High Arctic Energy Services Inc.

High Arctic Energy Services Inc.

January 20, 2006 10:50 ET

High Arctic Announces January Cash Distribution

RED DEER, ALBERTA--(CCNMatthews - Jan. 20, 2006) - High Arctic Energy Services Trust (TSX:HWO.UN) (the "Trust") today announced the monthly cash distribution for January 2006 has been set at $0.0875 per unit. This is the sixth consecutive distribution by the Trust and it will be paid on February 15, 2006, to unitholders of record as at January 31, 2006. The same cash distribution for January will be made to the 11.5 million convertible class B units, in accordance with the subordination provisions applicable to that Class of units. The payments are consistent with the Trust's distribution policy, as stated in its initial public offering prospectus, dated July 11, 2005.

About High Arctic

The Trust, through its subsidiaries, is a global provider of underbalanced oilfield equipment and services, including drilling, completion and workover operations. High Arctic's new underbalanced drilling technology and equipment is recognized for its ability to improve oil and gas production capabilities and is expected to develop greater acceptance in international markets. Based in Red Deer, High Arctic has domestic operations in Alberta, British Columbia and the Northwest Territories. International operations are currently active in the Middle East and former Soviet Republics.

Contact Information

  • High Arctic Energy Services Trust
    Shaun Peesker
    Chief Financial Officer
    (403) 309-5657