arctic’s CEO said, “Our goals going into 2010 were primarily to reduce our debt levels, concentrate on our core businesses and improve our profitability. I am pleased to say that we have successfully addressed those challenges. Most significantly, in the past three years the Corporation has reduced its credit facilities and convertible debentures from $146.2 million at December 31, 2007 to $36.5 million at December 31, 2010. We will continue to build upon our achievements during 2011 as we transition our efforts to growing our business and increasing shareholder value while maintaining our fiscal discipline.”
Further Information
Dennis Sykora
Executive Vice President and General Counsel
Phone: 403 340 9825
Email: dennis.sykora@dev.haes.ca