High Arctic Closes Sale of RAPAD Rig



    /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, ON, July 2 /CNW/ - High Arctic Energy Services Inc. (TSX: HWO)
(the "Company" or "High Arctic") today announced that it has now closed the
previously announced sale of one of its RAPAD Rigs for $11.0 million. The
RAPAD Rig is located in Canada and was not being actively operated due to the
refocusing of the Company's business plan on its core operations. The proceeds
have been used to pay down debt.

    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 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: Dennis Sykora, General Counsel, High Arctic
Energy Services Inc., Tel: (403) 340-9825, dennis.sykora@haes.ca

Organization Profile

High Arctic Energy Services Inc.

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890