A unknown private Canadian energy services company entered into an asset purchase agreement to acquire Canadian nitrogen pumping assets of High Arctic Energy Services Inc. (TSX: HWO) for gross proceeds of CAD 1.35 million on June 19, 2023. Under the terms of transaction, Consideration before transaction costs will be paid in cash and Nitrogen Transaction results in the transfer of High Arctic?s dedicated nitrogen assets and support employees to the Buyer. The Nitrogen Transaction is subject to customary commercial closing conditions and is expected to close on July 21, 2023. The net proceeds will increase liquidity as the Corporation furthers its recently announced intention to undertake a return of capital to shareholders and reorganize. As of July 31, 2023 Partes have extended the closing of the sale of its Canadian nitrogen pumping assets. The closing is expected to occur during the month of August and the transaction will retain an effective date of July 21, 2023.

A unknown private Canadian energy services company completed the acquisition of Canadian nitrogen pumping assets of High Arctic Energy Services Inc. (TSX: HWO) on July 31, 2023.