ANCHORAGE, Alaska, March 19, 2013 (GLOBE NEWSWIRE) -- Polar Petroleum Corp. (OTCBB:POLR) (herein after "Polar Petroleum", "Polar" and/or "the Company") announces that on February 7, 2013, the Company entered into a USD$10 million equity draw down financing agreement ("the Agreement") with US Energy Investments Ltd.
The equity financing agreement does not involve Polar Petroleum taking on any debt. Instead, the terms of the Agreement give the Company the option of drawing down against the $10 million amount as and when needed in $5000.00 increments.
According to the terms of the Agreement, Polar Petroleum will issue Units (each a "Unit") of the Company at a Unit Price determined as 75% of the volume weighted average of the closing price (the "VWAP") of the Company's Common Stock for the prior 10 trading days as quoted on the OTC Markets.
Each Unit will consist of one share of the Company's Common Stock. No warrants will be issued under the terms of the Agreement.
Daniel Walker, Polar Petroleum's President & CEO, commented: "Now that we have access to the level of financing required to explore the energy potential of our two Alaskan projects, our focus is clear: develop and execute our initial exploration programs. We'd like to extend our thanks to US Energy Investments Ltd. for recognizing the considerable upside potential of our holdings and their strategic location on the North Slope."
FOR ADDITIONAL INFORMATION
Read more about the Company's projects 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.**
* 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
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: firstname.lastname@example.org
Source:Polar Petroleum Corp.