High Arctic Energy Services Inc. Announces Closing of Acquisition of Tervita Corporation's Production Services Division

CALGARY, ALBERTA--(Marketwired - Sept. 1, 2016) -

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High Arctic Energy Services Inc. ("High Arctic" or the "Corporation") (TSX:HWO) is pleased to announce that it completed on August 31, 2016, the previously announced acquisition of all of the operating assets and business operations of Tervita Corporation's Production Services Division for an aggregate purchase price of $42.8 million.

About High Arctic

High Arctic is a publicly traded Corporation 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 operations provide 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.

Information on risk factors in connection with this news release that could affect High Arctic's operations or financial results are included in High Arctic's news release dated August 29, 2016 announcing the acquisition, or in High Arctic's annual information form, both of which may be accessed through the Corporation's SEDAR profile at www.sedar.com. 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.