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Investor PresentationNovember 2016

TSX : HWO

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DISCLAIMER

These statements are derived from certainassumptions and analyses made by theCorporation based on its experience andperception of historical trends, currentconditions, expected future developments andother factors that it believes are appropriate inthe circumstances. These statements orpredictions are subject to a number of knownand unknown risks and uncertainties that couldcause actual results to differ materially fromthe Corporation’s expectations. These risks anduncertainties include the items discussed underthe heading “Risk Factors” in the Corporations'most recently filed Annual Information Form aswell as the Corporation’s other publicdisclosure documents located on SEDAR(www.sedar.com). Consequently, all of theforward-looking information contained within

this presentation and statements made inconjunction with this presentation arequalified by these cautionary statements andthere can be no assurance that actual resultsor developments anticipated by the Companywill be realized or that they will have theexpected consequences or effects on theCorporation or its business or operations.

Other than as required by applicable securitieslaws, the Corporation assumes no obligation toupdate publicly any such forward-lookinginformation or statements, whether as a resultof new information, future events or otherwise.

Certain information contained within thispresentation and statements made inconjunction with this presentation, includinginformation and statements that contain wordssuch as “seek”, “anticipate,” “plan”, “continue”,“estimate”, “expect”, “may”, “will”, “project”,“predict”, “potential”, “targeting”, “intend”,“could”, “might”, “should”, “believe”, “forecast”,“can” and similar expressions, are forward-looking statements. In particular, forward-looking statements in this presentation include,but are not limited to, statements with respectto future capital expenditures, future financialresources, anticipated equipment utilizationlevels, future oil and gas well activity,projections of market prices and costs,outcomes of specific events and trends in theoil and gas industry.

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Executive Leadership ChangeExecutive Leadership ChangeExecutive Leadership ChangeExecutive Leadership Change

• Combined with the timing of the acquisition and the retirement of Tim Braun, Thomas Alford

was appointed the interim President & CEO by the Board of Directors

• Mr. Alford has over 35 years of experience in well servicing Western Canada, having held the

title of President and CEO at IROC Energy Services and Bonus Resource Services Corporation

Recent Developments

Tervita Corporation's Production Services Division Tervita Corporation's Production Services Division Tervita Corporation's Production Services Division Tervita Corporation's Production Services Division –––– 10 Weeks In10 Weeks In10 Weeks In10 Weeks In

• Acquisition of the third largest well servicing fleet in Canada which includes 85 high quality

service rigs (59 currently marketed) and a substantial inventory of rental equipment

• Key management and majority of employees from Tervita Production Services have joined

High Arctic, resulting in approximately 400 employees in Canada

• Expanded geographical coverage in Western Canadian with seven new geographical locations

in Cold Lake, Drayton Valley, Lloydminster, Blackfalds, Acheson and Whitecourt

• Larger client base that includes top tier exploration and production companies

• Rebranded the acquired service rig division to Concord Well Servicing

• Facing tight markets with utilization at historic lows and pricing continuing to be pressured

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Business

Overview

High Arctic Energy Services is

a market leader with

diversified operations in

Papua New Guinea (PNG) and

Canada

P N GP N GP N GP N G

• Dominant market position for contract drilling, well

completion and rental services in PNG

• Provides services in PNG to super majors and regional

energy companies under long-term contracts

• Strong track record of 9 years of operations in PNG.

• PNG’s developing LNG industry reduces the impact of

short-term oil & gas price volatility

C a n a d aC a n a d aC a n a d aC a n a d a

• Owns and operates Canada’s largest fleet of stand

alone snubbing units

• Recently acquired 85 high quality service rigs

• Flexibility to expand organically or through

acquisition

• Solid platform established for growth

2016 TTM Revenue

PNG $174.2 mm

Canada $29.5 mm

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Shares outstanding (Nov 11, 2016): 52.6 million

Share Price (Nov 11, 2016): $4.60

Market Cap (Nov 11, 2016): $242.0 million

Net Cash & Marketable Securities (Sept 30, 2016): $4.8 million

30 Day Average Trading Volume 110,005

Trailing 12 Month Adjusted EBITDA (Sept 30, 2016): $73.3 Million

Annual Dividend $0.198

Dividend Yield 4.30%

CORPORATE

SNAPSHOT

Cyrus Capital

42%

Insiders

9%

Public

49%

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Stable GrowthT R A C K R E C O R D O F

4

0

50

100

150

200

250

2010 2011 2012 2013 2014 2015 TTM

Canadian Revenue PNG Revenue

32 33

4042

49

64

73.3

27%

26%

27%

27%

29%30%

36%

10%

15%

20%

25%

30%

35%

20

30

40

50

60

70

80

2010 2011 2012 2013 2014 2015 TTM

Adjusted EBITDA Adjusted EBITDA (%)

REVENUE(as at September 30, 2016)

ADJUSTED EBITDA(as at September 30, 2016)

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Overview – Stable and Growing • Independent, established democracy and a stable business jurisdiction

• Part of the British Commonwealth with a parliamentary government

• Government working with industry to develop nation’s natural resources (even in the

current environment)

Papua New Guinea

Oil and Gas Activities – Long History, with New Growth • Oil exploration activities since 1920’s with OSL being established in PNG since 1929

• Long-term LNG development commenced in 2008

• Exxon’s pending purchase of InterOil confirms its position in PNG

Macro Drivers for Growth • Large un-explored resource base

• Low cost source of LNG to Asian markets

• High quality operators with financial strength

• High quality gas (i.e. high heating content)

• Domestic natural gas electricity development to support economic growth

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Overview – Stable and Growing • PNG’s LNG projects are advantageously situated to supply

Asian buyers

• Large natural gas reserves – current estimates PNG LNG: 9 tcf,

Papua LNG: 8.6 tcf, encourages long-term drilling

• Globally contracted LNG supply is expected to be short of total

anticipated demand by 2020

• Largest growth in demand for LNG is expected to come from

Asia resulting from changes in:

• Government policy

• Environmental strategy to replace coal

LNG DevelopmentTHE PNG ADVANTAGE

East Africa

$8.76

West Africa

$8.76

US Gulf Coast

$10.76

West

Australia

$8.73

East

Australia

$14.49

PNG

$7.59

Cost of LNG to Japan 10% return (US$/mmbtu)

Source: Wood Mackenzie

Proximity to growing Asian market’s provides incentive to

develop LNG projects despite industry downturn

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PNG Outlook & Development

P’nyang

Juha

Kutubu

Kumul

GobeKopi

Triceratops

InterOil New Discovery

PNG LNG

Operating

Papua LNG

Proposed

Port Moresby

Elk /

Antelope

Hides and

Angore

Valve and pigging station

Oil/gas fields

Oil export platform

LNG Facility

Oil / gas refinery

Proposed pipeline

Pipeline

PNG LNG: • Exxon is the operator

• Total forecast production includes 9.0 tcf of natural gas and 200+ million bbls of associated liquids over 30 years

• Shipments began Q2 2014

• Exploration to support expansion (e.g. P’nyang)

Elk / Antelope (Papua LNG):

• Ownership: TOTAL, InterOil / Exxon

and OSL

• Reserve confirmation test underway

to size LNG facility

• Development wells required to feed

LNG facility

OSL: • Targeting 4 to 6 exploration wells/yr

• Focusing investment in PNG to

support 10 year growth platform

Exxon:• Pending acquisition of InterOil

• Significant unexplored acreage

• Declared interest in expanding

LNG capacity in PNG

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NATURAL GAS + OIL PRODUCTION

Customer Base

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Dril l ing LandscapeP A P U A N E W G U I N E A

Rig Type Owner / Operator Details Classification

Heli Portable

OSL / High Arctic 2 Rigs (103 /104) Tier 1

High Arctic 2 Rigs (115 /116) Tier 1

Contractor A 1 Rig circa mid 1970's Tier 2

Contractor B 1 Rig modified for limited heli use Tier 2

Heli Portable

Work Over Rig High Arctic 1 Rig 102 Tier 1

Land RigsContractor C 1 Land based rig

Operator 1 Land based rig

High Arctic is the dominant Tier 1 drilling provider in PNG

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PNG Drilling and

Work Over ServicesRig 103 / 104 (leased from OSL)

• Drilling services and support contracts with OSL extended to Oct 31, 2016. Discussions ongoing for longer extensions

• Strong relationship with OSL with a history of two 3-year contract renewals

Rig 115 / 116 (High Arctic owned)

• AC self-erecting 1500 HP heli-portable triple

• Rig 115: contracted to June 17

• Rig 116: 2 year drilling services contract with commencing with spud of first well

Rig 102 (High Artic owned)

• Only hydraulic work over rig in PNG

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Matting • Inventory exceeding 10,000 rental mats in PNG

• High Arctic has PNG distributor rights

• The largest rental supplier of Dura-Base mats outside of the USA

• Possible expansion into other countries with similar challenging environments

PNG Equipment Rentals

Camp Services • Owns and manages two 103 man Heli-portable man camps

• Operates and manages two 93 man Heli- portable drilling rig camps

Other Rental Equipment • Cranes (ranging from 30 ton to 160 ton)

• Rig moving trucks

• Forklifts

• River pumps

Q4 2016 MATTING CONTRACTS

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42%

3%53%

Term Contract

Prospective

Idle

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Canadian

OperationsService RigsService RigsService RigsService Rigs

• Operating under Concord Well Servicing

• 85 Rigs & associated equipment

• 68 Rigs registered with CAODC

• Currently marketing 59 Rigs

SnubbingSnubbingSnubbingSnubbing

• 15 Stand Alone Units

• 3 Rig Assist Units

• Currently marketing 8 Units

• 2016 addition of fully guided 285k and 170k Units

NitrogenNitrogenNitrogenNitrogen

• 11 Low Rate Unit

• 1 High Rate N2 Pumper

• 5 Nitrogen Transport

RentalsRentalsRentalsRentals

• High pressure BOP’s

• Surface Equipment

OUR CUSTOMERS

Strong Western Canadian Service Rig and Snubbing

Presence Provides Platform to Expand

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• Operates the 3rd largest fleet of service rigs in WCSB

• Facing tight markets with utilization at historic lows and

pricing continuing to be pressured

• Strategically located to cover major plays in WCSB with

exposure to heavy and light oil

• Solid client base that includes international supermajors

major Canadian E&P companies

• Recorded 7,823 operating hours in the month of September

(38% utilization relative to Q3 industry utilization of 24%) 1

• Industry leading safety culture and record

Concord Well Servicing

GEOGRAPHICAL FOOTPRINTGEOGRAPHICAL FOOTPRINTGEOGRAPHICAL FOOTPRINTGEOGRAPHICAL FOOTPRINT

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1 Source: CAODC

Montney

Duvernay

Cardium

Blackfalds

Whitecourt

Acheson

Lloydminster

Cold Lake

Cold Lake Oil Sands

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• High Arctic is a market leader for stand alone snubbing in

Western Canada

• Jointed pipe snubbing allows rotation of pipe to over

come friction in extended reach horizontal wells

• Increasing number of high pressure horizontal wells has

resulted in additional demand for higher capacity units

• Recent capital additions have been directly aimed toward

higher capacity units

• Snubbing remains a necessary service for completions of

long-reach horizontal wells

Canadian Snubbing# OF SNUBBING

UNITS AVAILABLE

AVERAGE WELL DEPTH AVERAGE WELL DEPTH AVERAGE WELL DEPTH AVERAGE WELL DEPTH (WESTERN CANADA)(WESTERN CANADA)(WESTERN CANADA)(WESTERN CANADA)

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High Arctic Owns and Operates Canada’s Largest

Fleet of Stand Alone Snubbing Units

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11

8

6

2 2High Arctic

Precision

Quattro

Powerstroke

Northern

Snub Co.

60% 58%63%

70%20% 24%

21%19%

20% 18% 16% 11%

1,500

1,600

1,700

1,800

1,900

2,000

2,100

0%

20%

40%

60%

80%

100%

2012 2013 2014 2015

We

ll D

ep

th

We

ll T

yp

e (

%)

Horizontal Vertical Other Avg. DepthSource: Geoactivity

Sources: Company Reports, High Arctic

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Nine months ended September 30,

$58.5

$47.5

$0.0

$20.0

$40.0

$60.0

2015 2016

$18.7$15.6

$0.0

$10.0

$20.0

2015 2016

$14.3

$11.6

$0.0

$5.0

$10.0

$15.0

2015 2016

REVENUE

ADJUSTED EBITDA

FUNDS FROM OPS.

(1) The restricted shares held by a trustee under the Executive and Director Incentive Share Plan are included in the shares outstanding. The number of shares used in calculating the net

earnings per share amounts is determined differently as explained in the Financial Statements.

Q3

2016 YTD Results

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$ millions

(except per share amounts)

Revenue 145.7145.7145.7145.7 151.9 (4%)(4%)(4%)(4%)

Adjusted EBITDA 52.552.552.552.5 43.2 22%22%22%22%

Adjusted EBITDA % of revenue 36%36%36%36% 28% 27%27%27%27%

Net Earning per share

(diluted)(1)

Fund From Ops. per share

(diluted)(1)

Dividends per share(1) 0.150.150.150.15 0.15 0%0%0%0%

0.700.700.700.70 0.40 75%75%75%75%

0.820.820.820.82 0.59 39%39%39%39%

2016201620162016 2015%

Change

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0.0 x

1.0 x

2.0 x

3.0 x

4.0 x

5.0 x

6.0 x

7.0 x

8.0 x

9.0 x

10.0 x

2012 2013 2014 2015 TTM

Competitors…High Arctic

0%

50%

100%

150%

200%

250%

300%Competitors

High Arctic

Financial Performance

INDEXED SHARE PRICE PERFORMANCE ENTERPRISE VALUE / EBITDAHISTORICAL RETURN ON EQUITY

High Arctic’s share price has historically outperformed industry peers

High Arctic consistently delivers strong returns to shareholders

High Arctic is trading at the lower end of the industry valuation spectrum

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Sources: Lightyear Capital, Altacorp

Comps include AKT.A, ESN, TDG, PD, WRG, SVY, XDC

0%

5%

10%

15%

20%

25%

30%

35%

2012 2013 2014 2015 TTM

Competitors High / LowHigh Arctic

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$0.07

$0.15

$0.17

$0.20

$0.17

$0.01 $0.00

$0.10

$0.12

$-

$0.05

$0.10

$0.15

$0.20

$0.25

2012 2013 2014 2015 2016 YTD*

Dis

trib

uti

on

s p

er

sha

re (

$)

Dividends per share Repurchases per share

Shareholder DistributionsT R A C K R E C O R D O F

Disciplined distributions, without sacrificing capital resources to execute on growth opportunities

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DISTRIBUTIONS TO SHAREHOLDERS (per share) DISTRIBUTION TO SHAREHOLDER ($ Millions)

2016 YTD figure shown as at October 31, 2016

$3.5

$7.2

$9.1

$10.9

$8.8

$0.5 $0.2

$5.7

$6.5

0%

5%

10%

15%

20%

25%

30%

35%

40%

-

2.0

4.0

6.0

8.0

10.0

12.0

2012 2013 2014 2015 2016 YTD*

Pa

yo

ut

Ra

tio

(in

clu

din

g r

ep

urc

ha

ses)

Dis

trib

uti

on

s ($

)

Dividends Repurchases Payout Ratio

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Balance Sheet and LiquidityW E L L P O S I T I O N E D W I T H S O L I D

Balance Sheet

• Net Debt of $5.8M• Funded Debt / EBITDA ratio: < 0 .5x

Credit Facility

• Maturity Aug. 31, 2017 • On side with all covenants• In discussions with lenders to

expand and extend credit facility

LIQUIDITY

Credit Facility Available

$14.4 million

Cash

$24.8 million

Short-term Investments

$10.6 million

(as at September 30, 2016)

Total $69.1 Million

Non-Cash Working Capital

$19.3 million

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Growth Strategy

• Depressed North American activity levels may lead to attractive valuations for

additional acquisition targets

• Valuation gaps starting to narrow

• Focus on quality operations, consistent with High Arctic’s operating culture

• Potential for upward pricing pressure from low personnel & equipment availability

• Diversification is key to long-term strength of High Arctic

• Geographic – management team with strong North American and

International experience

• Complementary product lines – capture more of the customer value chain

• Exposure to light oil, heavy oil and natural gas production

• Organic growth

• Fit for purpose solutions to meet customer needs

• New opportunities arising for service rigs and snubbing units

• Solid operating base and strong balance sheet to support further accretive growth

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Contact usThomas Alford, CEO

Ph: (587) 318-3826

Email: tom.alford@haes.ca

Brian Peters, CFO

Ph: (587) 318-2218

Email: brian.peters@haes.ca

Analyst CoverageAcumen Capital Brian Pow

AltaCorp Capital Inc. Aaron MacNeil

Industrial Alliance Elias Foscolos

National Bank Greg Coleman

PI Financial Brian Purdy

Website

www.haes.ca

Head Office

700 – 2nd Street SW, Suite 500

Calgary, AB Canada T2P 2W2

TSX : HWO

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• Partner, Cyrus Capital Partners

• Managing Director, Cyrus Capital Partners Europe LLP

• Former President and CEO of IROC Energy Services Corporation

• President & CEO of High Arctic Energy Services Inc.

• Independent geological consultant

• Former Country Manager for Global Canada Geophysical Services

• Former VP of Operations Sylogist (a public consulting company)

• Past executive roles in IT, courier and distribution

Appendix A: Board of Directors

Daniel BordessaIndependent

Thomas Alford

Steven VaseyIndependent

Simon BatcupIndependent

Michael BinnionChairman of the Board

• President and CEO of Questerre Energy Corporation

• Chartered Accountant

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• Former Federal Member of Parliament (Minister of Natural Resources; Minister of Finance)

• Former senior investment banker with Merrill Lynch, Nesbitt Thomson and First MarathonJoe OliverIndependent

• Direct of Investor Relations at Cyrus Capital Partners

• Chartered Financial AnalystEmber ShmittIndependent

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Thomas AlfordInterim President & CEO

Board Member

Brian Peters, CACFO

Michael Maguire VP, International

Daniel BeaulieuCOO, Canada

• 35+ years of experience in well servicing in Western Canada

• Former President and CEO of IROC Energy Services Corporation and Bonus Resource

Services Corporation

• Former Board Member of Western Energy Services Corporation

• Over 15 years of experience in corporate finance, accounting and audit.

• Former CFO at IROC Energy Services, EnerMAX Services and Pure Energy Services

• Over 35 years of oilfield services sector experience.

• Former business unit manager at Weatherford.

• Over 20 years of oilfield experience, including 7 years at Easternwell

• Professional Engineer

Appendix B: Management Team

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