Unitholders in High Arctic Energy Services Trust have their first opportunity to compare the trust's performance on a year-to-year basis.

This year's numbers stack up pretty favourably.

Red Deer-based High Arctic began trading on the Toronto Stock Exchange (TSX:HWO.UN) in July 2005, with its first quarterly report issued November 14, 2005. July-to-September results for 2006, which were released Friday, revealed a 10 per cent increase in revenues over 2005, to $27.8 million from $25.2 million.

Earnings before interest, taxes depreciation and amortization jumped 13 per cent to $9.5 million from $8.4 million and net earnings were firmly in the black at $5.9 million, versus a year-ago loss of $2.7 million.

The third-quarter revenues included $21.4 million earned domestically and $6.4 million from international operations.

For the nine months ending Sept. 30, revenues were $86.2 million, consisting of $70.7 million generated domestically and $15.5 million internationally.

A news release issued by High Arctic attributed the increase in domestic revenues to an expanded equipment fleet, the bundling of services and integrated project management activity in British Columbia.

International growth was linked to the employment of more underbalanced equipment and increased activity generally.

The trust generated $8.8 million in distributable cash during the third quarter, or 34 cents a unit. It declared $6 million in distributions, or 23.6 cents per unit.

"We will analyze tax strategies within the current structure that will attempt to minimize the effects of these proposed changes on the trust and our unitholders" he said.

High Arctic Energy Services Trust provides underbalanced well-construction services, including drilling, completion, work-over operations and integrated property management.

In trading on the Toronto Stock Exchange Friday, units in the trust rose three cents to close at $6.93.