/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/
RED DEER, AB, May 24, 2013 /CNW/ - High Arctic Energy Services Inc.
(TSX: HWO) ("High Arctic" or the "Corporation") is pleased to announce
that it has made the necessary filings, and received the necessary
approvals to conduct a normal course issuer bid ("NCIB") through the
facilities of the Toronto Stock Exchange ("TSX").
The TSX has accepted the Corporation's notice to conduct the NCIB to
purchase outstanding common shares on the open market, in accordance
with the rules of the TSX. As approved by the TSX, the Corporation is
authorized to purchase up to 2,492,716 common shares, representing approximately 5% of the currently issued and
outstanding common shares of the Corporation. As of today's date, there
are 49,854,322 common shares outstanding. On any trading day, High Arctic will not
purchase more than 11,634 common shares, other than through block
The Corporation is authorized to make purchases during the period from
May 28, 2013 to May 27, 2014, or until such earlier time as the NCIB is
completed or terminated at the option of the Corporation. Any common
shares the Corporation purchases under the NCIB will be purchased on
the open market through the facilities of the TSX, at the prevailing
market price at the time of the transaction. The Corporation has
appointed TD Securities Inc. as its broker to conduct the NCIB
transactions. All common shares acquired under the NCIB will be
cancelled. During the 12 months preceding May 24, 2013, the Corporation
repurchased 285,380 common shares.
Management of the Corporation believes that from time to time the market
price of the High Arctic common shares may not reflect their underlying
value and that, at such times, the purchase of common shares for
cancellation will increase the proportionate interest of, and be
advantageous to, all remaining shareholders. In addition, the purchases
by High Arctic under the NCIB may increase liquidity to the
Corporation's shareholders wishing to sell their common shares.
This news release may contain forward-looking statements relating to
expected future events and financial and operating results of the
Company that involves risk and uncertainties. Actual results may differ
materially from management expectations, as projected in such
forward-looking statements for a variety of reasons, including market
and general economic conditions and the risks and uncertainties
detailed in both the Corporation's Management Discussion and Analysis
for the year ended December 31, 2012 and the Annual Information Form
for the year ended December 31, 2012 found on SEDAR (www.sedar.com). Due to the potential impact of these factors, the Corporation
disclaims any intention or obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, unless required by applicable law.
About High Arctic
The Corporation, through its subsidiaries, is a provider of specialized
oilfield equipment and services, including drilling, completion and
workover operations. Based in Red Deer, Alberta, High Arctic has
domestic operations throughout Western Canada and international
operations primarily in Papua New Guinea.
SOURCE: High Arctic Energy Services Inc.
For further information:
Chief Financial Officer
403 340 9825