A pair of Red Deer based companies have been recognized for their rapid growth.

High Arctic Energy Services Inc. and Community Credit Union Ltd. are on a list of hte provinces fastest growing companies in January - February issue of Alberta Venture Magazine.

High Arctic is ranked seventh among the top 25 companies that have revenues in excess of $20 million. Community Credit Union is 24th on the same list.

High Arctic was founded by company president and CEO Jed Wood in 1993. It offers a variety of well services with offices in Red Deer, Brooks, Calgary, Grande Prairie, Barbados and the United Arab Emirates.

Community Credit Union, which operates as Community Savings, is a member owned financial institution. It has 26 branches from Ponoka to Medicine Hat.

Ruth Kelly, publisher and editor-in-chief of Alberta Venture, said High Arctic recorded gross sales of $35.3 million last year - a 110 per cent increase over three years. She said Community Credit Union had gross sales of $104.1 million in 2004, which represents an 11 percent increase over the past three years.

Last year, Red Flame Hot Tap Services Ltd. and Parkland Income Fund were 22nd and 27th respectively on the Alberta Venture's list of the 30 Fastest Growing Comapnies. This year, the magazine produced two lists: one for companies with revenues exceeding $20 million and another for those with revenues under $20 million. Kelly explanied that it's easier for small companies to achieve high growth rates than their bigger counterparts.

This year's rankings were based on information contained in questionnaires submitted by Alberta based businesses operating for at least three years. Growth in gross sales, assets, profitability and employees were taken into account, as well as product development, incentive programs, research and development, capital expenditure, marketing and export activity.

Kelly said her magazine responded to about 800 requests for questionnaires, with more than 200 of these completed and returned.