CNW Telbec (Communiqués de presse), Canada
Sept 8 2006
High Arctic builds international revenues as US$15-million Armenia
project advances
RED DEER, AB, Sept. 7 /CNW/ – High Arctic Energy Services Trust
(TSX: HWO.UN) (the "Trust") today announced the mobilization of a
drilling rig in preparation for Integrated Project Management (IPM)
activities in Armenia with Transeuro Energy Corp. of Vancouver.
The Armenia project is a continuation of the 36-month IPM
agreement announced in August 2005 that has the Trust managing
Transeuro’s worldwide concessions, including asset and operations
management, development of work programs and authority for
expenditures, and supplying services and equipment. The initial phase
of the planned US$15-million underbalanced drilling program in Armenia
is scheduled to begin in the fourth quarter of this year with a
three-well exploration program.
"The continued development of our IPM activities with Transeuro
into Armenia further expands our international activities and provides
an opportunity to add to our expertise," said Jed Wood, President and
Chief Executive Officer. "This project again demonstrates the ongoing
value of IPM to our customers and investors."
The Trust also announced that Scottie Hannah, who recently joined
the High Arctic team as Drilling Operations Manager, will provide
management and technical support to the Armenia IPM
activities. Mr. Hannah has more than 28 years experience in the oil
and gas industry, including several drilling superintendent positions
and most recently was the Business Unit Manager, Air and Underbalanced
Drilling, for Weatherford International Ltd.
About High Arctic
The Trust, through its subsidiaries, is a global provider of
underbalanced well construction services, including drilling,
completion, workover operations and Integrated Project
Management. High Arctic’s new underbalanced 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, High Arctic has domestic
operations in Alberta, British Columbia and the Northwest
Territories. International operations are currently active in the
Middle East and former Soviet Republics.
Forward-Looking Statements
This press release may contain forward-looking statements
relating to expected future events and financial and operating results
of the Trust that involve risks and uncertainties. Actual results may
differ materially from management expectations as projected in such
forward-looking statements for a variety of reasons, including market
and general economic conditions and the risks and uncertainties
detailed in the Trust’s prospectus filed with the Canadian securities
regulatory authorities. Due to the potential impact of these factors,
the Trust disclaims any intention or obligation to update or revise
any forward-looking statements, whether as a result of new
information, future events or otherwise, unless required by applicable
law.
From: Emil Lazarian | Ararat NewsPress
