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CALGARY, Alberta, Jan. 16, 2023 (GLOBE NEWSWIRE) — High Arctic Energy Services Inc. (TSX: HWO) “High Arctic” or “Corporation” is delighted to have completed the sale of Canadian well services. will be announced at Following receipt of the final cash payment of $28.0 million, the company has repaid $3.6 million principal of the mortgage related to the property included in the well services transaction during December 2022.
The Well Services Transaction was announced by the Corporation on 18 July 2022 with an effective date of 29 July 2022. The sale was made through a cash asset purchase agreement totaling $38.2 million. Received on July 28, 2022.
Today’s funding further strengthens High Arctic’s financial position. As of January 16, 2022, the cash balance, net of mortgage debt and bank debt, exceeds $42 million. This strong cash position gives High Arctic the flexibility to fund business development and further enhance its shareholder return track record.
Over the past decade, High Arctic has delivered significant value to shareholders through dividends and approximately $110 million in share repurchases while maintaining a conservative capital structure.
About High Arctic
High Arctic is an energy service provider. High Arctic is a market leader in Papua New Guinea, providing drilling and specialized well completion services and rental equipment such as rig his mats, camps, material handling and drilling support equipment. In western Canada, High Arctic rents nitrogen services and pressure control equipment to exploration and production companies.
For more information, please contact:
High Arctic Energy Service Co., Ltd.
Suite 2350, 330–5th Ave SW
Calgary, Alberta, Canada T2P 0L4