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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