ANCHORAGE, Alaska, Feb. 26, 2013 (GLOBE NEWSWIRE) -- Polar Petroleum Corp. (OTCBB:POLR) (herein after "Polar Petroleum", "Polar" and/or "the Company") today announces the acquisition of a 100% Working Interest (WI) in 17 oil and gas leases (approx. 46,399 acres in total) in the North Slope region of the State of Alaska.
Polar Petroleum (AK) Corp., a wholly-owned subsidiary (the "Subsidiary") of Polar Petroleum Corp., acquired the properties through a lease purchase agreement (the "Purchase Agreement") that reserved a royalty of 16.67% for the State of Alaska and an overriding royalty of 4% for the Sellers of the properties.
According to the Purchase Agreement, the Subsidiary is required to drill a test well (the "Test Well") to a depth of at least 8,000 feet on one of three designated Leases (the "Test Well Leases") within 2 years of the closing of the Purchase Agreement. Upon drilling the Test Well, the Subsidiary is also required to assign a 20% working interest in the Test Well Lease to the sellers.
Alaska's North Slope region is home to the 2 largest oil fields in North America, over 10 other producing fields, and established industry-supporting 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 represents 1 (i.e., Hemi Springs) of 18 Beaufortian accumulations in Alaska that together represent Estimated Ultimate Recovery (EUR) of 5 billion barrels of oil and 12 trillion cubic feet of natural gas.
Polar Petroleum's President & CEO, Daniel Walker, commented: "The rate of American oil and gas production is on the rise and there's positive news surrounding ongoing oil exploration efforts in close proximity to our properties. Against that backdrop, Polar's change of business focus and name, and our acquisition of these properties in Alaska, couldn't be more timely. We definitely feel we're in the right industry at the right place and at the right time."
FOR ADDITIONAL INFORMATION
Read more about the Franklin Bluffs Project and the Hemi Springs Project 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 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 positioned within 1 of 18 Beaufortian accumulations in Alaska that together represent EUR of 5 billion barrels of oil and 12 trillion cubic feet of gas.**
The Polar Petroleum Corp. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=17267
* Petroleum News, Sept. 23, 2012; ** US Geological Survey (USGS): Oil and Gas Resources of the Arctic Alaska Petroleum Province, 2005.
ON BEHALF OF THE BOARD OF DIRECTORS,
Polar Petroleum Corp.
Daniel Walker, President & CEO
1. Petroleum News, Sept. 23, 2012.
2. US Geological Survey (USGS): Oil and Gas Resources of the Arctic Alaska Petroleum Province, 2005.
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: email@example.com
Source:Polar Petroleum Corp.