/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, Feb. 1 /CNW/ - High Arctic Energy Services Inc. (TSX: HWO)
("High Arctic" or the "Corporation") announced that it has completed a
settlement with Sense EDM AS. As disclosed in its financial statements for the
nine months ended September 30, 2007, High Arctic had a potential obligation
to purchase four drilling rigs and to pay a cancellation fee of $900,000 on a
fifth rig for an aggregate obligation estimated to be $18-20 million. High
Arctic is pleased to report that a buyer has purchased the four drilling rigs
from Sense EDM and High Arctic has been released from any obligation with
respect to those rigs. High Arctic may still be required to pay the $900,000
cancellation fee for the fifth rig unless it or another buyer purchases that
rig or a similar rig from Sense EDM by December 31, 2008.
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 nine months ended September 30, 2007 and in
High Arctic's Annual Information Form for the year ended December 31, 2006 and
High Arctic's Information Circular dated May 29, 2007, 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 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.
For further information:
For further information: Jed Wood, President and Chief Executive
Officer, High Arctic Energy Services Inc., Tel: (403) 340-9825,