Business
High Arctic Sells Second RAPAD Rig
/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, July 31 /CNW/ - High Arctic Energy Services Inc. (TSX: HWO)\n(the "Company" or "High Arctic") today announced that it has sold a second\nRAPAD Rig. The RAPAD Rig was located in Tunisia and has been exported from\nthat country at the buyer's expense. The Company recently completed a contract\nin Tunisia. The buyer previously purchased a Canadian based RAPAD Rig from the\nCompany. The closing conditions have now been satisfied and closing will occur\non payment of the purchase price due on August 1, 2008.\n\n\nThe sale is part of the previously announced plan to sell underutilized\nassets and use the proceeds to reduce debt and exiting Tunisia is consistent\nwith the objective of focusing on the core business areas. The proceeds will\nbe applied against the revolving credit facility which will bring the total\ndebt repayments from asset sales to $24 million since June 6, 2008. As a\nresult, High Arctic is well on its way to meeting the mandatory asset sales\nrequirement of $25 million by September 30, 2008.\n\n\nMr. Jed Wood, President & CEO of High Arctic said, "We are very pleased\nwith completing this sale and as a result we remain ahead of expectations with\nrespect to debt retirement. Overall, our restructuring plan is on track and\nthe future remains positive."\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 in Alberta, British Columbia and the Northwest Territories.\nInternational operations are currently active in Mexico, the Middle East and\nAsia.\n\n\nThe TSX has not reviewed and does not accept responsibility for the\n\n\nadequacy or accuracy of this news release.\n\n\n%SEDAR: 00025582E\n\n\n","length":2154,"tagName":"div"}]