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CALGARY, Alberta, Nov. 27, 2017 (GLOBE NEWSWIRE) -- High Arctic Energy Services Inc. (TSX:HWO) (“High Arctic” or
the “Corporation”) announces that it has signed a letter of intent with its customer in Papua New Guinea for High Arctic to be
awarded a contract to drill two wells with Rig 115. The rig will commence mobilization in Q1 2018 and is expected to be on
contract for approximately 180 days.
The parties are currently working to finalize the contract for these services, which will be subject to the
parties receiving the requisite corporate approvals.
Mike Maguire, President International commented, “The selection of rig 115 for this cost sensitive project is a
result of working closely with our customer to plan the project using lean principals. We are confident that the success of
this project will lead to further commitments for rig 115.”
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,
estimated or expected. Specific forward-looking statements in this Press Release include, among others, the Corporation’s ability
to finalize and execute the contract for Rig 115 and the Corporation’s opportunity for future commitments for rig 115. In
addition to the risk factors set out above and elsewhere in this Press Release, readers are directed to the additional risk factors
set out in the Corporation’s most recent Annual Information Form filed on SEDAR at www.sedar.com.
The forward-looking statements contained in this Press Release are expressly qualified in their entirety by this
cautionary statement. These statements are given only as of the date of this Press Release. The Corporation does not
assume any obligation to update these forward-looking statements to reflect new information, subsequent events or otherwise, except
as required by law.
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:
Michael Binnion
Interim President & CEO
Phone: 403 807 7375
Email: michael.binnion@haes.ca
Brian Peters
Chief Financial Officer
Phone: 587-318-2218
Email: brian.peters@haes.ca
