High Arctic Cancels SARs; Issues Stock Options



    
    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, Jan. 14 /CNW/ - High Arctic Energy Services Inc. (TSX: HWO)
("High Arctic" or the "Corporation") today announced that it has cancelled
substantially all of the 5,375,000 issued and outstanding stock appreciation
rights ("SARs") and expects to complete the cancellation of all remaining SARs
over the next 30 days. In connection with the cancellation of the SARs, the
Corporation issued stock options to acquire an aggregate of 2,903,600 common
shares under its existing Stock Option Plan. The stock options have an
exercise price of $0.15 per common share and expire on January 15, 2014.
    Bruce Thiessen, Interim Chief Executive Officer, commented, "The last
year has been tumultuous for High Arctic. Nevertheless, 2008 saw a dramatic
improvement in High Arctic's finances, which is fully to the credit of the
dedicated efforts of our staff and management. It is an essential element of
our restructuring plans to be able to recognize both the loyalty and successes
of our team. As part of this, we are pleased to have normalized the long term
compensation structure."

    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.
    

    %SEDAR: 00025582E




For further information:

For further information: Dennis Sykora, Chief Restructuring Officer,
High Arctic Energy Services Inc., Tel: (403) 340-9825

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High Arctic Energy Services Inc.

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