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CALGARY, June 15, 2015 /CNW/ - High Arctic Energy
Services Inc. (TSX: HWO) ("High Arctic" or the "Company") is
pleased to advise that Rig 115 has started drilling operations in
the Gulf Province of Papua New
Guinea ("PNG") under the previously announced two year
contract. Although the rig has been generating revenue since late
March, the take-or-pay contract term commenced with the spudding of
the first well on June 15, 2015.
Tim Braun, High Arctic's CEO,
stated; "We are pleased to have Rig 115 operational in PNG, as this
rig represents a significant increase to our service capabilities
in the country. With the imminent deployment of Rig 116 from
Houston, we anticipate the
additional revenue generated from these rigs operating in PNG to
significantly contribute to the profitability of the Company going
forward."
Rig 116 has completed its refurbishment and upgrading in
Houston, and is currently being
prepared for shipment to Papua New
Guinea. It is anticipated the rig will arrive into the
country in late August, and once drilling commences it too will be
operating under a previously announced two year term take-or-pay
contract.
Forward-Looking Statements
This news release may contain forward-looking statements
relating to expected future events and anticipated financial and
operating results of the Company 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, but not limited to, market and
general economic conditions, and the risks and uncertainties
detailed in both the Company's Management Discussion and Analysis
for the year ended December 31, 2014
and the Annual Information Form for the year ended December 31, 2014 found on SEDAR (www.sedar.com).
Due to the potential impact of these factors, the Company 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
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.