High Arctic Energy Services Inc.
TSX : HWO

High Arctic Energy Services Inc.

July 25, 2016 07:00 ET

High Arctic Announces Director Appointment and Executive Change

CALGARY, ALBERTA--(Marketwired - July 25, 2016) -

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High Arctic Energy Services Inc. (TSX:HWO) ("High Arctic" or the "Corporation") is pleased to announce the appointment of Ember Shmitt to the Corporation's board of directors.

Mrs. Shmitt is currently the Director of Investor Relations at Cyrus Capital Partners, which is a New York based SEC registered investment adviser and currently holds on behalf of the funds it manages approximately 42% of High Arctic's outstanding shares. She has over 10 years of experience in financial strategy, investor relations, and firm branding. Mrs. Shmitt successfully completed the Chartered Financial Analyst program and has been awarded the CFA designation. Mrs. Shmitt graduated with highest honors from the University of Wisconsin at La Crosse with a Bachelor of Science degree in Finance.

Mr. Binnion states, "We are pleased to have Ember join our board who will provide a diverse point of view. Her extensive experience in investor relations will be a valuable addition."

High Arctic also announces that Darren Greer is resigning from the position of President, International Operations in order to pursue another senior executive opportunity in an Australian exploration and production company effective August 19, 2016.

During Darren's tenure, High Arctic's international management team was bolstered and as such, the Corporation has no immediate plans to replace Mr. Greer's role. His duties will be taken on by Tim Braun, President and CEO, and Mike Maguire, Vice President, International Operations.

Mr. Braun states, "On behalf of the Board of Directors and Senior Management, I would like to thank Darren for his contributions in the growth of High Arctic's international operations over the last two years. While Darren's contributions will be missed, I am confident that Mike and our international team members can continue to successfully lead our international operations."

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 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.

This press release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information or statements. More particularly and without limitation, this press release contains forward-looking statements and information relating to future capital expenditures, demand for High Arctic's services and the sources and availability of funding. These forward-looking statements and information are based on certain key expectations and assumptions made by High Arctic. Although High Arctic believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information as High Arctic cannot give any assurance that they will prove to be correct. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, prevailing economic conditions; commodity prices; sourcing, pricing and availability of raw materials, component parts, equipment, suppliers, facilities and skilled personnel; dependence on major customers; uncertainties in weather and temperature affecting the duration of the service periods and the activities that can be completed; health, safety and environmental risks; exchange rate fluctuations; marketing and transportation; loss of markets; environmental risks; governmental regulations; competition; incorrect assessment of the value of acquisitions; failure to realize the anticipated benefits of acquisitions; ability to access sufficient capital from internal and external sources; failure to obtain required regulatory and other approvals; and changes in legislation, including but not limited to tax laws, royalties and environmental regulations.

Readers are cautioned that the foregoing list of risks and uncertainties is not exhaustive. Additional information on these and other risk factors that could affect High Arctic's operations or financial results are included in High Arctic's annual information form and may be accessed through the SEDAR website (www.sedar.com). The forward-looking statements and information contained in this press release are made as of the date hereof and High Arctic does not undertake any obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

Contact Information

  • High Arctic Energy Services Inc.
    Tim Braun
    Chief Executive Officer
    587-318-3826
    tim.braun@haes.ca

    High Arctic Energy Services Inc.
    Brian Peters
    Chief Financial Officer
    587-318-2218
    brian.peters@haes.ca