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RED DEER, AB, Feb. 1 /CNW/ - High Arctic Energy Services Inc. (TSX: HWO) ("High Arctic" or the "Corporation") is pleased to report that it has appointed Bruce Thiessen as Chief Executive Officer of High Arctic effective immediately. Mr. Thiessen has acted as interim Chief Executive Officer of the Corporation since December 16, 2008. Under his direction, High Arctic has been proactive in reducing its cost structure to ensure it remains competitive in the current environment and in identifying new opportunities to expand its business services. As a result, the Corporation has earned first call status with a number of the most active E&P companies and is well placed to take advantage of the eventual upturn in the industry. Bruce has been with High Arctic since 1993 serving primarily as Vice President of Marketing.
The Corporation also announces that Mr. Warren Twa stepped down as Vice President, International Operations effective on January 31, 2010. Mr. Twa has played a key role in the operational restructuring of High Arctic. In early 2008, High Arctic embarked on its plan to divest of all unprofitable foreign operations as a key part of its financial restructuring. With the completion of the asset sale announced on January 13, 2010, the operational restructuring phase is now largely completed. Though his experience will be missed, Mr. Twa expects to be available to provide advisory services to High Arctic beyond January 31 if the need arises.
"The Board of Directors is pleased with the leadership shown by Mr. Thiessen during what has been a very difficult period in the industry" commented Michael Binnion, Chairman of the Board. "Bruce's appointment to the CEO role demonstrates his continued commitment to the future success of High Arctic and I am confident that High Arctic is in goods hands with the current management team. On behalf of the Board, I wish to thank Warren for his valuable contributions and his skilled professionalism during the challenging operational restructuring and we wish him well in his future endeavours."
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 and Annual Information Form for the year ended December 31, 2008 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 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: For further information: Dennis Sykora, Chief Restructuring Officer, (403) 340-9825, firstname.lastname@example.org