Mr. Mike Maguire reports

HIGH ARCTIC PROVIDES REORGANIZATION AND OTHER UPDATES

High Arctic Energy Services Inc. has updated shareholders on its previously announced reorganization, its dividend and the timing for its third quarter results.

Reorganization

The corporation continues to research an alternative structure that will meet both the goals of strategic business management and governance concerns of shareholders. While the corporation is optimistic about achieving a reorganization acceptable to shareholders, there is no certainty at this time.

Dividend suspension

With the delay in the reorganization, the corporation believes it is in the best interests of shareholders to preserve cash to maximize the opportunity to tax efficiently return capital. The corporation is weighing balance sheet strength in conjunction with the merit of a tax-efficient return of capital distribution up to a maximum of $38.2-million (75 cents per fully diluted share).

Accordingly, High Arctic is announcing it is suspending its monthly 0.5-cent-per-share dividend, effective immediately, as the board of directors is of the view that continuing the monthly dividend is no longer in the best interest of shareholders.

Timing of third quarter results

High Arctic intends to release its third quarter 2023 results on Wednesday, Nov. 8, 2023, after markets close and has scheduled a conference call to begin at 10 a.m. MT (12 p.m. ET) on Thursday, Nov. 9, 2023.

The conference call dial-in numbers are 1-800-806-5484 or 416-340-2217, and the participant passcode is 6678175 followed by the number sign. Participants joining from outside of North America can find international dial-in numbers on-line.

An archived recording of the conference call will be available approximately two hours after the call ends by dialling 1-800-408-3053 and will remain available until Dec. 31, 2023. An audio recording of the conference call will also be available within 24 hours on High Arctic's website.

The corporation's third quarter financial statements and management's discussion and analysis will be posted to High Arctic's website and SEDAR+ after the results are released.

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.