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CALGARY, Nov. 13, 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 10% increase in the monthly dividend amount. The new monthly amount is $0.0165 per share or 19.8 cents per annum. The Board has declared the dividend of $0.0165 per share payable on December 12th, 2014 to the holders of common shares of record at the close of business on November 28, 2014. The ex-dividend date is November 26, 2014. The dividend is designated as an "eligible dividend" for Canadian Income Tax purposes.
Michael Binnion, Chairman of the Board of Directors, stated "This increase reflects the confidence we have in our current business and our ability to deliver on the opportunities in front of us. The new dividend rate equates to an annual dividend of approximately $10.9 million which is 26% of our trailing twelve months of funds provided from operations."
About High Arctic
High Arctic is a publicly traded company listed on the Toronto Stock Exchange under the symbol "HWO". The Corporation's principal focus is to provide drilling and specialized well completion services, equipment rentals and other services to the oil and gas industry.
High Arctic's largest operation is in Papua New Guinea where it provides drilling and specialized well completion services and supplies rig matting, camps and drilling support equipment on a rental basis. The Canadian operation provides snubbing services, nitrogen supplies and equipment on a rental basis to a large number of oil and natural gas exploration and production companies operating in Western Canada.
SOURCE: High Arctic Energy Services Inc.
For further information: Ken Olson, Chief Financial Officer, Phone: 403 508 7836 ext 103, Email: [email protected]