Latest news with #HighArctic
Hamilton Spectator
3 days ago
- Politics
- Hamilton Spectator
David Akeeagok to bid adieu as MLA
Residents of Nunavut's northernmost riding will have a new MLA this fall. Cabinet minister David Akeeagok will not seek re-election as MLA for Quttiktuq riding in the Oct. 27 territorial election. He made the announcement in a member's statement in the legislative assembly Tuesday, thanking his family, constituents and staff for their support over the years. 'I want the High Arctic people to be represented properly, so therefore I inform them that I will not be running again,' he said. A cabinet member with seven portfolios, Akeeagok's roles include minister of community services, human resources, and mines. 'I'm very proud that I have been selected and elected to represent Resolute Bay, Grise Fiord and Arctic Bay,' Akeeagok said. Speaking to reporters after the assembly's spring sitting closed Tuesday, Akeeagok, 56, said the work-life balance of being a family man, MLA of three communities and cabinet minister has been a challenge. He cited that as his reason for not seeking a third term as MLA. Looking back on the past eight years during which he served numerous cabinet positions under three premiers — Paul Quassa, Joe Savikataaq, and his nephew current Premier P.J. Akeeagok — David Akeeagok said his greatest highlight has been representing his home community of Grise Fiord. 'It's one community that does not get as much attention as it should,' he said, pointing to the high cost of living and transportation challenges faced in the hamlet of around 140 residents, located 1,500 kilometres south of the North Pole. Akeeagok said he wanted to make his decision known so prospective candidates could prepare for the election, which is nearly five months away. Anyone hoping to replace him come October should talk about it with their family first, he suggested. 'When you're an MLA, it's a huge commitment,' he said. Akeeagok has been an MLA and cabinet minister since the 2017 election, when he finished first among eight candidates, unseating incumbent Isaac Shooyook. In 2021, Akeeagok won by acclamation as the only candidate. He wouldn't say what his plans are after he leaves office. He'll provide an update on that in the final sitting in September. However, he said he plans to continue serving as a minister until a new cabinet is formed after the election. Akeeagok is the first MLA to publicly announce he will not seek re-election. Error! Sorry, there was an error processing your request. There was a problem with the recaptcha. Please try again. You may unsubscribe at any time. By signing up, you agree to our terms of use and privacy policy . This site is protected by reCAPTCHA and the Google privacy policy and terms of service apply. Want more of the latest from us? Sign up for more at our newsletter page .
New Indian Express
27-05-2025
- New Indian Express
Four Bengaluru birders spot rare red phalarope in Dharwad
DHARWAD: In a remarkable discovery, four birders from Bengaluru have sighted and photographed the extremely rare red phalarope near Dharwad—likely marking the first recorded sighting of this vagrant species in Karnataka. The birders—Manjunath P, Chidananda Urs, Nitin Srinivasa Murthy, and Nisarg Bharadwaj—identified the Red Phalarope, during their birdwatching expedition. The bird has been sighted at Mavinkoppa Lake near Dharwad. While their breeding grounds are in the High Arctic regions of Alaska and Canada, these birds undertake long-distance migrations. In India, they were earlier sighted along the coastal areas. There have been very few records of sightings of red phalaropes in Kerala, Maharashtra, Gujarat and in some time it recorded in the Andaman and Nicobar. 'This bird is not a migrant. It's a vagrant, which means it has appeared outside its normal range. Normally migratory birds find themselves in a migratory pattern. This bird does not have one,' Murthy told TNIE. India is not part of their regular migratory route or wintering grounds, there have been several documented sightings of the red phalarope in various parts of the country over the years. These sightings typically involve individual birds. 'This bird should not be mistaken with red-necked phalarope,' Murthy added.
Epoch Times
14-05-2025
- Business
- Epoch Times
Interior Department to Expedite Oil, Gas Leasing Process on Federal Lands
The Department of the Interior (DOI) unveiled its revised policy on May 13 aimed at accelerating the oil and gas leasing process on public lands as part of an effort to boost U.S. energy production. The revised policy will enable the Bureau of Land Management (BLM) to complete a parcel review process for oil and gas lease sales within six months from the start of scoping, the department said in a Once the parcels are reviewed, state offices will organize a lease sale and invite public participation. Previously, the BLM took between 8 and 15 months to complete the parcel review process. To expedite the leasing, the DOI stated that the BLM will conduct oil and gas lease parcel reviews while the National Energy Policy Act compliance process is being held, focusing on the existing land management policy and resource management plans. Adam Suess, acting assistant secretary for Land and Minerals Management, said the DOI is working to remove 'unnecessary delays' and 'bureaucratic roadblocks' that have hindered U.S. energy production 'for too long.' 'This policy puts us on a fast track to Energy Dominance—opening up more federal land for responsible development, cutting review times nearly in half, and sending a clear message that the United States is serious about job creation, low energy costs, and putting American energy first,' Suess said in a statement. Related Stories 4/19/2024 4/12/2024 The policy change follows President Donald Trump's Jan. 20 The order states that 'burdensome and ideologically motivated regulations' imposed under the previous administration have hindered the development of the country's energy resources, limited the generation of reliable and affordable electricity, reduced job creation, and led to high energy costs. 'It is thus in the national interest to unleash America's affordable and reliable energy and natural resources,' the order reads. 'It will also rebuild our Nation's economic and military security, which will deliver peace through strength.' Trump issued another Following that order, the DOI The 11th National Outer Continental Shelf Oil and Gas Leasing Program will add a new 'High Arctic' planning area off Alaska to the federal offshore leasing map for the first time. The boundaries of other coastal zones are also being revised—potentially clearing the way for oil and gas companies to tap into new reserves along the Atlantic, Pacific, and Arctic coasts. The DOI also Tom Ozimek contributed to this report.
Hamilton Spectator
13-05-2025
- Business
- Hamilton Spectator
High Arctic Announces 2025 First Quarter Results
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW CALGARY, Alberta, May 13, 2025 (GLOBE NEWSWIRE) — High Arctic Energy Services Inc. (TSX: HWO) (the 'Corporation' or 'High Arctic') released its first quarter 2025 financial and operating results. The unaudited condensed interim consolidated financial statements, and the management discussion & analysis ('MD&A'), for the quarter ended March 31, 2025 will be available on SEDAR+ at , and on High Arctic's website at . All amounts are denominated in thousands of Canadian dollars ('CAD'), unless otherwise indicated. Mike Maguire, Interim Chief Executive Officer commented: 'Our business has had a solid start to 2025, despite some pull back in well completion rates in Canada resulting from market uncertainty and customer consolidation events. Our investment in and amalgamation of Delta Rental Services continues to deliver financial performance in line with our pre-transaction expectations and we anticipate consistent results through the coming months with significant upside potential as gas well completion rates increase in anticipation of first gas through the Coastal GasLink pipeline. Decisive action by the management of Team Snubbing in Alaska has set a platform for improved value creation from our 42% holding of Team Snubbing. High Arctic is well positioned to benefit from upstream energy service activity levels in the western Canadian oil and gas industry.' In the following discussion, the three months ended March 31, 2025 may be referred to as the 'quarter' or 'Q1 2025' and the comparative three months ended March 31, 2024 may be referred to as 'Q1 2024'. References to other quarters may be presented as 'QX 20XX' with X/XX being the quarter/year to which the commentary relates. 2025 FIRST QUARTER HIGHLIGHTS 2025 Strategic Objectives With the corporate restructuring and spinoff of the PNG business complete, the Corporation's 2025 strategic objectives include: RESULTS OVERVIEW The following is a summary of select financial information of the Corporation: (1) The weighted average number of common shares used in calculating both basic and diluted net income (loss) per share, EBITDA (Earnings before interest, tax, depreciation and amortization) per share, Adjusted EBITDA per share, operating income (loss) per share, cash flow from operating activities per share, funds flow from operating activities per share, and shareholders' equity per share is detailed in Note 13 of the Financial Statements. (2) Readers are cautioned that oilfield services operating margin, EBITDA (earnings before interest, tax, depreciation, and amortization), Adjusted EBITDA, operating income (loss), funds flow from operating activities and working capital do not have standardized meanings prescribed by IFRS. See 'Non-IFRS Measures' for additional details on the calculations of these measures. (3) Pursuant to the de facto four-to-one consolidation of the Corporation's outstanding common shares effective August 12, 2024, the number of common shares outstanding and all per-share amounts have been retroactively adjusted to effect the stock consolidation. (4) The number of weighted average common shares used in per share basic calculations for the three months ended March 31, 2025, was 12,522,804 (13,023,166 diluted per share) and for the three months ended March 31, 2024, was 12,280,576 (12,624,412 diluted per share). (5) Shareholders' equity per share calculated based on common shares outstanding as at the relevant date. First Quarter 2025 Summary Operating Results Rental services segment (1) See 'Non-IFRS Measures' Liquidity and Capital Resources (1) See 'Non-IFRS Measures' Operating activities In Q1 2025, cash from operating activities from continuing operations was $31 compared to $271 for Q1 2024. Funds flow from operating activities from continuing operations totaled $495 in the quarter compared to $197 in the prior year comparative quarter (see 'Non-IFRS Measures'). In Q1 2025, changes in non-cash operating working capital from continuing operations totaled an outflow of $464 compared to an inflow of $74 in Q1 2024. Changes in cash from operating activities from continuing operations and funds from operating activities from continuing operations for Q1 2025 compared to Q1 2024, were largely the result of reduced general and administrative expenses combined with the impact of changes in non-cash working capital (as noted above). Investing activities During the first quarter, the Corporation's net cash from investing activities from continuing operations totaled $164 compared to a usage of $308 in the prior year comparative quarter. The change in cash flows from investing activities from continuing operations is due to payments received related to notes receivable and the settlement of a portion of the contingent consideration payable utilizing common shares of the Corporation, resulting in a positive non-cash working capital change, both of which more than offset Q1 2025 property and equipment expenditures of $382. Investing cash outflows of $308 in the prior year quarter consisted solely of the purchase of property and equipment. Financing activities During the first quarter, the Corporation's net cash used in financing activities from continuing operations of $135 was comparable to $131 in the prior year comparative quarter. Financing related cash flows relate to the normal course payments on the Corporation's lease liabilities and long-term debt. Working capital As at March 31, 2025, the Corporation's working capital balance was $3,199 compared to $2,692 as at December 31, 2024. The increase in working capital is largely due to positive EBITDA generated during Q1 2025 combined with a portion of the year one contingent consideration associated with the acquisition of Delta being settled in common shares during the first quarter. Long-term debt The Corporation has mortgage financing secured by lands and buildings owned by High Arctic located within Alberta, Canada. The mortgage has a remaining initial term of under two years with a fixed interest rate of 4.30%; payments occur monthly. The mortgage financing contains certain non-financial covenants requiring the lender's consent, including changes to the underlying business. As at March 31, 2025, the Corporation was compliant with all covenants associated with the mortgage financing. Outlook The first quarter of 2025 has provided High Arctic with a solid start to the year. General and administrative expenses have taken a step change downward resulting in a reduced run rate. The significant and strategic importance of the equity investment in Team Snubbing has been reinforced through enhanced Board of Director and management oversight. The late 2023 acquisition of Delta Rental Services Ltd. ('Delta') is fully integrated into High Arctic's rental services business, positively contributing to improved profit margins. Rental services revenue, while at the lower end of expectations, led to capital preservation through modest growth in new equipment additions and insight as to the outlook for the remainder of 2025. High Arctic's business is driven by the underlying economics associated with its customers' cash flows. These cash flows are driven by their oil and natural gas commodity price hedging and expectations. As customers embark on drilling new oil and natural gas wells, High Arctic's business outlook is reliant on decisions on the subsequent activity to complete these wells for production. Therefore, High Arctic's rental assets and investment in the snubbing industry are highly dependent on fundamentals associated with both drilling and hydraulic fracturing completion trends in the WCSB. To this point, 2024/25 winter drilling rig activity in the WCSB has been resilient despite softening commodity price trends. As the industry enters the seasonal second quarter spring breakup period, activity remains comparable to 2024 levels. However, customer capital allocation decisions to complete wells are showing signs of deferral. Recent OPEC moves to increase oil supply, changes in global trade tariffs, and geopolitical risk have increased investment uncertainty. This uncertainty is offset by positive developments specific to Canada. The completion of the Trans Mountain pipeline system expansion in 2024, and expectations for west coast LNG exports commencing in the second half of 2025, are positive infrastructure developments supporting improved long-term fundamentals for the upstream energy service business. Based on these near-term headwinds and favourable long-term fundamentals, High Arctic will continue to prudently preserve capital while working with our customers to deliver service efficiency and productivity. The outlook for 2025 is dependent on the financial performance of High Arctic's investment in Team Snubbing. High Arctic is carrying total assets of $9.8 million related to its investment in Team Snubbing, comprised of a $7.4 million equity investment and a $2.4 million note receivable. Success will be defined by Team Snubbing's ability to establish profitability in their international operations. In summary, for 2025 the Corporation expects to continue to execute on the initial phases of its strategic objectives, with progress to date being evidenced by safety performance, balance sheet preservation, general and administrative expense reductions, selective capital expenditure investments, and oversight of equity investments. Non-IFRS Measures This Press Release contains references to certain financial measures that do not have a standardized meaning prescribed by IFRS and may not be comparable to the same or similar measures used by other companies. High Arctic uses these financial measures to assess performance and believes these measures provide useful supplemental information to shareholders and investors. These financial measures are computed on a consistent basis for each reporting period and include EBITDA (Earnings before interest, tax, depreciation and amortization), Adjusted EBITDA, oilfield services operating margin, operating income (loss), Funds flow from operating activities and working capital. These do not have standardized meanings. These financial measures should not be considered as an alternative to, or more meaningful than, net income (loss), cash from operating activities, current assets or current liabilities, cash and/or other measures of financial performance as determined in accordance with IFRS. For additional information regarding non-IFRS measures, including their use to management and investors and reconciliations to measures recognized by IFRS, please refer to the Corporation's MD&A, which is available online at and through High Arctic's website at . Forward-Looking Statements This Press Release contains forward-looking statements. When used in this document, the words 'may', 'would', 'could', 'will', 'intend', 'plan', 'anticipate', 'believe', 'seek', 'propose', 'estimate', 'expect', and similar expressions are intended to identify forward-looking statements. Such statements reflect the Corporation's current views with respect to future events and are subject to certain risks, uncertainties, and assumptions. Many factors could cause the Corporation's actual results, performance, or achievements to vary from those described in this Press Release. Should one or more of these risks or uncertainties materialize, or should assumptions underlying forward-looking statements prove incorrect, actual results may vary materially from those described in this Press Release as intended, planned, anticipated, believed, estimated or expected. Specific forward-looking statements in this Press Release include, among others, statements pertaining to the following: general economic and business conditions, which will include, among other things, the outlook for the energy industry inclusive of commodity prices, producer activity levels (inclusive of drilling and completions activity) and general energy supply and demand fundamentals that may impact the energy industry as a whole and more specifically as it relates to the Corporation's customers in western Canada and Alaska, United States; expectations related to current and future LNG export projects; the impact (if any) of geo-political events, changes in government, changes to tariffs or related trade policies and the potential impact on the Corporation's ability to execute its 2025 strategic objectives; fluctuations in commodity prices; and the performance of the Corporation's investment in Team Snubbing. With respect to forward-looking statements contained in this Press Release, the Corporation has made assumptions regarding, among other things, its ability to: maintain its ongoing relationship with major customers; successfully market its services to current and new customers; devise methods for, and achieve its primary objectives; source and obtain equipment from suppliers; successfully manage, operate, and thrive in an environment which is facing uncertainty; remain competitive in all its operations; attract and retain skilled employees; obtain equity and debt financing on satisfactory terms and manage its liquidity risk; raise capital and manage its debt finance agreements; manage general and administrative costs; maintain a strong balance sheet and related financial flexibility; scale the Canadian business; and seek and execute accretive acquisitions in a timely manner and achieve operational and financial benefits therefrom. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: economic and financial conditions, including volatility in commodity prices; volatility in interest and exchange rates and capital markets; the level of demand and financial performance of the energy industry; changes in customer demand; and developments and changes in laws and regulations, including in the energy industry. The Corporation's actual results could differ materially from those anticipated in these forward-looking statements as a result of the risk factors set forth above and elsewhere in this Press Release, along with the risk factors set out in the most recent AIF filed on SEDAR+ at . The forward-looking statements contained in this Press Release are expressly qualified in their entirety by this cautionary statement. These statements are given only as of the date of this Press Release. The Corporation does not assume any obligation to update these forward-looking statements to reflect new information, subsequent events or otherwise, except as required by law. About High Arctic Energy Services High Arctic is an energy services provider. High Arctic provides pressure control equipment and equipment supporting the high-pressure stimulation of oil and gas wells and other oilfield equipment on a rental basis to exploration and production companies, from its bases in Whitecourt and Red Deer, Alberta. For further information contact: Lonn Bate Chief Financial Officer P: 587-318-2218 P: +1 (800) 688 7143 High Arctic Energy Services Inc. Suite 2350, 330 – 5th Ave SW Calgary, Alberta, Canada T2P 0L4 website: Email: info@
Global News
02-05-2025
- Global News
B.C. man completes dream adventure on Canada's most northern island
It took 28 gruelling days but Kevin Vallely and his teammate Ray Zahab managed to ski across Ellesmere Island in the Canadian High Arctic, through intolerable frigid conditions. 'You're going into windchill factors of -70, that kind of range,' Vallely told This is BC. 'We're talking frostbite not in minutes, we're talking frostbite in seconds. You put your hand out and I could see it going white.' And there was always the concern about encounters with wildlife, but they didn't cross paths with any polar bears on this journey. 'I know they knew we were out there,' said Vallely. 'We were running into track continuously.' 2:02 This is BC: Canadian made bourbon flying off the shelves But there were many brushes with another predator. Story continues below advertisement 'Wildlife officials say if you happen to run into a wolf you stay a hundred metres back. Well they didn't tell the wolves that because these wolves have no fear of human beings and they come right up to you,' said Vallely. 'If they wanted us they got us, but they didn't want us.' Get breaking National news For news impacting Canada and around the world, sign up for breaking news alerts delivered directly to you when they happen. Sign up for breaking National newsletter Sign Up By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy For the past 25 years Vallely has been travelling the globe, exploring some very remote regions. 'Not only cold but the jungles, Borneo, I've been with jungle patrollers in Sumatra retracing a death march, I've been to Siberia,' said Vallely. He's finished close twenty extreme expeditions now, following a childhood dream of one day travelling to the South Pole, which he completed with a team in 2009. 'For me it's not a question about taking risks, even though there can be some. It's all about unique experiences and going out there and being inspired and going where few people go,' said Vallely. They're still celebrating their most recent achievement, so Vallely hasn't started planning his next adventure yet, but he can guarantee something will come up when the time is right. 'I'm 60. I'm an old guy. But who cares. I can do it,' said Vallely. 'I feel kind of blessed that I've been keeping myself super fit and strong for all these years, that I'm still able to do it and darn it, I'm going to keep doing it until I can't'
