/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 1 /CNW/ - High Arctic Energy Services Inc. (TSX: HWO)
("High Arctic" or the "Corporation") announced that its lenders have agreed to
extend the maturity date of its senior debt facilities to June 12, 2009. As
part of the extension, the covenants related to mandatory asset sales and the
financial covenants have been waived through to that date.
High Arctic and its lenders plan to use the extension period to negotiate
the terms of a possible further extension. As announced on April 27, 2009,
High Arctic hopes to complete the sale of its interest in the Optimal joint
venture by May 31, 2009 and apply the proceeds against the debt, which would
assist with the terms of an extension.
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, 2008 and in High
Arctic's Annual Information Form for the year ended December 31, 2008, 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 and Asia.
The TSX has not reviewed and does not accept responsibility for the
adequacy or accuracy of this news release.
For further information:
For further information: Dennis Sykora, Chief Restructuring Officer and
General Counsel, (403) 340-9825