High Arctic Energy Services Corporate Presentation

1. High Arctic Energy Services Corporate Presentation Symbol:HWO

2. Disclaimer This presentation may contain information which is forward-looking and is subject to important risks and uncertainties. The results or events predicted in this information may differ from actual results or events. Actual results may differ materially from management expectations, as projected in such forward looking statements for a variety of factors, including market and general economic conditions and the risks and uncertainties detailed in the most recent Interim Financial Statements along with the Corporation’s Management Discussion and Analysis and the Annual Information form for the year ended December 31, 2011. These documents can be found on SEDAR (www.sedar.com). Due to the potential impact of these factors, the Corporation 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.

3. Corporate Profile High Arctic Energy Services Inc. (“HWO” of the “Company”) is a growth oriented, dividend paying company whose principal focus is to provide contract drilling and specialized well completion services, equipment rentals and related services to the oil and gas industry in Western Canada and Papua New Guinea (“PNG”) • Shares outstanding : 49,833,622 • Share Price (as at Mar 31, 2013): $2.35 • Market Cap : $117.0 million • Net Debt*: ($9.7) million • Enterprise Value: $107.3 million • Trailing 12 Month EBITDA: $37.9 million • EV / EBITDA Multiple: 2.83x • Annual Dividend: $0.15 • Canadian Tax Losses: ~$90.0 million • Average Trading Volume: 48,413 • Insiders’ Ownership: 75.1% *(Bank debt net of cash)

4. Investment Highlights • Deep value investment opportunity – currently trading at 2.83 x trailing EV/EBITDA • Proven management team and board of directors who have redirected the operations of the Company from near insolvency to a financially strong entity • Industry leading net income margin (17.8%), return on PP&E (40.6%) and return on equity (27.3%) [all TMT] • Very strong cash position and balance sheet for continued growth • Sustainable monthly dividend (6.38% yield) and conservative basic pay-out ratio (22.8%) • The Company has Canada’s largest fleet of stand alone snubbing units, in a high growth service subsector • Service contracts with large international producers in prolific, undeveloped and underserviced market - PNG

5. Corporate Strategy High Arctic Energy Services looks to be the market leader in chosen specialty niche markets – defined by either location or service offerings Papua New Guinea • Leading oil field service provider in the country • Services include; • Drilling services & camp management • Mat, camp and equipment rentals • Strategically positioned to capitalize on the rapidly expanding capital investments being made in the country • Is the preferred service vendor to Oil Search Ltd. – with opportunities to leverage services into new markets Canada • Leading provider of snubbing services in the Western Canadian Sedimentary Basin (WCSB) • Leading provider of low rate nitrogen services in the WCSB • Strategically positioned to capitalize on servicing longer horizontal high pressure wells – both gas & oil • Looking to expand service offerings and/or service locations

6. Canadian Operations • Snubbing units – 15 stand alone units and 5 rig assist units • 3 underbalanced workover rigs – UB 250k • 1 high rate and 11 low rate nitrogen pumpers • 5 nitrogen transporters High Rate N2 Pumper Stand Alone/Rig Assist UB 250k Units Nitrogen Pumpers Nitrogen Transport

7. Canadian Service Offerings • Snubbing • See slides 8 and 9 • Underbalanced Workover Rig (UB 250k) • Many multi-fracked horizontal well bores in excess of 5,000 meters cannot be completed with coil tubing due to frictioning out. The UB 250k can be utilized to mill out bridge plugs in excess of 6,000 meters requiring a single trip • Many SAGD wells require some sort of pushing or pulling of the production string • Potential new market for existing technology • Nitrogen • Nitrogen is a non-hydrocarbon inert gas commonly used on the same wellbores as snubbing • Common uses for nitrogen in the drilling process include: • coiled tubing cleanouts, frac cleanouts, wellbore pressure testing, vessel purging, hydrocarbon blanketing

8. What is Snubbing? • Snubbing is the use of hydraulic force to push pipe against the snub force created by the well pressure. The push force is required until the total tubing weight is greater than snub force excreted on the tubing • The pushing capacity of the snubbing unit is also useful on long horizontal legs where the gravitational weight of the pipe decreases as the horizontal length increases. This is due to increased friction of metal on metal • Unlike coiled tubing – snubbing uses jointed tubing. The stronger jointed tubing allows the snubbing unit to rotate the tubing/drill string, decreasing friction in wellbores and ultimately reaching depths that coil cannot attain • Snubbing permits live operations without killing the well, saving on unnecessary services, mud fluids, well stimulations and avoid formation damage bringing the well on stream much quicker • Required on multi stage frac completions and high pressure oil and liquids rich gas wells which are fracked and completed under pressure • Snubbing units are multipurpose – completion strings, fishing, milling, sidetracking, composite bridge plug drill outs, plug and abandonment and tool movement

9. Where is Snubbing Required? Producing Wells • Allows work over operations on live wells without the use of damaging kill fluids • Recompletion of aged wells. Snubbing is the most common method to install smaller diameter tubing strings under pressure to increase the flowing velocity in depleted wellbores New Drills • Directional drilling and multi stage fracking creates demand for snubbing services in North America because wells are completed in underbalanced conditions • High pressure liquids rich wells (Montney, Horn River, Duvernay, etc) and many high pressure oil wells (Duvernay, Bakken, Cardium) may also require snubbing • Sensitive well formations – working in an underbalanced state. No formation damaging fluids required Abandonments • Whenever pressure may be present, cost effective mobilization and rig ups

10. UB 250k vs. Coil Tubing Length

11. Canadian Customers Working with large domestic and multi-national producers provides stability throughout oil and gas pricing cycles

12. Papua New Guinea Overview • Independent, established democracy and a stable business jurisdiction • Recognized as the 7th fastest growing economy in the world in 2011 • Part of the Commonwealth (former territory of Australia) • Abundant in metals, hydrocarbons and minerals • Population: ~7.0 million • Underdeveloped infrastructure

13. PNG Political Landscape • Parliamentary system with Prime Minister • Recent political struggle over the Prime Minister resolved peacefully and within the law • Open to foreign capital and investment • No restrictions on repatriation of foreign profits • Judicial and court system modeled after Australia since independence in 1975 • Well defined tax system • High demand for local labour, wages are reasonable and unrest minimal • Community land owners permit access to operational sites, relationships well managed and maintained

14. Why PNG for High Arctic PNG OSL / Exxon - LNG Project • Commenced in 2010 with first LNG sales on track for 2014 • Project budget: $19.0 USD billion • Exxon is the operator (33.2%) and partners include: • OSL (29.0%) • PNG government (16.8%) • Santos Ltd. (13.5%) • Nippon Oil (Japan) (4.7%) • PNG landowners (2.8%) • 6.9 million tonnes per annum (mtpa) of LNG are fully contracted to TEPCO, Osaka Gas, CPC from Taiwan and Sinopec • Over the project’s expected 30 year timeframe, total forecast production includes 9.0 tcf of natural gas and 200+ million bbls of associated liquids • Significant OSL/Exxon discovery on Pnyang lands was successfully drilled by HWO with rig #103

15. Who is Oil Search Limited (OSL)? • Public oil and gas exploration company (OSH-A) headquartered in Sydney, Australia • Market capitalization of $9.5 billion ($USD) • Current net production ~18,500 boe/d (only oil) • Operating in PNG since 1929 • PNG’s largest producer and most active operator • PNG government is one of OSL’s largest shareholders (15% of OSL’s outstanding shares) • Operates all of PNG’s currently producing oil and gas fields • Currently commencing a significant growth phase • 29% partner in the $19.0 billion OSL/Exxon LNG project • HWO is OSL’s exclusive drilling contractor in PNG • www.oilsearch.com

16. PNG Operations • Pynyang region – HWO rig 103 • Hides region – Nabors drilling rigs • Kutubu region (OSL operations ) HWO rig 104 and 102 • Interoil – smaller rigs owned by • Interoil

17. High Arctic in PNG • Manage 2 heli-portable drilling rigs (rigs #103 and #104) for OSL, contracted through Dec 2013 [contract renewal is currently in process] • Own and manage the only heli-portable hydraulic workover rig in the country (rig #102) contracted until May 2014 • Exclusive provider of DuraBase Mats in PNG – exit 2012 with 7,360 mats under contract at Dec 31, 2012 • Camp services – 5 camps contracted • HWO operates two 93 men drilling rig camps and two 32 men leap frog camps – under contract • HWO purchased a newly built 104 man rig camp in 2012, operations commenced January 2013 – under payout contract • All camps are heli-portable • Other rental equipment owned by HWO includes a fleet of cranes (ranging from 30 ton to 160 ton), rig move trucks, forklifts, river pumps and light towers – under varying term contracts • Track record of 5+ years operations in PNG

18. PNG Current Customers • Working with large domestic and multi-national producers provides stability throughout oil and gas pricing cycles

19. Corporate Strategy Summary • Continue to invest free cash flow into organic growth opportunities with strong financial returns • expand PNG matting, equipment rentals and camp service offering • expand existing service offerings in nitrogen and equipment rentals in Canada • maintain leading edge snubbing technology through continuous investment • Deploy underutilized equipment • UB 250k rigs • Snubbing equipment on shallow gas abandonments • Use our strong balance sheet and unutilized debt capacity, in conjunction with an increase in share price, to capitalize on potential acquisition opportunities • complementary services in Canada • increased exposure to oil (SAGD) • expanded North American footprint (Bakken, Permian)

20. Historical Financial Summary

21. Appendix A – Management Bios Bruce Thiessen, CEO/Director Bruce Thiessen has been with High Arctic Energy Services for 18 years, serving as CEO since early 2009. Prior to this he served as the Company’s VP of Marketing. Before joining High Arctic, Mr. Thiessen was with a major oilfield services company, working from field sales to marketing manager. Mr. Thiessen has been working in the oil and gas industry for 27 years and has over 36 years of sales and marketing experience. Dennis Sykora, Executive VP & General Counsel/Director Dennis Sykora has been with High Arctic since April 2007 primarily in his role as Executive Vice President and General Counsel. In addition to his duties as General Counsel, he provides executive support primarily for the international operations and finance functions. Mr. Sykora has worked for 15 years in the oilfield services industry, with a focus on international operations. Prior to joining High Arctic, he was president of international operations for a Canadian-based drilling contractor. Prior to, he spent 15 years as a lawyer and chartered accountant, specializing in tax planning for the oil industry. Mr. Sykora is a member of both the Law Society of Alberta and the Institute of Chartered Accountants of Alberta. Ken Olson, CFO Ken Olson recently joined HWO as Chief Financial Officer. Mr. Olson has over 20 years of experience as a senior executive in financial and management roles. Prior to joining High Arctic, Mr. Olson was in other senior management roles including VP Finance at Sanjel Corporation and VP Finance at CSI Wireless Inc. Prior to, Mr. Olson was a manager at PricewaterhouseCoopers. He is a member of the Institute of Chartered Accountants of Alberta.

22. Appendix A – Management Bios Daniel Beaulieu , VP Canadian Operations Dan Beaulieu joined High Arctic in January 2012 as VP of Canadian Operations. Prior to joining High Arctic Energy Services, he held a position of region business unit manager at Weatherford where he managed various integrated product lines throughout Canada. After spending 8 years in the service rig industry, he started D-2 Oilfield Rentals which sold to a major competitor in 1998. Mr. Beaulieu has 35 years oilfield services experience. Kevin Doran, VP International Operations Kevin Doran joined High Arctic Energy Services in 2006 as the country manager for the PNG operations. Following service in the British Royal Navy. Mr. Doran began his career at Deutag Drilling in 1979. He has significant international experience in the North Sea, Gabon, Algeria, Nigeria, UAE, Saudi Arabia, Bahrain, Qatar, Iran, Pakistan, India, Kazakhstan, Thailand, Australia and PNG.

23. Appendix B - Directors Bios • Michael Binnion, Chairman • President and CEO of Questerre Energy Corporation (QEC-T) since November 2000. • Daniel Bordessa, Independent • Partner, Cyrus Capital Partners LP and Managing Director, Cyrus Capital Partners Europe, LLP since March, 2005. • Christopher Warren, Independent • Partner of the law firm Warren Sinclair LLP in Red Deer, AB. • Simon Batcup, Independent • VP, Operations of Sylogist Ltd. (SYZ-V) since October, 2010. • Steven Vasey, Independent • Independent geophysical consultant. • Bruce Thiessen, CEO • See slide 21. • Dennis Sykora, Executive VP & General Counsel • See slide 21.

24. PNG Images • Hydraulic Workover Rig 102 • Rig 104 • Rig 103 Leap Frog

25. Contact Info High Arctic Energy Services Inc. 8112 Edgar Industrial Drive Red Deer, AB Canada T4P 3R2 Website: www.haes.ca Bruce Thiessen, CEO Ken Olson, CFO Ph: (403) 340-9825 Ph: (403) 340-9825 Email: bruce.thiessen@haes.ca Email: ken.olson@haes.ca Trading Symbol: HWO - T Banker: HSBC Bank of Canada Auditors: PriceWaterhouseCoopers LLP Legal: Davis LLP