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High Arctic Reports 2017 Second Quarter Results

High Arctic Reports 2017 Second Quarter Results

High Arctic Closes Contract Extension

Calgary, Canada – August 2, 2017 – High Arctic Energy Services Inc. (“High Arctic” or the “Company”) announces the one year extension of its current contracts for the operation of rigs 103 and 104 effective 1 August 2017.

Commensurate with the contract extensions High Arctic received notice to mobilize rig 103 to drill the P’nyang South 2 appraisal well with work commencing immediately under full contract operating rates and targeting commencement of drilling in the fourth quarter of 2017.

Working with our customer on cost efficiencies and rig improvements, the contract rates have been discounted 22% in line with previous guidance. The majority of the discount being offset by lower operating costs from efficiencies and significant discounts in the lease rate for the assets.

Mike Maguire, President International commented “The work undertaken to prepare rig 103 will enable us to provide real savings to our customer in drilling and logistic costs, as well as improve operational reliability and efficiency. This extension provides the foundation for work currently underway on formal agreements for the recently announced 50/50 joint company.”

Forward-Looking Statements

This Press Release contains forward-looking statements. When used in this document, the words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “seek”, “propose”, “estimate”, “expect”, and similar expressions are intended to identify forward-looking statements.  Such statements reflect the Corporation’s current views with respect to future events and are subject to certain risks, uncertainties and assumptions.  Many factors could cause the Corporation’s actual results, performance or achievements to vary from those described in this Press Release.  Should one or more of these risks or uncertainties materialize, or should assumptions underlying forward-looking statements prove incorrect, actual results may vary materially from those described in this Press Release as intended, planned, anticipated, believed, […]

High Arctic Announces Executive Resignation and Appointment of New Director

Calgary, Canada – July 20, 2017 – High Arctic Energy Services Inc. (TSX: HWO) (“High Arctic” or the “Company”) announces that Mr. Thomas Alford has tendered his resignation, effective today, as High Arctic’s Interim President and CEO. In conjunction with his resignation Mr. Alford has also stepped down from High Arctic’s Board of Directors (“Board”).  Mr. Michael Binnion, Chairman of the Board, will temporarily assume his duties.  A special committee of the Board is leading the search for a permanent President and CEO and reviewing the Company’s growth opportunities.

The Board would like to thank Mr. Alford for his interim leadership during the integration of Tervita’s Production Services division into High Arctic’s Canadian operations and wish him all the best in his future endeavors.

High Arctic is also pleased to announce the appointment of Mr. Jim Hodgson to the Board and the Audit Committee. Mr. Hodgson is the Managing Director of Link NRG.  Prior to his current role, Mr. Hodgson was the Chief Financial Officer of Sino Gas & Energy Holdings Ltd. Previously, he was Chief Financial Officer and director of Stream Oil & Gas Ltd and Chief Executive Officer of United Oil Projects Company, Kuwait.  He received a Bachelor of Science (Chemistry) and an MBA (Finance/Marketing) from the University of Toronto and a Master of Science (Finance) from Leicester University in the UK.

Mr. Binnion, Chairman, stated “We are very pleased with the addition of Mr. Hodgson to the Board. He is an experienced financial executive, business leader and corporate director, with experience in the oil and gas industry both in Canada and Internationally.”

About High Arctic

High Arctic is a publicly traded company listed on the Toronto Stock Exchange under the symbol “HWO”. The Corporation’s principal focus is […]

High Arctic Provides Update on Papua New Guinea Activities

Calgary, Canada – July 10, 2017 – High Arctic Energy Services Inc. (“High Arctic” or the “Company”) is pleased to provide an operational and financial update on its International Operations in Papua New Guinea (“PNG”). Following several contract extensions in relation to heli-portable rigs that are managed for a significant customer, High Arctic is now in a position to provide additional details on developments towards solidifying its position as the leading drilling services provider in PNG.

High Arctic has been providing drilling services and related rentals to exploration and production companies in PNG for over ten years. PNG is one of the global low cost producers of liquid natural gas (“LNG”) and it continues to be one of the most competitive and geographically advantaged sources of LNG supply in a challenged hydrocarbon environment.  High Arctic’s business in PNG is in a strong position, and the Company is committed to continuing to strengthen its position as a top service provider to its customers in this strategic market.

The Company has been in productive discussions with key stakeholders about how to meet its client’s needs for effective rig management and availability between its owned and operated rigs and potential new rig and service requirements in the country. This discussion has been against a backdrop of strengthening High Arctic’s business in the PNG market.   The global downturn in the energy economy has further impacted these discussions as High Arctic sought to simultaneously streamline its cost structure in order to deliver significant savings to its clients.

New Joint Company and Contract Update  

High Arctic is pleased to announce that it has entered into formal and exclusive negotiations to exchange an equal share of its owned rigs (rigs 102, 115 and 116) for an […]

High Arctic Declares Monthly Dividend

Calgary, Canada – May 19, 2017 – High Arctic Energy Services Inc. (TSX: HWO) (“High Arctic” or the “Corporation”) is pleased to announce that its Board of Directors has approved a monthly dividend payment of $0.0165 per share to holders of common shares. The dividend is payable on June 14, 2017 to holders of High Arctic common shares of record at the close of business on May 31, 2017.  The ex-dividend date is May 29, 2017.  The dividend is designated as an “eligible dividend” for Canadian Income Tax purposes.  

About High Arctic

High Arctic is a publicly traded company listed on the Toronto Stock Exchange under the symbol “HWO”. The Corporation’s principal focus is to provide drilling and specialized well completion services, equipment rentals and other services to the oil and gas industry.

High Arctic’s largest operation is in Papua New Guinea where it provides drilling and specialized well completion services and supplies rig matting, camps and drilling support equipment on a rental basis. The Canadian operation provides well servicing, well abandonment, snubbing and nitrogen services and equipment on a rental basis to a large number of oil and natural gas exploration and production companies operating in Western Canada.

For more information, please contact:

Thomas Alford
Interim Chief Executive Officer
Phone: 587-318-3826
Email: tom.alford@haes.ca

Brian Peters
Chief Financial Officer
Phone: 587-318-2218
Email: brian.peters@haes.ca

High Arctic Announces AGM Results

High Arctic Announces 2017 AGM Results

High Arctic Reports 2017 First Quarter Results

High Arctic Reports 2017 First Quarter Results

High Arctic to Announce First Quarter Results and Host Q1 Conference Call

Calgary, Alberta May 1, 2017: High Arctic Energy Services Inc. (TSX: HWO) (“High Arctic” or the “Corporation” will release its 2017 first quarter results on Wednesday May 10, 2017 after markets close and will host a conference call on May 11, 2017 at 9:00 a.m. MT 11:00 a.m. ET).

To access the conference call by telephone, dial: 800-377-0758 or 416-340-2216. 

The conference call will be available for replay two hours after the call ends at 1-800-408-3053 and entering passcode 6065407. It will remain available until May 18, 2017. An audio recording of the call will also be available within 24 hours on the company’s website at www.haes.ca.

Financial Statements and Management’s Discussion and Analysis will also be posted to www.haes.ca and SEDAR after the results are released by newswire.

About High Arctic

High Arctic is a publicly traded company listed on the Toronto Stock Exchange under the symbol “HWO”. The Corporation’s principal focus is to provide drilling and specialized well completion services, equipment rentals and other services to the oil and gas industry.

High Arctic’s largest operation is in Papua New Guinea where it provides drilling and specialized well completion services and supplies rig matting, camps and drilling support equipment on a rental basis. The Canadian operation provides well servicing, snubbing services, nitrogen supplies and equipment on a rental basis to a large number of oil and natural gas exploration and production companies operating in Western Canada.

Thomas Alford
Interim Chief Executive Officer
Phone: 587-318-3826
Email: tom.alford@haes.ca

Brian Peters
Chief Financial Officer
Phone: 587-318-2218
Email: brian.peters@haes.ca