/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, Dec. 31 /CNW/ - High Arctic Energy Services Inc. (TSX:
HWO) ("High Arctic" or the "Corporation") is pleased to announce that
it has completed an internal reorganization that simplifies the
structure of the Corporation and its affiliated entities. Under the
internal reorganization, High Arctic Energy Services Limited
Partnership was dissolved and 1049477 Alberta Ltd., High Arctic Energy
Corp., 1181129 Alberta Ltd. and a newly incorporated subsidiary of the
Partnership, 1575828 Alberta Ltd., amalgamated to continue as a
wholly-owned subsidiary of the Corporation under the name "High Arctic
Energy Corp". The Corporation then amalgamated with its wholly-owned
subsidiary, High Arctic Energy Corp., effective December 31, 2010.
Pursuant to the amalgamation, all of the issued and outstanding shares
of High Arctic Energy Corp were cancelled and the assets and
obligations and liabilities of High Arctic Energy Corp. were assumed by
the Corporation. No securities of the Corporation were issued in
connection with the amalgamation and the share capital of the
Corporation remains the same. The final vertical short-form
amalgamation was completed pursuant to section 184(1) of The Business Corporations Act (Alberta).
The internal reorganization was undertaken in order to simplify the
organizational structure of the Corporation. Further, the
reorganization does not have any significant effect on the business and
operations of the Corporation.
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 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 provides specialized oilfield equipment and services for
drilling, completion and workover operations. Based in Red Deer,
Alberta, High Arctic has domestic operations throughout Western Canada
and international operations primarily in Papua New Guinea.
SOURCE High Arctic Energy Services Inc.
For further information: For further information:
Chief Financial Officer
403 340 9825