High Arctic Signs Agreement to Extends Rig 104 contract in Papua New Guinea

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RED DEER, AB, Feb. 18 /CNW/ - High Arctic Energy Services Inc. (TSX: HWO) ("High Arctic" or the "Corporation") is pleased to announce that it has signed several important contracts in Papua New Guinea.  The Corporation announced on December 20, 2010 that it had signed a Letter of Intent to extend the Rig 104 contract and the drilling support services contract for 3 years to December 17, 2013.  The final contracts are consistent with the details previously announced and are effective from December 18, 2010. 

Rig 104 is a heli-portable drilling unit that was a new build deployed into Papua New Guinea during 2008.  The rig is owned by High Arctic's customer and managed by High Arctic under an operating lease. It is expected that the rig will continue to be deployed on the drilling program of the customer.

High Arctic recently announced a new three year contract for Rig 102. That contract runs until May 14, 2014 and will recommence operations following a substantial upgrade. The main upgrades have now been completed in Houston and the new components are being transported to Papua New Guinea.  The plan is still to have that rig ready to begin operations in May, 2011. 

Forward-Looking Statements

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, 2009 and in the Annual Information Form for the year ended December 31, 2009 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 global 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.  International operations are currently active in Papua New Guinea.

SOURCE High Arctic Energy Services Inc.

For further information:

Morley Myden
Chief Financial Officer
(403) 340-9825
morley.myden@haes.ca

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High Arctic Energy Services Inc.

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