Mr. Mike Maguire reports

HIGH ARCTIC ANNOUNCES MAILOUT OF SHAREHOLDER MEETING MATERIALS

High Arctic Energy Services Inc.'s management proxy and information circular for the special meeting of shareholders to be held on Jan. 10, 2024, has been printed and is being mailed out to shareholders.

On Oct. 20, 2023, the corporation received a shareholder meeting requisition notice from VN Capital Management LLC, as beneficial owner of not less than 5 per cent of the issued and outstanding shares of the corporation, requesting that the directors of the corporation call a meeting of the shareholders for the purpose of (a) removing the chairman of the board of directors of the corporation and; (b) if the removal resolution is approved, to elect a replacement director.

The board of directors (with the abstention of the chairman) has addressed the public assertions of VN Capital Management in a letter to shareholders accompanying the info circular. The directors believe that the chairman is integral to the sound governance and competent leadership of High Arctic and have unanimously recommended in the info circular that shareholders vote against his removal, and withhold votes for the nominees of VN Capital Management.

A copy of the info circular and the form of proxy for the special meeting has been filed in the corporation's profile on SEDAR+ and may also be downloaded from the investor centre on the High Arctic website.

About High Arctic Energy Services Inc.

High Arctic is an energy services 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.