High Arctic Energy Services Inc (TSX:HWO) announces a share repurchase program. Under the program, the company will repurchase up to 2,938,125 common shares, representing 5.27% of its issued share capital and 10% of its public float. Any common shares the company purchases under the normal course issuer bid will be purchased on the open market through the facilities of the TSX or alternative Canadian markets, at the prevailing market price at the time of the transaction.

All common shares acquired under the bid will be cancelled. The maximum number of common shares that the company may purchase on any given day is 20,505 common shares, which is 25% of the Corporations average daily trading volume on the TSX. Company may also make one weekly block repurchase which exceeds the daily limit subject to prescribed rules.

Management of the company believes that from time to time the market price of the company common shares may not reflect their underlying value and that, at such times, the purchase of common shares for cancellation will increase the proportionate interest of, and be advantageous to, all remaining shareholders. In addition, the purchases by the company under the bid may increase liquidity to the company's shareholders wishing to sell their common shares. The company has appointed AltaCorp Capital Inc. (“AltaCorp”) as its broker to conduct the bid transactions under an automatic purchase plan agreement (“APPA”) dated Jan 7, 2015.

The APPA will allow AltaCorp to purchase common shares under the bid during internal blackout periods when the Corporation would normally not be permitted to trade in its shares. Such purchases will be at the sole discretion of AltaCorp based on direction received from High Arctic prior to any blackout period and in accordance with all regulatory and securities law. The bid will expire on January 11, 2016.

As of January 7, 2015, the company had 55,768,652 shares outstanding and had 29,381,251 shares in public float.