/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, March 19, 2013 /CNW/ - High Arctic Energy Services Inc.
(TSX: HWO) ("High Arctic" or the "Corporation") is pleased to announce
that its Board of Directors has approved a 25% increase in the monthly
dividend amount. The Board has declared a dividend of $0.0125 per
share to holders of common shares payable on April 12, 2013 to holders
of High Arctic common shares of record at the close of business on
March 28, 2013. The ex-dividend date is March 26, 2013. The dividend is
designated as an "eligible dividend" for Canadian Income Tax purposes.
Michael Binnion, Chairman of the Board of Directors, stated "The
increase in the dividend rewards our shareholders for the strong
financial results of 2012 and our expectations that 2013 will be solid
as well. The new dividend rate equates to an annual dividend amount of
$7.5 million which is 21.5% of our reported cash flows provided by
operations in 2012 of $34.9 million".
About High Arctic
The Corporation is a provider of oilfield services, including contract
drilling, specialized well completions and equipment rentals. Based in
Red Deer, Alberta, High Arctic has domestic operations throughout
western Canada and international operations in Papua New Guinea.
SOURCE: High Arctic Energy Services Inc.
For further information:
Chief Financial Officer
403 508 7836 ext 103