/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, June 15, 2011 /CNW/ - High Arctic Energy Services Inc.
(TSX: HWO) ("High Arctic" or the "Corporation") announces that it has
completed a consolidation of its common shares on the basis of one (1)
new post-consolidation common share for every five (5) pre-consolidated
common shares. The 252,183,147 common shares of the Corporation
outstanding will be reduced to approximately 50,436,636 common shares,
as approved by shareholders at the Corporation's annual and special
meeting held on June 1, 2011. No fractional shares will be issued.
Any fractions of a share will be rounded to the next highest whole
number of common shares. A new CUSIP number of 429644206 replaces the
old CUSIP number of 429644, to distinguish between the pre- and
post-consolidated shares. The Corporation's name and trading symbol
will remain unchanged.
High Arctic's common shares are expected to begin trading on a
post-consolidation basis on the Toronto Stock Exchange when markets
open on June 20, 2011.
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:
Chief Executive Officer
403 340 9825