High Arctic Increases Monthly Dividend

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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:

Ken Olson
Chief Financial Officer
403 508 7836 ext 103
ken.olson@haes.ca

Profil de l'entreprise

High Arctic Energy Services Inc.

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