Calgary, Alberta, November 7, 2023: High Arctic Energy Services Inc. (TSX: HWO) “High Arctic” or
the “Corporation” announces that it has restated and refiled certain historical interim and annual filings
to correct and enhance information pertaining to the Corporation’s Production Services business
segment. The nature of the changes in the filings pertains to additional disclosures, description of
accounting judgements, correction of errors in business segment financial allocations, and improving
consistency of presentation. Additional disclosures have been made to provide clarity on the Canadian
well servicing and snubbing assets sold in 2022 and the remaining assets capable of generating
revenue in the Corporation’s Production Services segment. These same additional disclosures are
included in the Corporation’s amended and restated 2022 Annual Information Form as well as a more
fulsome description of the Corporation’s current business.
No changes have been made to the balances reported in the financial statements for the periods
involved. Specifically, there have been no changes to the Corporation’s Consolidated Statement of
Financial Position, Consolidated Statement of Loss and Comprehensive Loss, Consolidated Statement
of Changes in Shareholders’ Equity and Consolidated Statement of Cash Flows.
Accordingly, the previously issued annual audited consolidated financial statements for the year ended
December 31, 2022 and Management’s Discussion and Analysis for both the year ended December
31, 2022 and the three and six-month period ended June 30, 2023 have been restated and refiled. High
Arctic has also refiled its 2022 Annual Information Form that was originally filed on March 28, 2023.
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 equipment on a rental basis to exploration and production companies.
For further information, please contact:
Chief Executive Officer
High Arctic Energy Services Inc.
Suite 2350, 330–5th Avenue SW
Calgary, Alberta, Canada T2P 0L4