High Arctic Energy Services Inc. has completed a settlement with Sense EDM AS. As disclosed in its financial statements for the nine months ended September 30, 2007, High Arctic had a potential obligation to purchase four drilling rigs and to pay a cancellation fee of $900,000 on a fifth rig for an aggregate obligation estimated to be $18-20 million.
High Arctic is pleased to report that a buyer has purchased the four drilling rigs from Sense EDM and High Arctic has been released from any obligation with respect to those rigs. High Arctic may still be required to pay the $900,000 cancellation fee for the fifth rig unless it or another buyer purchases that rig or a similar rig from Sense EDM by December 31, 2008.
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