/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, Feb. 2, 2012 /CNW/ - High Arctic Energy Services Inc.
(TSX: HWO) ("High Arctic" or the "Corporation") wishes to announce a
correction to the press release issued on February 1, 2012 entitled
"High Arctic Announces 2012 Capital Budget and Financial Update".
The original press release stated that Adjusted EBITDA(1) for the fourth quarter on a consolidated basis is anticipated to range
between $11 million and $12 million, which would result in total
Adjusted EBITDA(1) for 2012 of $33 million to $34 million. The total Adjusted EBITDA(1) of $33 million to $34 million is for 2011 instead of 2012.
This news release may contain forward-looking statements relating to
expected future events and anticipated financial and operating results
of the Corporation, including for the fourth quarter and year ended
December 31, 2011, that involve risks and uncertainties. Actual results
may differ materially from management expectations, as projected in
such forward-looking statements for a variety of reasons, including
unanticipated adjustments to the fourth quarter and year-end operating
results which could occur as a result of the year-end audit process,
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, 2010 and the Annual Information Form
for the year ended December 31, 2010 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.
(1) Readers are cautioned that Adjusted EBITDA does not have
standardized meanings prescribed by IFRS. Adjusted EBITDA is defined
as net earnings before interest, income taxes, depreciation, stock
based compensation and foreign exchange gains or losses.
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