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CALGARY, Alberta, Jan. 16, 2023 (GLOBE NEWSWIRE) — High Arctic Energy Services Inc. (TSX: HWO) “High Arctic” or the “Corporation” is pleased to announce the closing of the sale of Canadian well services. Business (the “Good Service Transaction”) earlier today received the final cash payment of $28.0 million and the Corporation repaid the $3.6 million principal amount of the mortgage related to the real estate properties included in the December 2022 Good Service Transaction.
The transaction of well services has been announced by the Corporation from July 18, 2022 to July 29, 2022. The sale was made pursuant to an asset purchase agreement for a cash sale price of $38.2 million, of which $10.2 million was received early on July 28, 2022.
The receipt of the funds today further strengthens High Arctic’s financial position. Cash balances, subprime loans and bank balances totaled more than $42 million as of January 16, 2022.
Over the past decade, High Arctic has maintained a conservative capital structure while returning high shareholder value through dividends and share acquisitions of approximately $110 million.
About the High Arctic
High Arctic is an energy service provider. High Arctic is the market leader in Papua New Guinea, providing drilling and specialist well completion services and rental equipment including rig decks, camps, material handling and drilling support equipment. In Western Canada, the High Arctic provides nitrogen service and pressure control equipment for rental to exploration and production companies.
For more information please contact:
Lance Mirendorf
Chief accountant
1.587.318.2218
1.800.668.7143
High Arctic Energy Services Inc.
Suite 2350, 330–5th Avenue SW
Calgary, Alberta, Canada T2P 0L4
Website: www.haes.ca
Mail: info@haes.ca
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