High Arctic Closes Private Placement



    
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    RED DEER, AB, Jan. 23 /CNW/ - High Arctic Energy Services Inc. (TSX:
HWO)("High Arctic" or the "Corporation") is pleased to announce that, further
to its news release dated December 16, 2008, it has completed the non-brokered
private placement of 3,000,000 common shares to certain directors and senior
officers of the Corporation (the "Offering"). The Offering was completed at a
price of $0.20 per common share for aggregate gross proceeds of $600,000. The
Offering was completed as a non-brokered private placement (as opposed to a
shares for debt private placement as previously announced), whereby certain
directors and senior officers of the Corporation re-invested bonus amounts
paid to them by High Arctic in exchange for the common shares. The private
placement is subject to final approval from the Toronto Stock Exchange.
    Michael Binnion, Chairman of the Board, commented that, "We are very
pleased with the commitment of the management team to seeing High Arctic
through a successful restructuring. Their financial participation in the
market placement is a very tangible demonstration of their confidence."

    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,
High Arctic Energy Services Inc., Tel: (403) 340-9825

Organization Profile

High Arctic Energy Services Inc.

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