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Tamarack Valley Energy Announces Closing of Issuance of $325MM, Five-Year Senior Unsecured Notes due in 2030 and Partial Redemption of its Existing $300MM Unsecured Notes due in 2027

Cision Canada

4 days ago

Business
Cision Canada

Tamarack Valley Energy Announces Closing of Issuance of $325MM, Five-Year Senior Unsecured Notes due in 2030 and Partial Redemption of its Existing $300MM Unsecured Notes due in 2027

/NOT FOR PUBLICATION OR DISTRIBUTION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW./ CALGARY, AB, July 25, 2025 /CNW/ - Tamarack Valley Energy Ltd. (" Tamarack" or the " Company") (TSX: TVE) is pleased to announce that it has successfully closed the previously announced private placement offering (the " Offering") of $325.0MM aggregate principal amount of 6.875% senior unsecured notes due July 25, 2030 (the " 2030 Notes"). Tamarack utilized approximately $216.4MM of the net proceeds to repay a portion of the Company's credit facility with the remaining net proceeds utilized to redeem a portion of Tamarack's outstanding $300.0MM 7.25% interest-bearing senior unsecured notes due May 10, 2027 (the " 2027 Notes") The partial redemption of the 2027 Notes was completed on July 25, 2025 at the applicable call premium of 102% to par, plus accrued and unpaid interest. The 2030 Notes were offered through a syndicate of underwriters led by National Bank Financial Markets and RBC Capital Markets which acted as Joint-Bookrunners, CIBC Capital Markets and ATB Capital Markets which acted as Co-Lead Managers, and Peters & Co., Desjardins Capital Markets and Raymond James, which acted as co-managers. The 2030 Notes were offered for sale in each of the Provinces of Canada to "accredited investors" on a private placement basis in accordance with Canadian securities laws, were not qualified for sale to the public under Canadian securities laws and accordingly, any offer or sale of the 2030 Notes in Canada will be made on a basis which is exempt from the prospectus requirements of such securities laws. In addition, the 2030 Notes have not been registered under the U.S. Securities Act, or any state securities laws, and are being offered and sold in the United States only to qualified institutional buyers in reliance on Rule 144A under the U.S. Securities Act and applicable state securities laws and outside the United States in offshore transactions in reliance on Regulation S under the U.S. Securities Act. This press release does not constitute an offer to sell, or a solicitation of an offer to buy, any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such an offer, solicitation, or sale would be unlawful. No securities regulatory authority has either approved or disapproved of the contents of this press release. About Tamarack Valley Energy Ltd. Tamarack is an oil and gas exploration and production company committed to creating long-term value for its shareholders through sustainable free funds flow generation, financial stability and the return of capital. The Company has an extensive inventory of low-risk, oil development drilling locations focused primarily on Charlie Lake and Clearwater plays in Alberta while also pursuing enhanced oil recovery (EOR) upside in these core areas. For more information, please visit the Company's website at Reader Advisories Forward Looking Information This press release contains certain forward-looking information (collectively referred to herein as " forward-looking statements") within the meaning of applicable Canadian securities laws. Forward-looking statements are often, but not always, identified by the use of words such as "guidance", "outlook", "anticipate", "target", "plan", "continue", "intend", "consider", "estimate", "expect", "may", "will", "should", "could" or similar words suggesting future outcomes. Forward-looking statements are based on a number of material factors, expectations or assumptions of Tamarack which have been used to develop such statements and information but which may prove to be incorrect. Although Tamarack believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because Tamarack can give no assurance that such expectations will prove to be correct. The forward-looking statements contained in this press release are made as of the date hereof and the Company does not undertake any obligation to update publicly or to revise any of the included forward- looking statements, except as required by applicable law. The forward-looking statements contained herein are expressly qualified by this cautionary statement. SOURCE Tamarack Valley Energy Ltd.

Tamarack Valley Energy Announces Offering and Pricing of $325MM, Five-Year Senior Unsecured Notes due in 2030 and Partial Redemption of its Existing $300MM Unsecured Notes due in 2027

Cision Canada

15-07-2025

Business
Cision Canada

Tamarack Valley Energy Announces Offering and Pricing of $325MM, Five-Year Senior Unsecured Notes due in 2030 and Partial Redemption of its Existing $300MM Unsecured Notes due in 2027

/NOT FOR PUBLICATION OR DISTRIBUTION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW./ CALGARY, AB, July 14, 2025 /CNW/ - Tamarack Valley Energy Ltd. (" Tamarack" or the " Company") (TSX: TVE) is pleased to announce that it has entered into an underwriting agreement to sell, on a private placement basis (the " Offering"), $325MM aggregate principal amount of 6.875% senior unsecured notes due July 25, 2030 (the " 2030 Notes"). The 2030 Notes will be issued at par under a trust indenture and will be general unsecured obligations of Tamarack ranking pari passu with all of the Company's existing and future senior unsecured indebtedness. Closing of the Offering is expected to occur on or about July 25, 2025, subject to satisfaction of customary closing conditions. Tamarack has also today given notice of a partial redemption of the 2027 Notes, which redemption is conditional upon the successful closing of the Offering. Subject to completion of the Offering, Tamarack intends to utilize approximately two-thirds of the net proceeds to repay a portion of the amounts drawn under the Company's existing covenant-based $875MM revolving lending facility maturing on April 30, 2028 (the " Credit Facility"). Tamarack intends to utilize the remaining net proceeds to effect the redemption of $100MM notional amount of the Company's outstanding $300MM 7.25% interest-bearing senior unsecured notes due May 10, 2027 (the " 2027 Notes"), which is expected to be completed on or about July 25, 2025 at the applicable call premium of 102% to par plus accrued and unpaid interest to the redemption date (collectively, the " Financing Arrangement"). Tamarack continues to prioritize balance sheet strength, together with ongoing shareholder returns and growth and development of the Company's Clearwater and Charlie Lake assets. Given the strength of the Canadian credit markets, Tamarack is proactively refinancing a portion of its indebtedness by extending the maturities on approximately 40% of the Company's debt to 2030 with attractive terms. The Financing Arrangement supports the Company by providing a more flexible and resilient capital structure. The extended debt horizon is supported by the Company's extensive inventory of highly economic drilling locations and long-term development plan. Following the completion of the Financing Arrangement, the Company's maturity profile is expected to be as follows: (1) Balances in the table above reflect the face value of the Company's outstanding indebtedness as at March 31, 2025, excluding unamortized deferred borrowing costs which are netted under IFRS. The Company's undrawn Credit Facility capacity reflects the impact of $5.9MM of letters of credit issued and outstanding under the facility. National Bank Financial Markets and RBC Capital Markets are acting as Joint-Bookrunners for the Offering. The 2030 Notes are being offered for sale in each of the provinces of Canada to "accredited investors" on a private placement basis in accordance with Canadian securities laws. The 2030 Notes have not been, and will not be, qualified for distribution in Canada by a prospectus and are being offered and sold in Canada only pursuant to exemptions from the prospectus requirements of Canadian securities laws. In addition, the 2030 Notes have not been registered under the U.S. Securities Act, or any state securities laws, and are being offered and sold in the United States only to qualified institutional buyers in reliance on Rule 144A under the U.S. Securities Act and applicable state securities laws and outside the United States in offshore transactions in reliance on Regulation S under the U.S. Securities Act. This release does not constitute an offer to sell, or a solicitation of an offer to buy, any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such an offer, solicitation, or sale would be unlawful. No securities regulatory authority has either approved or disapproved of the contents of this news release. About Tamarack Valley Energy Ltd. Tamarack is an oil and gas exploration and production company committed to creating long-term value for its shareholders through sustainable free funds flow generation, financial stability and the return of capital. The Company has an extensive inventory of low-risk, oil development drilling locations focused primarily on Charlie Lake and Clearwater plays in Alberta while also pursuing enhanced oil recovery (EOR) upside in these core areas. For more information, please visit the Company's website at Forward Looking Information This press release contains certain forward-looking information (collectively referred to herein as " forward-looking statements") within the meaning of applicable Canadian securities laws. Forward-looking statements are often, but not always, identified by the use of words such as "guidance", "outlook", "anticipate", "target", "plan", "continue", "intend", "consider", "estimate", "expect", "may", "will", "should", "could" or similar words suggesting future outcomes. More particularly, this press release contains statements concerning: the completion of the Offering and the use of proceeds therefrom, including repaying amounts outstanding under the Credit Facility and partial redemption of the 2027 Notes; the expected call premium on the 2027 Notes; the timing of completion of the Financing Arrangement; strengthening of the balance sheet subsequent to the completion of the Financing Arrangement; availability of undrawn credit capacity under the Credit Facility; ongoing net debt reduction; and expectations regarding the maturity profile following completion of the Financing Arrangement. Forward-looking statements are based on a number of material factors, expectations or assumptions of Tamarack which have been used to develop such statements and information but which may prove to be incorrect. Although Tamarack believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because Tamarack can give no assurance that such expectations will prove to be correct. The forward-looking statements contained in this press release are made as of the date hereof and the Company does not undertake any obligation to update publicly or to revise any of the included forward- looking statements, except as required by applicable law. The forward-looking statements contained herein are expressly qualified by this cautionary statement. Specified Financial Measures This press release includes references to "Net Debt", a capital management measure, as further described herein. This measure does not have a standardized meaning prescribed by International Financial Reporting Standards (" IFRS") and, therefore, may not be comparable with the calculation of similar measures by other companies. "Net debt (capital management measure)" is calculated as credit facilities plus senior unsecured notes, plus deferred acquisition payment notes, plus working capital surplus or deficiency, plus other liability, including the fair value of cross-currency swaps, plus government loans, plus facilities acquisition payments, less notes receivable and excluding the current portion of fair value of financial instruments, decommissioning obligations, lease liabilities and the cash award incentive plan liability. Please refer to the Company's most recent management's discussion and analysis (" MD&A") for additional information relating to specified financial measures including non-IFRS financial measures, non-IFRS financial ratios and capital management measures. The MD&A can be accessed either on Tamarack's website at or under the Company's profile on SOURCE Tamarack Valley Energy Ltd.

High Arctic Overseas Issues Clarifying News Release

Hamilton Spectator

05-07-2025

Business
Hamilton Spectator

High Arctic Overseas Issues Clarifying News Release

High Arctic Announces Annual General and Special Meeting Results

Hamilton Spectator

21-06-2025

Business
Hamilton Spectator

High Arctic Announces Annual General and Special Meeting Results

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW CALGARY, Alberta, June 20, 2025 (GLOBE NEWSWIRE) — High Arctic Energy Services Inc. (TSX: HWO) (the 'Corporation' or 'High Arctic') is pleased to announce the results of the annual general and special meeting of the shareholders of High Arctic held on June 19, 2025 (the 'Meeting'). 32 shareholders holding a total of 8,570,252 common shares of the Corporation were represented at the Meeting in person or proxy, representing approximately 67.50% of the total votes attached to all issued and outstanding common shares of the Corporation as of the record date on May 12, 2025. All matters put forth at the Meeting were approved. In respect of the election of directors, the shareholders approved fixing the number of directors at four with each nominee named in the Corporation's management information circular dated May 26, 2025 being considered for election as directors. The detailed results of the vote for the election of directors, which was conducted by ballot, are set out below: At the Meeting, the shareholders also approved a resolution appointing MNP LLP, Chartered Professional Accountants, as auditors of the Corporation and a resolution approving a new omnibus equity incentive plan of the Corporation, to replace the existing stock option plan, performance share unit plan, and deferred share unit plan. About High Arctic Energy Services High Arctic is an energy services provider. High Arctic provides pressure control equipment and equipment supporting the high-pressure stimulation of oil and gas wells and other oilfield equipment ‎on a rental basis to exploration and production companies, from its bases in Whitecourt and Red Deer, Alberta‎. For further information contact: Lonn Bate Chief Financial Officer P: 587-318-2218 P: +1 (800) 688 7143 High Arctic Energy Services Inc. Suite 2350, 330 – 5th Ave SW Calgary, Alberta, Canada T2P 0L4 website: Email: info@

Yahoo

30-05-2025

Business
Yahoo

High Arctic Overseas Announces 2025 First Quarter Results

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW CALGARY, Alberta, May 30, 2025 (GLOBE NEWSWIRE) -- High Arctic ‎Overseas Holdings Corp. (TSXV: HOH) ("High Arctic Overseas" or the "Corporation") has released its first quarter 2025 financial and operating results. The unaudited condensed interim consolidated financial statements (the 'Financial Statements') and management's discussion & analysis ('MD&A') for the quarter ended March 31, 2025, will be available on SEDAR+ at All amounts are denominated in United States dollars ('USD'), unless otherwise indicated. The common shares of the Corporation began trading on the TSXV on August 16, 2024 under the trading symbol HOH. Mike Maguire, Chief Executive Officer commented on the Corporation's first quarter 2025 financial and operating results: 'Having established High Arctic Overseas Holdings Corp. with dedicated Management and a resilient core business, this Corporation is well placed to participate meaningfully in anticipated future major project developments. Our experience combined with ideal drilling equipment for the challenging PNG environment positions us well. I remain excited about our prospects to play a strategic role servicing the major projects anticipated in PNG over the second half of the decade.' 2025 FIRST QUARTER HIGHLIGHTS Drilling rig 103 remains suspended and drilling rigs 115 and 116 remain cold-stacked; Manpower and rental services maintained similar activity levels to Q4 2024; Revenue and operating margins significantly reduced compared to Q1 2024, largely as a result of rig 103 operating in Q1 2024 versus being suspended in Q1 2025; and Disciplined cashflow management resulted in exiting Q1 2025 with working capital of over $20 million. Business strategy Our business strategy focused on Papua New Guinea is underpinned by the following cornerstones: Leveraging our core PNG planning and logistics capability to diversify ‎our service offerings; Deploying idle assets into profitable operations; Strengthening local content & participation in the PNG finance and investment communities; An established and efficient corporate structure; and Seeking opportunities to expand and root the business in the Australasian region. 2025 Strategic Objectives Relentless focus on safety excellence and quality service delivery; Reduce general and administrative expenditures; Grow the manpower business in Papua New Guinea; Maximize potential participation in future major Papua New Guinea projects; and Pursue expansionary transactions that increase shareholder value. Since the Corporation and HAES-Cyprus were both wholly-owned by HWO, the transfer of all of the outstanding ordinary shares of HAES-Cyprus to the Corporation was deemed a common control transaction. The Corporation's Financial Statements are presented under the continuity of interests basis. Financial and operational results contained within this Press Release present the historic financial position, results of operations and cash flows of HAES-Cyprus for all prior periods up to August 12, 2024, under HWO's control. The financial position, results of operations and cash flows from April 1, 2024 (the date of incorporation of the Corporation) to August 12, 2024, include both HAES-Cyprus and the Corporation on a combined basis and from August 12, 2024, forward include the results of the Corporation on a consolidated basis upon completion of the Arrangement. For reporting purposes in the Financial Statements, the MD&A and this Press Release, it is assumed that the Corporation held the PNG business prior to August 12, 2024, and as such, information provided includes the financial and operating results for the three months ended March 31, 2025, including all comparative periods. In the above results discussion, the three months ended March 31, 2025 may be referred to as the 'quarter' or 'Q1 2025' and the comparative three months ended March 31, 2024 may be referred to as 'Q1 2024'. References to other quarters may be presented as 'QX 20XX' with X/XX being the quarter/year to which the commentary relates. FIRST QUARTER 2025 SELECT FINANCIAL AND OPERATIONAL RESULTS OVERVIEW Three months ended March 31, (thousands of USD except per share amounts) 2025 2024 Operating results: Revenue 2,510 11,134 Net income (loss) (1,225) 2,501 Per share (basic and diluted) (1)(2) ($0.10) $0.20 Operating margin (3) 714 4,315 Operating margin as a % of revenue (3) 28.4% 38.8% EBITDA (3) (286) 3,588 Per share (basic and diluted) (1)(2) ($0.02) $0.29 Adjusted EBITDA (3) (202) 3,530 Adjusted EBITDA as a % of revenue (3) (8.0%) 31.7% Per share (basic and diluted) (1)(2) ($0.02) $0.28 Operating income (loss) (3) (998) 2,720 Per share (basic and diluted) (1)(2) ($0.08) $0.22 Cash flow: Cash flow from operating activities (825) 5,348 Per share (basic and diluted) (1)(2) ($0.07) $0.43 Funds flow from operations (3) (256) 3,314 Per share (basic and diluted) (1)(2) ($0.02) $0.27 Capital expenditures 74 550 (thousands of USD except per share amounts and common shares outstanding) March 31, 2025 December 31, 2024 Financial position: Working capital (3) 20,212 20,602 Cash and cash equivalents 13,902 14,930 Total assets 34,133 35,287 Shareholder's equity 29,766 30,953 Per share (4) $2.39 $2.49 Common shares outstanding 12,448,166 12,448,166 (1) For periods when the Corporation incurred a net loss the shares outstanding under the Corporation's equity incentive plans for the periods presented are excluded from the calculation of diluted weighted average number of common shares as the outstanding options were anti-dilutive.(2) For the purposes of computing per share amounts, the number of common shares outstanding for the periods prior to the Arrangement is deemed to be the number of shares issued by the Corporation to the shareholders of HWO upon completion of the Arrangement. See '2024 Corporate Reorganization' section of this Press Release and the Corporation's Financial Statements for additional details. (3) Readers are cautioned that Operating margin, Operating margin as a % of revenue, EBITDA (Earnings before interest, tax, depreciation, and amortization), Adjusted EBITDA, Adjusted EBITDA as a % of revenue, Operating income (loss), Funds flow from operations and Working capital do not have a standardized meanings prescribed by IFRS. See 'Non IFRS Measures' in this Press Release for additional details on the calculations of these measures. (4) Shareholders' equity per share calculated based on the number of common shares outstanding as at the relevant date. Operating Results Three months ended March 31, (thousands of USD, unless otherwise noted) 2025 2024 Revenue 2,510 11,134 Operating expenses (1,796) (6,819) Operating margin (1) 714 4,315 Operating margin percentage (1) 28.4% 38.8% (1) See 'Non-IFRS Measures' Customer-owned rig 103 has been suspended since the second half of 2024 compared to being operational in the first 5.5 months in 2024. As such, the majority of Q1 2025 revenue is from the provision of equipment rental and skilled personnel to key customers within PNG's oil and gas industry. While minor, the Corporation is seeing increased equipment rental revenues from other industries within PNG. As noted above, revenues for Q1 2024, were inclusive of rig 103 drilling activities plus revenue from the provision of equipment rental and skilled personnel into PNG's oil and gas industry. The Corporation owns two heli-portable drilling rigs (Rigs 115 and 116) which remain preserved and maintained ready for deployment. Liquidity and Capital Resources Three months ended March 31, (thousands of USD) 2025 2024 Cash provided by (used in) operations: Operating activities (825) 5,348 Investing activities (74) (550) Financing activities (117) (124) Effect of foreign exchange rate changes (12) - Increase (decrease) in cash (1,028) 4,674(thousands of USD, unless otherwise noted) As at March 31, 2025 As at Dec 31, 2024 Current assets 24,230 24,706 Working capital(1) 20,212 20,602 Working capital ratio(1) 6.0:1 6.0:1 Cash and cash equivalents 13,902 14,930 (1) See 'Non-IFRS Measures' Liquidity and Capital Resources For the three months ended March 31, 2025, cash used in operating activities was $825 (Q1 2024 – cash generated was $5,348). The change in operating cash flow was driven by reduced revenue generating activities and changes in non-cash working capital. Changes in non-cash working capital are listed in Note 13 of the Financial Statements and represent temporary differences as inventory is purchased in support of anticipated sales, deferred revenue is earned and related party balances post the the three months ended March 31, 2025, cash used in investing activities was $74 (Q1 2024 - $550). Cash outflows associated with investing activities were directed towards capital expenditures for additional rental assets. The Corporation continues to seek opportunities to invest in additional capital assets, in particular where it can do so with support of customer take-or-pay the three months ended March 31, 2025, cash used in financing activities was $117 (Q1 2024 - $124). Cash outflows associated with finance activities were directed towards lease obligation payments. Outlook Consistent with the outlook provided by the Corporation in Q4 2024 the outlook for the Corporation's core business in PNG for the remainder of 2025 remains subdued. Current quarter operating results were largely driven by manpower and rental services delivered to its key customers in PNG's oil and gas industry. With no near-term drilling activity currently contracted, the Corporation expects equipment rental and manpower to continue as the primary revenue generating activity for 2025. The second half of 2025 is expected to see a decline in these activities as certain projects supported by the Corporation are expected to conclude, and customers have deferred non-essential work as they realize low and volatile near-term commodity prices. The Corporation is buoyed by an increase in recent enquiries for services and requests for pricing which may lead to a future upswing in revenue generating activity. The Corporation remains engaged with its principal customer on planning for future drilling activity and continues to focus on enhancing and optimizing its existing rental fleet deployment and manpower solutions offerings. The Corporation also continues to pursue business expansion opportunities in PNG, participating in requests for tender and actively engaging with potential customers for its services in PNG and the wider region while also taking actions to protect its capability to realize the future potential of the business. Our rationale for a business strategy focussed on PNG is unchanged. Papua New Guinea possesses substantial deposits of natural resources including significant reserves of oil and natural gas and has emerged as a reliable low-cost energy exporter to Asian markets, particularly for liquefied natural gas ('LNG'). A significant investment in the country's oil and gas industry was evidenced by the successful construction of the PNG-LNG project in 2014, with the primary partners in the venture being customers of the Corporation. In the period following, the Corporation's predecessor company committed to the purchase and upgrade of drilling rigs 115 and 116 and expansion of the Corporation's fleet of rentable equipment including camps, material handling equipment and worksite matting. These investments contributed to a substantive lift in revenues and earnings as PNG enjoyed its highest period of exploration and development activity. Since the onset of COVID-19 in early 2020, there has been a substantive reduction in drilling services in PNG. This follows some consolidation among the active exploration and production companies and evolving political and economic influences. In the longer term, High Arctic believes PNG is on the precipice of a new round of large-scale projects in the natural resources sector. ‎The next significant ‎LNG project currently being planned is Papua-LNG, a project lead by the French oil and gas super-major TotalEnergies, with a final investment decision anticipated in late 2025. There is an expectation for increased drilling activity through the latter half of this decade, ‎not only to develop wells for the supply of gas to the Papua-LNG export facility, but also to explore for and ‎appraise other discoveries. The signing of a fiscal stability agreement between the P'nyang gas field joint venture and the government of PNG is another positive signal for that expansionary project to follow Papua-LNG. The Corporation is strategically positioned to support these developments, given its dominant position for drilling and associated services in PNG, existing work relationships with the operating companies, and proximity to the proposed sites of operation. The Corporation's drilling rigs 115 and 116 are portable by helicopter and have been maintained and preserved for future use. There are a number of other petroleum projects and substantive nation-building projects including infrastructure, ‎electrification, telecommunications and defense projects planned for the development of PNG. ‎These ‎projects will require access to transport and material handling machinery, quality worksite and temporary ‎road mats and a substantive amount of labour including skilled equipment operators, qualified tradespeople and engineers, ‎geoscientists and other professionals. ‎High Arctic's business continues to position itself to be a meaningful supplier of services, equipment and manpower for this market. NON-IFRS MEASURES This Press Release contains references to certain financial measures that do not have a standardized meaning prescribed by International Financial Reporting Standards ('IFRS') and may not be comparable to the same or similar measures used by other companies. High Arctic Overseas uses these financial measures to assess performance and believes these measures provide useful supplemental information to shareholders and investors. These financial measures are computed on a consistent basis for each reporting period and include Oilfield services operating margin, EBITDA (Earnings before interest, tax, depreciation and amortization), Adjusted EBITDA, Operating loss, Funds flow from operating activities, Working capital and Net cash. These do not have standardized meanings. These financial measures should not be considered as an alternative to, or more meaningful than, net income (loss), cash from operating activities, current assets or current liabilities, cash and/or other measures of financial performance as determined in accordance with IFRS. For additional information regarding non-IFRS measures, including their use to management and investors and reconciliations to measures recognized by IFRS, please refer to the Corporation's Q1 2025 MD&A, which is available online at About High Arctic ‎Overseas Holdings Corp. High Arctic Overseas is a market leader in Papua New Guinea providing drilling ‎and specialized well completion services, manpower solutions and supplies rental equipment including rig matting, camps, material ‎handling and drilling support equipment. For further information, please contact: Mike MaguireChief Executive Officer1.587.320.1301 High Arctic Overseas Holdings 2350, 330–5th Avenue SWCalgary, Alberta, Canada T2P info@ Forward-Looking Statements This Press Release contains forward-looking statements. When used in this document, the words 'may', 'would', 'could', 'will', 'intend', 'plan', 'anticipate', 'believe', 'seek', 'propose', 'estimate', 'expect', and similar expressions are intended to identify forward-looking statements. Such statements reflect the Corporation's current views with respect to future events and are subject to certain risks, uncertainties, and assumptions. Many factors could cause the Corporation's actual results, performance, or achievements to vary from those described in this Press Release. Should one or more of these risks or uncertainties materialize, or should assumptions underlying forward-looking statements prove incorrect, actual results may vary materially from those described in this Press Release as intended, planned, anticipated, believed, estimated or expected. Specific forward-looking statements in this Press Release include, among others, statements pertaining to the following: general economic and business conditions; the role of the energy services industry in future phases of the energy industry; the outlook for energy services both globally and within PNG; the impact of conflict in the Middle East and Ukraine; the timing and impact on the Corporation's business related to potential new large-scale natural resources projects and increased drilling activity in PNG; the impact, if any, related to existing or future changes to government regulations by the government of PNG; the impact, if any, on the Corporation's future financial and operational results related to non-resource development opportunities in PNG; market fluctuations in commodity prices, and foreign currency exchange rates; restrictions on repatriation of funds held in PNG; expectations regarding the Corporation's ability to manage its liquidity risk; raise capital and manage its debt finance agreements; projections of market prices and costs; factors upon which the Corporation will decide whether or not to undertake a specific course of operational action or expansion; the Corporation's ongoing relationship with its major customers; customers' drilling intentions; the Corporation's ability to position itself to be a significant supplier of services, equipment and manpower for other resource and non-resources based projects in PNG; the Corporation's expectations related to financial and operational results in 2025, including the expectation that the equipment rental and manpower services portion of the Corporation's business will be the primary revenue generating activity for fiscal 2025; the timing and ability of the Corporation to put its own administrative infrastructure in place; the Corporation's ability to invest in additional capital assets, including the impact on the Corporation's future financial and operational results; the impact, if any, of geo-political events, changes in government, changes to tariff's or related trade policies and the potential impact on the Corporation's ability to execute on its 2025 business plan and strategic objectives; the ability of the Corporation to expand its geographic customer base outside of PNG, and the deploying idle heli-portable drilling rigs 115 and 116 and securing future work with other exploration companies in PNG. With respect to forward-looking statements contained in this Press Release, the Corporation has made assumptions regarding, among other things, its ability to: maintain its ongoing relationship with major customers; successfully market its services to current and new customers; devise methods for, and achieve its primary objectives; source and obtain equipment from suppliers; successfully manage, operate, and thrive in an environment which is facing much uncertainty; remain competitive in all its operations; attract and retain skilled employees; and obtain equity and debt financing on satisfactory terms and manage liquidity related risks. The Corporation's actual results could differ materially from those anticipated in these forward-looking statements as a result of the risk factors set forth in this Press Release and in the Corporation's annual 2024 MD&A, which is available on SEDAR+. The forward-looking statements contained in this Press Release are expressly qualified in their entirety by this cautionary statement. These statements are given only as of the date of this Press Release. The Corporation does not assume any obligation to update these forward-looking statements to reflect new information, subsequent events or otherwise, except as required by law. .Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data