High Arctic Announces Start-Up of North African Operations Base
27/07/2007 22:36
PR Newswire
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? 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.
For further information: Jed Wood, President and Chief Executive Officer, High Arctic Energy Services Inc., Tel: +1-403-340-9825, jed.wood@haes.ca