ANCHORAGE, Alaska, Oct. 21, 2013 (GLOBE NEWSWIRE) -- Polar Petroleum Corp. (POLR; herein after "Polar Petroleum," "Polar" and/or "the Company") entered into a charter agreement seismic data use license ("License") on August 28, 2013 with ConocoPhillips Company and ConocoPhillips Alaska, Inc. to purchase a license for the use of 2D geophysical data related to Alaska's North Slope region.
The agreement represents a total of 7120.16 miles of seismic data across 495 lines from a total of 32 surveys. Counted among the surveys are 1968-69 Prudhoe Bay; 1970 North Prudhoe Detail/ARCO; 1971 Shell Shallow Water Grp and 1972 North Slope/Mobil.
The License agreement outlines terms whereby Polar Petroleum may make the seismic data available to consultants for the purpose of preparing interpretations and the like for Polar's exclusive internal use.
The License agreement also outlines terms whereby Polar Petroleum may show the seismic data to prospective investors, lenders, and participants in farmouts, development proposals, and prospective participants in joint acquisitions of acreage for the sole purpose of evaluating their participation in such ventures.
Polar Petroleum Corp.'s President and CEO, Daniel Walker, commented: "Access to this breadth of quality seismic data will help our exploration and business development activities. Our next step will be to further analyze the data in order to determine the insights it can provide for our ongoing development plans for our 3 North Slope region projects."
FOR ADDITIONAL INFORMATION
Read more about the Company's Alaska interests and activities 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 (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 Company's Franklin Bluffs Project overlies the 3 source rocks thought to represent potential unconventional shale oil on the North Slope. Test drilling in the vicinity has met expectations for finding oil in the source rocks.* The Company's Hemi Springs Project is estimated to potentially represent recoverable petroleum reserves of ~558 million barrels of oil.** The Company's North Point Thomson Project lies along the northern border of ExxonMobil's Point Thomson Unit and is 8 miles northeast of the producing Badami Unit.
Polar's projects comprise 29 leases and ~66,061 acres, and are strategically positioned between many of the major players of the oil and gas industry and the necessary infrastructure to bring hydrocarbons to market.
* Petroleum News, Sept. 23, 2012; ** Geologic Study and Initial Evaluation of the Potential Petroleum Reserves of the Hemi Springs Project, North Slope, Alaska (D. T. Gross & D. W. Brizzolara, Mar. 25, 2013).
|ON BEHALF OF THE BOARD OF DIRECTORS,|
|Polar Petroleum Corp.|
|Daniel Walker, President & CEO|
|4300 B Street|
|Toll Free: 1-888-765-2773|
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.
Source:Polar Petroleum Corp.