RED DEER, Canada, July 27 /PRNewswire/ --
- Rig Sharing Agreement Commences Mobilization to Tunisia
High Arctic Energy Services Inc. (TSX: HWO) ("High Arctic") has announced it has secured a one-year Drilling Rig Sharing Agreement ("DRSA") with Storm Ventures International ("Storm") and a subsidiary of Winstar Resources Ltd. ("Winstar") to mobilize a RAPAD(TM) Drilling Rig into North Africa. Mobilization is expected to begin in the middle of August, with a start-up date in September. The base of operations will be in Tunis, Tunisia.
In conjunction with the DRSA contract, it is expected that High Arctic's Managed Pressure Drilling, Air Pumping and additional Drilling Support equipment will be mobilized into Tunisia to support future drilling operations. "High Arctic continues to be quite confident that overseas opportunities and the bundling of its product lines will increase our long term revenue," said Jed Wood, President and Chief Executive Officer of High Arctic. "The start up of our North African operations further allows High Arctic to deploy underutilized capital assets and execute our international growth strategy."
Forward-Looking Statements
This news release may contain forward-looking statements relating to expected future events and financial and operating results of the Company 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 Company's MD&A and Annual Information Form available on SEDAR. Due to the potential impact of these factors, the Company 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
High Arctic, 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, Canada, High Arctic has Canadian 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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