Business
High Arctic Updates Transeuro Lawsuit
/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. ("High\nArctic" or the "Corporation") announced today that certain of its subsidiaries\nand affiliates have filed a Statement of Defence and a Statement of\nCounterclaim in the Supreme Court of British Columbia in respect of its\nongoing legal dispute with Transeuro Energy Corp. The filings will serve to\nconsolidate the previously announced claim filed by High Arctic Energy\nServices L.P. in the Court of Queen's Bench of Alberta on May 7, 2007 with the\nclaim filed by Transeuro Energy Corp. on that same date in the Supreme Court\nof British Columbia. The dispute relates to services provided to Transeuro by\nsubsidiaries of High Arctic in Canada, Armenia, Ukraine and Papua New Guinea.\nThe previous claim filed by High Arctic Energy Services LP related solely to\nthe activities in Canada whereas the Statement of Counterclaim now makes\nclaims for all areas of dispute.\n\n\nHigh Arctic Energy Services LP provided drilling services in late 2006\nand 2007 to Transeuro at a well location in the area of Beaver River, British\nColumbia. The claim for unpaid services is $14.2 million. Transeuro has\nasserted, among other things, that it has been overcharged for the services.\n\n\nThe claims outside of Canada relate to services provided by High Arctic\nEnergy Service LLC, a subsidiary located in Dubai, United Arab Emirates. In\naddition to the claims described below, High Arctic Energy Service LLC has\nclaimed about US$2.3 million related to unpaid invoices for services provided\nand expenses incurred primarily related to personnel on the payroll of High\nArctic providing services exclusively to Transeuro.\n\n\nThe claim in Armenia relates to the purchase and refurbishment of a\ndrilling rig. High Arctic Energy Service LLC supplied the funds to purchase\nthe drilling rig and supplied parts and services to refurbish it with the\nintention that High Arctic would own the rig and use it to complete a drilling\nprogram for Transeuro in Armenia. Transeuro has denied High Arctic access to\nthe rig and has been using the rig in its drilling program. High Arcti...