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RED DEER, AB, May 20 /CNW/ - High Arctic Energy Services Inc. (TSX: HWO) ("High Arctic" or the "Corporation") announces the resignation of two executives.
Mr. Chris Anderson, Vice President, Operations, has resigned with effect on June 19, 2011. Mr. Anderson joined High Arctic in 2006 with primary responsibility for the management of the Canadian operations. Mr. Morley Myden has resigned as Chief Financial Officer with effect on June 17, 2011. Mr. Myden has been the Chief Financial Officer since March 2008. The Corporation understands that Mr. Anderson and Mr. Myden will be working together at another oilfield services company.
High Arctic thanks both individuals for their years of service. They have been an important part of the turnaround of the company over the past few years. With the restructuring complete, they have decided to move on to a new challenge.
High Arctic will immediately begin the process of recruiting suitable replacements. The Corporation has built a solid team in both the operations and finance groups and expects a smooth transition. Further announcements will be made as more information becomes available.
This news release may contain forward-looking statements relating to expected future events and financial and operating results of the Corporation 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 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.
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: Bruce Thiessen, Chief Executive Officer, 403 340 9825, firstname.lastname@example.org