Mr. Mike Maguire of High Arctic Overseas reports

HIGH ARCTIC OVERSEAS ANNOUNCES TSXV FINAL APPROVAL AND LISTING DATE

High Arctic Overseas Holdings Corp. has received final approval to list the common shares of the corporation on the TSX Venture Exchange. The common shares are expected to commence trading on the TSX-V at the market opening on Aug. 16, 2024, and the Cusip number for the common shares will be 42964K101.

On Aug. 12, 2024, High Arctic Energy Services Inc. and the corporation completed the previously announced reorganization of High Arctic to separate High Arctic's North American and Papua New Guinea businesses, by way of a court-approved plan of arrangement between the corporation and High Arctic.

Pursuant to the arrangement, among other things:

• High Arctic transferred all of the outstanding ordinary shares of High Arctic Energy Services Cyprus Ltd., the subsidiary that owns and operates High Arctic's Papua New Guinea-focused energy service business, to the corporation.
• Each shareholder of High Arctic received as consideration one-quarter of one common share and one-quarter of one common share of postarrangement High Arctic for each common share of High Arctic held.
• The corporation became a reporting issuer in Alberta, British Columbia, Manitoba, Ontario and Saskatchewan.
• High Arctic retained its interests in its existing North American energy service business, remained listed on the Toronto Stock Exchange and continues to trade under the trading symbol HWO.

Following the completion of the arrangement, the corporation has 12,448,166 common shares outstanding, and positive working capital of approximately $19-million (U.S.) inclusive of $13-million (US.) of cash on hand. Further details regarding the corporation and the arrangement are contained in the corporation's TSX-V Form 2B (Listing Application), which is available under the corporation's profile on SEDAR+.

The arrangement was approved by shareholders of High Arctic, 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.

For more information on the arrangement and the return of capital, please also see the management information circular of High Arctic dated May 9, 2024, and news releases of High Arctic dated May 11, 2024, May 21, 2024, May 29, 2024, June 12, 2024, June 18, 2024, June 27, 2024, June 28, 2024, July 31, 2024, Aug. 2, 2024, and Aug. 12, 2024, available on High Arctic's SEDAR+ profile.

About High Arctic Overseas Holdings Corp.

High Arctic Overseas is a market leader in Papua New Guinea providing drilling and specialized well completion services and manpower solutions, and supplies rental equipment, including rig matting, camps, material handling and drilling support equipment.

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