Mr. Mike Maguire reports

HIGH ARCTIC ANNOUNCES DIRECTOR RESIGNATION

Daniel Bordessa has tendered his resignation as a director of High Arctic Energy Services Inc., effective immediately. Mr. Bordessa has been a director of the corporation since April, 2011. Mr. Bordessa sits on the board's audit, quality, health, safety and environment, remuneration, and executive committees. The board will replace Mr. Bordessa on these committees from among the four remaining directors.

Mr. Bordessa is a partner of Cyrus Capital Partners LP. Cyrus is the investment manager to certain funds which are the sole shareholders of FBC Holdings Sarl. FBC owned 21,916,634 common shares or 45.0 per cent of the issued and outstanding common shares of High Arctic as of July 20, 2023. The corporation has been informed by Cyrus that it continues to support High Arctic and its board of directors in their efforts to maximize value for all shareholders through the contemplated reorganization.

Michael Binnion, High Arctic's chairman, stated: "On behalf of the board, I would like to thank Dan for his dedication and commitment to High Arctic over the past 12 years. Dan has played an important role in the evolution of High Arctic, and we wish him all the best. His departure provides the rest of the board the opportunity to independently contemplate imminent key decisions in the interest of all shareholders."

About High Arctic Energy Services Inc.

High Arctic is an energy service provider. High Arctic is a market leader in Papua New Guinea, providing drilling and specialized well completion services, and supplies rental equipment, including rig matting, camps, material handling and drilling support equipment. In Western Canada, High Arctic provides pressure control equipment on a rental basis to exploration and production companies.