High Arctic starts 2012 on a record note

High Arctic Energy Services Inc. (TSX: HWO) has started 2012 on a record note.

High Arctic Energy Services Inc. (TSX: HWO) has started 2012 on a record note.

The Red Deer-based oilfield services company reported on Monday that its net earnings for the three months ended March 31 were $10.7 million, up 47 per cent from the $7.3 million recorded in the first quarter of 2011. High Arctic’s earnings per share for the quarter were 23 cents, up from 17 cents.

The company, which is active in Western Canada and in Papua New Guinea, had revenues of $42.2 million during the first quarter of 2012, up 17.5 per cent from $35.9 million a year earlier. Revenues from Canadian operations were $18.7 million, up 20 per cent from the first quarter of 2011; in Papua New Guinea, High Arctic generated $23.5 million in revenues, up 16 per cent.

“Our financial performance in the first quarter was strong across all business lines and both geographic regions,” said High Arctic CEO Bruce Thiessen in a release. “Our growth in Canadian revenue was achieved against a backdrop of weak natural gas prices and reflects the strong demand for High Arctic’s specialized well completion services and the benefit of improved pricing.”

The release said High Arctic’s equipment has proven useful for the long horizontal wellbores that are common in unconventional and shale gas plays. Despite low natural gas prices, activity in liquids-rich and unconventional shale gas plays should support the company’s operations, it added.

High Arctic provides specialized oilfield equipment and services.

In trading on the Toronto Stock Exchange Monday, shares in High Arctic closed at 1.35, up six cents.

Just Posted

Alberta premier unhappy with Suzuki honorary degree but defends academic freedom

EDMONTON — Premier Rachel Notley says she does not agree with the… Continue reading

Sylvan Lake wants to create year-round tourist season

Public open house and workshops held May 10-12

Historical bylaws show a different Lacombe

Staff combed through records to find hundreds of outdated bylaws still on the books

Gravel companies facing fee increase

Red Deer County considering raising levy charged to gravel companies for road repairs

Excessive dog poop on Blackfalds ball diamonds frustrates town

Melting snow in Blackfalds uncovered ball diamonds full of dog poop, frustrating… Continue reading

WATCH: Red Deer students get active, healthy

Healthy Active Schools Symposium takes place in schools

Poll: Advocate readers support Trans Mountain pipeline expansion

Red Deer Advocate readers want the Trans Mountain Pipeline expansion to be… Continue reading

Celebrate all women this Mother’s Day in Central Alberta

A breakfast fundraiser is scheduled May 12 in Lacombe

Photo: Poplar Ridge Grade 6 class learn about newspapers

Red Deer Advocate editor Crystal Rhyno visited the school on Wednesday

‘The Heat’ doc examines gender barriers for top female chefs

TORONTO — In making a documentary about top female chefs, Toronto filmmaker… Continue reading

Hank Azaria willing to stop voicing Apu on ‘The Simpsons’

NEW YORK — Hank Azaria is ready to stop voicing Kwik-E-Mart owner… Continue reading

US stocks mostly fall in wobbly trading as costs, rates rise

NEW YORK — U.S. stocks are wobbling and trading mostly lower Wednesday… Continue reading

Most Read

Five-day delivery plus unlimited digital access for $185 for 260 issues (must live in delivery area to qualify) Unlimited Digital Access 99 cents for the first four weeks and then only $15 per month Five-day delivery plus unlimited digital access for $15 a month