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RED DEER, AB, Aug. 31 /CNW/ - High Arctic Energy Services Inc. (TSX: HWO) ("High Arctic") today announced that it has reorganized its financial team and commenced its search for a full time executive to fill the role of Chief Financial Officer. In order to draw on the strengths of the different professionals currently employed in High Arctic, the CFO duties will be performed primarily by Mr. Peter Julien, Vice President of Finance with the assistance of Mr. Dennis Sykora, Vice President of Legal and Corporate Development and, the on-going advisory services of Mr. Randy Henderson, on a consulting basis, until a suitable Chief Financial Officer is selected. This refinement is an integral step in transitioning to a full-time executive, rather than a contractor, to permanently fill the role of Chief Financial Officer of the corporation.
As scheduled, Mr. Henderson's consulting contract to provide strategic financial support as Interim Chief Financial Officer will end on August 31, 2007. Mr. Henderson was engaged in early 2007 as an advisor to the Special Committee of the Board of High Arctic Energy Corp., administrator of the High Arctic Energy Services Trust, to assist them in their examination of the benefits of the strategic restructuring of the Trust. Since April 1, 2007, he has served as Interim Chief Financial Officer and assisted the Trust in its two equity placements earlier this year and its reorganization into corporate form (as High Arctic). Accordingly, his contracted mandate to serve as Interim Chief Financial Officer is now successfully completed.
Forward-Looking Statements
This news release may contain forward-looking statements relating to expected future events and financial and operating results of the Corporation that involve risks and uncertainties. Actual results may differ materially from management expectations as projected in such forward-looking statements for a variety of reasons, including market and general economic conditions and the risks and uncertainties detailed in the Corporation's Management Discussion and Analysis for the six months ended June 30, 2007 and in the Trust's Annual Information Form for the year ended December 31, 2006 and the Trust's Information Circular dated May 29, 2007, all found on SEDAR (www.sedar.com). Due to the potential impact of these factors, the Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless required by applicable law.
About High Arctic
The Corporation, through its subsidiaries, is a global provider of specialized oilfield equipment and services, including drilling, completion and workover operations. High Arctic's new underbalanced drilling technology and equipment is recognized for its ability to improve oil and gas production capabilities and is expected to develop greater acceptance in international markets. Based in Red Deer, High Arctic has domestic operations in Alberta, British Columbia and the Northwest Territories. International operations are currently active in the Middle East and Asia.
The TSX has not reviewed and does not accept responsibility for the
adequacy or accuracy of this news release.
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