Business
High Arctic Settles Rig Purchase Obligation
/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, Feb. 1 /CNW/ - High Arctic Energy Services Inc. (TSX: HWO)\n("High Arctic" or the "Corporation") announced that it has completed a\nsettlement with Sense EDM AS. As disclosed in its financial statements for the\nnine months ended September 30, 2007, High Arctic had a potential obligation\nto purchase four drilling rigs and to pay a cancellation fee of $900,000 on a\nfifth rig for an aggregate obligation estimated to be $18-20 million. High\nArctic is pleased to report that a buyer has purchased the four drilling rigs\nfrom Sense EDM and High Arctic has been released from any obligation with\nrespect to those rigs. High Arctic may still be required to pay the $900,000\ncancellation fee for the fifth rig unless it or another buyer purchases that\nrig or a similar rig from Sense EDM by December 31, 2008.\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 nine months ended September 30, 2007 and in\nHigh Arctic's Annual Information Form for the year ended December 31, 2006 and\nHigh Arctic'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 in Alberta, British Columbia and the Northwest Territories.\nIn...