High Arctic Reorganizes Its Financial Team



    /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, Aug. 31 /CNW/ - High Arctic Energy Services Inc. (TSX: HWO)
("High Arctic") today announced that it has reorganized its financial team and
commenced its search for a full time executive to fill the role of Chief
Financial Officer. In order to draw on the strengths of the different
professionals currently employed in High Arctic, the CFO duties will be
performed primarily by Mr. Peter Julien, Vice President of Finance with the
assistance of Mr. Dennis Sykora, Vice President of Legal and Corporate
Development and, the on-going advisory services of Mr. Randy Henderson, on a
consulting basis, until a suitable Chief Financial Officer is selected. This
refinement is an integral step in transitioning to a full-time executive,
rather than a contractor, to permanently fill the role of Chief Financial
Officer of the corporation.
    As scheduled, Mr. Henderson's consulting contract to provide strategic
financial support as Interim Chief Financial Officer will end on August 31,
2007. Mr. Henderson was engaged in early 2007 as an advisor to the Special
Committee of the Board of High Arctic Energy Corp., administrator of the High
Arctic Energy Services Trust, to assist them in their examination of the
benefits of the strategic restructuring of the Trust. Since April 1, 2007, he
has served as Interim Chief Financial Officer and assisted the Trust in its
two equity placements earlier this year and its reorganization into corporate
form (as High Arctic). Accordingly, his contracted mandate to serve as Interim
Chief Financial Officer is now successfully completed.

    Forward-Looking Statements

    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 six months ended June 30, 2007 and in the
Trust's Annual Information Form for the year ended December 31, 2006 and the
Trust'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. High Arctic's new underbalanced drilling technology
and equipment is recognized for its ability to improve oil and gas production
capabilities and is expected to develop greater acceptance in international
markets. Based in Red Deer, High Arctic has domestic operations in Alberta,
British Columbia and the Northwest Territories. International operations are
currently active in the Middle East 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: Jed Wood, President and Chief Executive
Officer, High Arctic Energy Services Inc., Tel: (403) 340-9825,
jed.wood@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