Mr. Lonn Bate reports

HIGH ARCTIC ANNOUNCES TSX VENTURE EXCHANGE CONDITIONAL APPROVAL OF LISTING OF SPINCO SHARES

The TSX Venture Exchange has conditionally approved the listing on the TSX-V of the common shares of High Arctic Overseas Holdings Corp. (SpinCo), pursuant to the terms of the previously announced reorganization of High Arctic Energy Services Inc. to separate the corporation's North American and Papua New Guinea businesses, by way of a court-approved plan of arrangement between the corporation and SpinCo.

It is a condition of closing of the arrangement that the TSX-V, or another acceptable stock exchange, approve the listing of the SpinCo common shares. As previously announced, the Toronto Stock Exchange has conditionally approved the listing on the TSX of the new common shares of High Arctic to be issued to shareholders on completion of the arrangement.

As at the closing of the arrangement, which is expected to occur on or about Aug. 9, 2024, each High Arctic shareholder will receive one-quarter of one SpinCo common share and one-quarter of one new High Arctic common share for each current common share of High Arctic held. The arrangement was approved by shareholders, along with a distribution of 76 cents per share to its shareholders by way of a return of capital and other matters, at the annual general and special meeting held on June 17, 2024.

The arrangement remains subject to the satisfaction of closing conditions, including the final approval from the TSX for the listing of the new High Arctic common shares, and the final approval from the TSX-V for the listing of the SpinCo common shares.

For more information on the arrangement and the return of capital, please see the management information circular of the corporation dated May 9, 2024, and news releases dated May 11, 2024, May 21, 2024, May 29, 2024, June 12, 2024, June 18, 2024, June 27, 2024, June 28, 2024, and July 31, 2024, available on the corporation's SEDAR+ profile.

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 and equipment supporting the high-pressure stimulation of oil and gas wells on a rental basis to exploration and production companies from its bases in Whitecourt and Red Deer, Alta.

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