High Arctic Announces Executive Appointment

Source: www.gulfoilandgas.com 6/12/2024, Location: North America

High Arctic Energy Services Inc. (TSX: HWO) ("High Arctic" or the "Corporation") is pleased to announce the appointment of Lonn Bate as Chief Financial Officer (“CFO”) effective July 1, 2024 and that it has re-scheduled the hearing for the Court of King's Bench's ("Court") final approval of the previously announced plan of arrangement (the "Arrangement") between the Corporation and High Arctic ?Overseas Holdings Corp. (“SpinCo”)? to an earlier date.

Executive Appointment

Mr. Bate initially joined the Corporation in March 2023 in a consulting capacity and in August of 2023 took on the role of Interim CFO with a view to strengthening the finance and accounting processes within the Corporation and providing financial leadership for High Arctic to advance its restructuring initiatives that have culminated in the Arrangement.

Mr. Bate is a Chartered Professional Accountant (CA) with over 25 years of broad financial leadership including substantial periods in senior executive roles of public and private junior energy and energy services companies. Mr. Bate’s experience extends to the international as well as the Canadian energy sectors. He brings extensive knowledge in financial stewardship, strategic planning and analysis, equity and debt financing, company reorganizations, mergers and acquisitions, and consolidating global finance teams.

Mike Maguire, Chief Executive Officer stated: “I am pleased to welcome Mr. Bate as a permanent member of the executive management team at High Arctic. Lonn has been instrumental in navigating the Corporation to a substantial return of capital to shareholders and strategic reorganization. High Arctic is on the precipice of a new chapter focussed on growth and the board and I have every confidence that Lonn is the right person to steward the ongoing financial management to achieve the Corporation’s objectives.”

Final Order to Approve Plan of Arrangement

The Court's interim approval of the Arrangement provided that the hearing for the final approval of the Arrangement (the "Final Order") was to be obtained on or after July 12, 2024. By a variance issued by the Court on June 10, 2024, the hearing ?for the Final Order can now be sought on or after June 27, 2024. The earlier hearing date will permit the Corporation ?to complete the previously announced return of capital ("Return of Capital") on or around July 17, 2024, earlier than July 24, 2024 as previously announced, subject to approval by the shareholders of the Corporation.

This follows the previously announced conditional approval received for the listing of the new common shares of High Arctic on the TSX following the Arrangement, and TSX conditional approval for the Return of Capital. Application has been made to the TSX Venture Exchange for the listing of the common shares of SpinCo following the Arrangement. The approval of the listing of the SpinCo common shares is a condition to completion of the Arrangement.

The Corporation reminds shareholders that proxy voting is open for the upcoming annual general and special meeting of shareholders of the Corporation to be held in the Viking Room, Calgary Petroleum Club, 319 5 Avenue SW Calgary, Alberta at 3:00 PM on Monday June 17, 2024. Proxy votes must be received by no later than 3 PM on Thursday June 13, 2024. All shareholders and interested parties are encouraged to attend the meeting in person. Registered shareholders of the Corporation, who do not hold their shares through a brokerage account or other intermediary, may vote their shares in person at the meeting, or by proxy.

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