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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.