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Polar Petroleum Corp. Reports on Oil Industry Activity in Close Proximity to the Company's Projects on Alaska's North Slope

ANCHORAGE, Alaska, May 8, 2013 (GLOBE NEWSWIRE) -- Polar Petroleum Corp. (OTCBB:POLR); herein after "Polar Petroleum", "Polar" and/or "the Company") is pleased to report on recent oil industry activity taking place on Alaska's North Slope in close proximity to the Company's holdings.

On April 23, 2013, Spanish energy giant Repsol announced they had completed their Alaskan winter exploration campaign, which had discovered 3 new "good quality hydrocarbon discoveries," according to Repsol. The discoveries have been instrumental in further encouraging Repsol to develop its reserves in the resource-rich North Slope region. According to Repsol's news release, the North Slope of Alaska is "an especially promising area for Repsol, as it has shown itself to be oil-rich."

Of the 3 Repsol wells in question, Qugruk 1 (2,493 meters) and Qugruk 6 (2,637 meters) produced 2 hydrocarbon shows with encouraging results during production tests. In the Qugruk 3 (3,214 meters) well, hydrocarbons were identified at multiple levels. The wells are located along the outer fringe of the Colville Delta, northwest of the Kuparuk River field, approximately 35 miles northwest of Polar Petroleum's Hemi Springs Project acreage.

Other nearby activity is represented by Great Bear Petroleum (GBP), which holds over a half-million acres on the North Slope. Polar Petroleum's Hemi Springs Project borders the GBP leasehold, and is within 10 miles of 1 of the proposed GBP exploration wells in the immediate vicinity. GBP's holdings also completely surround Polar Petroleum's Franklin Bluffs Project, which is within 5 miles of 4 of GBP's proposed wells. GBP is pursuing an unconventional shale oil play in the 3 major source rocks of the Colville Basin that sourced the North Slope's giant oil fields. To date, GBP's results have met expectations for finding oil in the source rocks.[1]

GBP started test drilling in 2012 with 4 of 6 proposed drilling locations along the Dalton Highway with production expected to begin in 2013.[2] As of year-end 2012, GBP and its partner, industry services giant Halliburton, had drilled their first 2 vertical wells: Alcor No.1 and Merak No.1. The company's president, Ed Duncan, stated: "We have drilled through all of our targeted source rock units. We've proven those [to be] present at the depths predicted and in the state of thermal stress or thermal maturity, certainly within the range of expected outcomes." GBP's plans for this winter included extending its seismic coverage west across GBP's leases and had contracted with CGGVeritas to perform a suitable survey. GBP had previously carried out a small 57.6-square-mile 3D seismic survey around its well locations.[3]

GBP's plans call for three 15-year phases, each involving 3,000 wells drilled at an average of 200 wells per year and requiring at least 20 rigs working year-round. They predict production rates to reach 200,000 barrels per day by 2020 and to have a peak rate of 600,000 barrels per day by 2056.[2]

Polar Petroleum's President & CEO, Daniel Walker, commented: "We're encouraged to see multiple companies having successful results in the immediate North Slope region. This industry activity and ongoing development bodes well for Alaska as well as for Polar Petroleum as we look forward to our own oil exploration efforts on our 2 nearby North Slope projects."

FOR ADDITIONAL INFORMATION

Read more about the Alaskan oil and gas industry and the North Slope 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 estimated to potentially represent recoverable petroleum reserves of ~558 million barrels of oil.**

Polar's projects 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
Suite 505
Anchorage, AK
99503
USA
INVESTOR RELATIONS:
Toll Free: 1-888-765-2773
E-mail: ir@polarpetro.com
OTCBB: POLR

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.

SOURCES:

1. Petroleum News (website), Sept. 23, 2012.
2. Petroleum News (website), Mar. 06, 2011.
3. Anchorage Daily News (website), Dec. 25, 2012.

CONTACT: Polar Petroleum Corp. Daniel Walker, President & CEO 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.