High Arctic Close to New Debt Extension



    /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, June 2 /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 is a seven day
extension to June 6, 2008. The short extension was required to allow time to
complete a potential longer extension that the Corporation hopes to announce
by June 6, 2008.

    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 April 17, 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, 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:

For further information: Jed Wood, President and Chief Executive
Officer, High Arctic Energy Services Inc., Tel: (403) 340-9825,
jed.wood@haes.ca

Organization Profile

High Arctic Energy Services Inc.

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