/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, May 9 /CNW/ - High Arctic Energy Services Inc. (TSX: HWO)
("High Arctic" or the "Corporation") announced that it has signed a further
amendment to its credit facilities. This latest amendment extends to May 30,
2008 the time by which the Corporation must reduce its debt to meet its
financial covenant requirements under its senior credit facilities.
As explained in a press release issued on April 11, 2008, the
Restructuring Committee of the Corporation remains optimistic that a longer
extension with the Corporation's lenders will be forthcoming. The Corporation
believes the most recent extension will be adequate to finalize the terms of a
longer extension. The Corporation will issue further press releases as more
information becomes available.
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 the Corporation's Management
Discussion and Analysis for the year ended December 31, 2007 and in High
Arctic's Annual Information Form for the year ended December 31, 2007 and High
Arctic's Information Circular dated May 29, 2007, all 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, High Arctic has domestic
operations primarily in Alberta, British Columbia and the Northwest
Territories. International operations are currently active in Mexico, the
Middle East, Northern Africa and Asia.
The TSX has not reviewed and does not accept responsibility for the
adequacy or accuracy of this news release.
%SEDAR: 00025582E
For further information: Jed Wood, President and Chief Executive
Officer, High Arctic Energy Services Inc., Tel: (403) 340-9825,
jed.wood@haes.ca
