Business
High Arctic Extends Debt
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FA...
About this update from High Arctic Energy Services Inc
[{"type":"text","content":"\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN\n\n\nTHE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY\n\n\nCONSTITUTE A VIOLATION OF U.S. SECURITIES LAW/\n\n\nRED DEER, AB, May 9 /CNW/ - High Arctic Energy Services Inc. (TSX: HWO)\n("High Arctic" or the "Corporation") announced that it has signed a further\namendment to its credit facilities. This latest amendment extends to May 30,\n2008 the time by which the Corporation must reduce its debt to meet its\nfinancial covenant requirements under its senior credit facilities.\n\n\nAs explained in a press release issued on April 11, 2008, the\nRestructuring Committee of the Corporation remains optimistic that a longer\nextension with the Corporation's lenders will be forthcoming. The Corporation\nbelieves the most recent extension will be adequate to finalize the terms of a\nlonger extension. The Corporation will issue further press releases as more\ninformation becomes available.\n\n\nForward-Looking Statements\n\n\nThis news release may contain forward-looking statements relating to\nexpected future events and financial and operating results of the Corporation\nthat involve risks and uncertainties. Actual results may differ materially\nfrom management expectations as projected in such forward-looking statements\nfor a variety of reasons, including market and general economic conditions and\nthe risks and uncertainties detailed in the Corporation's Management\nDiscussion and Analysis for the year ended December 31, 2007 and in High\nArctic's Annual Information Form for the year ended December 31, 2007 and High\nArctic's Information Circular dated May 29, 2007, all found on SEDAR\n(www.sedar.com). Due to the potential impact of these factors, the Corporation\ndisclaims any intention or obligation to update or revise any forward-looking\nstatements, whether as a result of new information, future events or\notherwise, unless required by applicable law.\n\n\nAbout High Arctic\n\n\nThe Corporation, through its subsidiaries, is a global provider of\nspecialized oilfield equipment and services, including drilling, completion\nand workover operations. Based in Red Deer, High Arctic has domestic\noperations primarily in Alberta, British Columbia and the Northwest\nTerritories. International operations are currently active ...