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CALGARY, March 17, 2014 /CNW/ - High Arctic Energy Services Inc. (TSX:
HWO) ("High Arctic" or the "Corporation") is pleased to announce that
its Board of Directors has approved a 20% increase in the monthly
dividend amount. The new monthly amount is $0.015 per share or 18 cents
per annum. The Board has declared the dividend of $0.015 per share
payable on April 14, 2014 to holders of High Arctic common shares of
record at the close of business on March 31, 2014. The ex-dividend date
is March 27, 2014. The dividend is designated as an "eligible dividend"
for Canadian Income Tax purposes.
Michael Binnion, Chairman of the Board of Directors, stated "The
increase in the dividend rewards our shareholders for the strong
financial results of 2013 and reflects our expectations for a solid
2014. The new dividend rate equates to an annual dividend amount of
$9.0 million which is 25% of our reported funds provided by operations
in 2013 of $35.3 million".
About High Arctic
The Corporation is a provider of specialized oilfield equipment and
services for drilling, completion and work over operations. Based in
Alberta, High Arctic has operations throughout Western Canada and in
Papua New Guinea. The Corporation's most recent investor presentation
can be found at www.haes.ca.
SOURCE: High Arctic Energy Services Inc.
For further information:
Chief Financial Officer
Phone: 403 508 7836 ext 103