CALGARY, ALBERTA--(Marketwired - Feb. 1, 2017) -
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW
Tom Alford, President and CEO of High Arctic Energy Services Inc. (TSX:HWO) ("High Arctic" or the "Corporation") is pleased to provide an update on its activities in Papua New Guinea ("PNG").
Rig 104 and Rig 115 continue with their drilling assignments. Rig 103 is finalizing demobilization activities following the completion of its drilling campaign in the Western Province. Rig 116 remains on standby under contract in Port Moresby.
Discussions continue to progress with the Corporation's customer regarding a new long-term contract arrangement for Rigs 103 and 104. While these discussions continue, the customer has formally provided notice it intends to extend the contracts up to July 31, 2017 allowing time for the new long-term contract arrangements to be finalized or otherwise terminated in accordance with the existing contracts.
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, with the recent acquisition of Tervita Production Services now provides well servicing and engineered services in addition to its 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.