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Polar Petroleum Corp. Appoints President and CEO With Oil & Gas Industry and Management Experience & Changes Company Name

Thursday, 21 Feb 2013 | 9:00 AM ET

ANCHORAGE, Alaska, Feb. 21, 2013 (GLOBE NEWSWIRE) -- Polar Petroleum Corp. (OTCBB:POLR) (herein after "Polar Petroleum", "Polar" and/or "the Company") announces the appointment of Mr. Daniel Robert Walker as the Company's President and CEO to meet the challenges of exploration, development and production of oil and gas on Alaska's North Slope. To better reflect the change in the Company's business plan to oil and gas exploration, development and production, the Company also officially changed its name to Polar Petroleum Corp.

Mr. Walker has over seven years of business management experience, including background in the oil and gas industry and management roles encompassing operations, business systems and logistics management. Most recently, Mr. Walker worked for Terrex Seismic, a seismic data collection company based in Brisbane, Australia. During his time at Terrex, he provided management support for a number of projects across Australia while working in conjunction with oil and gas companies such as Beach Energy and Santos.

Prior to Terrex, Mr. Walker served as the General Manager for E. F. M. Pty Ltd., an agricultural production company based in Cairns, Australia. Mr. Walker managed the company's day-to-day operations and marketing; enforced Quality Assurance; and developed, implemented and maintained organizational systems, procedures and documentation according to regulatory requirements while ensuring compliance with external auditing bodies.

Earlier in his career, Mr. Walker was the Managing Director of DBI Freight Ltd., a mining logistics company, with clients such as oilfield service giants Halliburton, Schlumberger and Baker Hughes, as well as specialist contractor PR Marriott Drilling (PRMD). Mr. Walker still retains a working interest in the logistics sector and is currently working alongside PRMD on their Potash Project.

Mr. Walker was awarded a B.Sc. degree in Chemistry, and is not an officer or director of any other reporting company.

Mr. Walker will continue to build Polar Petroleum's management team with the aim of maximizing the Company's assets and unique industry opportunities. At the same time, the Company also plans to outsource independent consultant engineers and geologists on a part time basis to conduct specific corporate business and exploration programs on its properties in order to carry out its plan of operations.

Polar Petroleum's President & CEO, Daniel Walker, commented: "I consider it a great opportunity to lead an American energy exploration company in one of the nation's prime oil and gas production areas. While this appointment is a new opportunity for myself personally, there are also many new exploration possibilities emerging right now in close proximity to our properties. It is a very exciting time for both myself and the company and I look forward to leading Polar forward in our operations in Alaska's prolific North Slope region."

FOR ADDITIONAL INFORMATION

Read more about the Company's management team on Polar Petroleum's official website, as well as further information about the Company and its latest news releases at http://www.polarpetro.com.

ABOUT POLAR PETROLEUM CORP.

Polar Petroleum (OTCBB:POLR) is an independent American oil and gas company based in Anchorage, AK. The Company is focused on securing domestic energy solutions through the exploration, development and production of oil and natural gas in Alaska's proven North Slope region: home to the 2 largest oil fields in North America, over 10 other producing fields, and established infrastructure.

The Polar Petroleum Corp. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=17267

ON BEHALF OF THE BOARD OF DIRECTORS,

Polar Petroleum Corp.
Daniel Walker, President & CEO

This press release may include certain statements that are forward-looking in nature and that involve a number of uncertainties and risks. Such forward-looking statements are within the meaning of that term in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The forward-looking statements in this press release are based on Polar Petroleum Corp.'s current expectations and projections regarding future events, which are based on currently available information. The forward-looking statements in this press release may also include statements relating to Polar Petroleum Corp.'s anticipated new developments, business prospects, financial performance, strategies and similar matters. Polar Petroleum Corp. disclaims any obligation to update any of its forward-looking statements, except as may be required by law.

Cautionary Note to U.S. Investors: The United States Securities and Exchange Commission permits US companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We may use certain terms in this press release, such as "measured," "indicated," and "inferred" "resources," which the SEC guidelines prohibit US registered companies from including in their filings with the SEC. US investors are urged to consider closely the disclosure in our Form 10-K which may be secured from us, or from our website at http://www.polarpetro.com.

CONTACT: Polar Petroleum Corp. 4300 B Street Suite 505 Anchorage, AK 99503 USA INVESTOR RELATIONS: Toll Free: 1-888-765-2773 E-mail: ir@polarpetro.com

Source:Polar Petroleum Corp.