Calgary, Alberta, October 23, 2023: High Arctic Energy Services Inc. (TSX: HWO) “High Arctic” or the
“Corporation” updates shareholders on previously announced reorganization, monthly dividend and the
timing for its third quarter results.

The Corporation continues to research an alternative structure that will meet both the goals of strategic
business management and governance concerns of shareholders. While the Corporation is optimistic
about achieving a reorganization acceptable to shareholders, there is no certainty at this time.

Dividend Suspension
With the delay in the reorganization, the Corporation believes it is in the best interests of shareholders
to preserve cash to maximize the opportunity to tax-efficiently return capital. The Corporation is
weighing balance sheet strength in conjunction with the merit of a tax-efficient return of capital
distribution up to a maximum of $38.2 million (75 cents per fully diluted share).
Accordingly, High Arctic is announcing it is suspending its monthly $0.005 per share dividend effective
immediately as the Board of Directors is of the view that continuing the monthly dividend is no longer in
the best interest of shareholders.

Timing of Third Quarter Results
High Arctic intends to release its 2023 third quarter results on Wednesday November 8, 2023 after
markets close and has scheduled a conference call to begin at 10:00 am MT (12:00 pm ET) on
Thursday, November 9, 2023.

The conference call dial-in numbers are 1-800-806-5484 or 416-340-2217 and the participant passcode
is 6678175#. Participants joining from outside North America can find International dial-in numbers at:

An archived recording of the conference call will be available approximately two hours after the call
ends by dialing 1-800-408-3053 and will remain available until December 31, 2023. An audio recording
of the conference call will also be available within 24 hours on High Arctic’s website.
The Corporation’s Third Quarter Financial Statements and Management’s Discussion & Analysis will
be posted to High Arctic’s website and SEDAR after the results are released.

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:

Mike Maguire
Chief Executive Officer

High Arctic Energy Services Inc.
Suite 2350, 330–5th Avenue SW
Calgary, Alberta, Canada T2P 0L4

231023 – High Arctic Provides Reorganization Update Dividend Suspension and Timing of Q3 Results