HIGH ARCTIC ENERGY SERVICES, INC.
Previous company name
Name change date
High Arctic Energy Services, Inc., with corporate headquarters located in Red Deer, Alberta, is a global provider of specialized oilfield equipment and services such as drilling, completion and workover operations. Its new underbalanced drilling technology and equipment is recognized for its ability to improve oil and gas production capabilities and is developing greater acceptance in the international market. The company was incorporated in June 2005.
High Arctic has domestic operations in Alberta, British Columbia and the Northwest Territories. The company also has worldwide operations in the Middle East, Northern Africa and Asia. In October 2007, High Arctic formed a joint venture agreement with Schlumberger Ltd. to provide underbalanced drilling services and managed pressure drilling services to the worldwide upstream oil and gas industry. Schlumberger is a world leading oilfield services company that supplies technology, information solutions and integrated project management for customers working in the oil and gas industry.
The Trust is an open-end unincorporated investment trust established to invest in various entities that will engage in the Canadian and International oilfield services business.
Description and history
The Trust is an open-end unincorporated investment trust established to invest in various entities that will engage in the Canadian and International oilfield services’ business. The Trust, through its subsidiaries, is a global provider of under balanced well construction services, including drilling, completion, work over operations and integrated project management. The Trust, new under balanced drilling technology and equipment, is recognized for its ability to improve oil and gas production capabilities and is expected to develop greater acceptance in international markets. Based in Red Deer, the Trust has domestic operations in Alberta, British Columbia and the Northwest Territories. International operations are currently active in the Middle East and the former Soviet’s Republics. The Trust was formed on June 10, 2005, and was listed on Toronto Stock Exchange on July 21, 2005.
The consolidated financial statements of the Trust give effect to the acquisition by the Trust, which is of an indirect participating interest in High Arctic Energy Services Limited Partnership, which acquired the operating assets at the carrying value of High Arctic Energy Services Inc. (‘HAES’). The Trust has effective control of the LP and is considered a continuation of HAES and High Arctic Energy Corp. The indirect participating interest has been accounted for, as a reverse takeover that does not constitute a business combination. Effective from June 29, 2007, pursuant to the Plan of Arrangement, the Trust was reorganized into an energy services company, which is operated by High Arctic Energy Services Inc. (‘HAES’). The Trust now, directly or indirectly, owns all of the assets and has assumed all of the liabilities of the Trust.
Provider of specialized oilfield equipment and services such as drilling, completion and workover operations
OPTIMAL PRESSURE DRILLING SERVICES, S.A. DE C.V.
US SIC Code
8133, Edgar Industrial Close
City province or state postal code
T4P 3R4, RED DEER, AB
Phone: +1 403 340 9825
Fax: +1 403 340 1047
Country address: CANADA
Website url: www.haes.ca