ANCHORAGE, Alaska, May 30, 2013 (GLOBE NEWSWIRE) -- Polar Petroleum Corp. (OTCBB:POLR) (herein after "Polar Petroleum", "Polar" and/or "the Company") announces it will use Alaska-based Waters Petroleum, LLC (WPA) to acquire well data and receive Petrophysical Evaluations of 4 wells with the primary objective of determining pay intervals and prospective zones for the Company's Hemi Springs Project and Franklin Bluffs Project on Alaska's North Slope. Of the 4 wells, 2 are located within Polar Petroleum's oil and gas projects (ARCO Pipeline State #1, Hailstorm #1); 1 well is located in close proximity to the Company's acreage (Burglin 33-1); and 1 well, the Hemi Springs State #1, has a surface location just outside the Company's acreage but with a bottom hole location that is 648' within Polar's lease ADL391544. Data and interpretation of the individual wells will be released as made available.
The Petrophysical Evaluations will commence with the ARCO Pipeline State #1, and then move on to the Hemi Springs State #1, the Burglin 33-1, and finally, the Hailstorm #1, with all work being coordinated through Polar Petroleum management.
WPA provides Geoscience and Engineering services to oil and gas companies operating primarily in Alaska and Texas. Services include Operations and Wellsite Geology, Geosteering, Resistivity Image Processing and Interpretation, Sonic Log Processing and Interpretation, Log editing and QC, Petrophysical Interpretation, Regional Geologic Studies, Development Geology, Prospect Generation and Evaluation, Geological and Geophysical Interpretation, Reservoir Engineering and Modeling. The firm's highly specialized professionals represent experience gained in Exploration and Production Companies, Service Companies and Research.
WPA will provide Wayne Campaign as the study's Petrophysicist, who will direct and perform the work. The log analysis will be conducted with a suite of wireline logs acquired from the public domain, such as AOGCC digital archives and/or other sources. After data collection, WPA will quality control and edit the log data (i.e., depth corrections, environmental corrections and general data quality assessment). The evaluation for each well will be summarized in a report complete with figures and displays. Results will also be captured as digital products that will be made available to Polar Petroleum upon completion of each well's report.
In light of the primary objective of determining pay intervals and prospective zones, Vshale, net sand and pay sand determinations will be made. A deterministic log model in the local areas will also be developed if possible, given the constraints of the data.
The Company will release the findings of the individual wells' reports as they are made available.
Polar Petroleum Corp.'s President and CEO, Daniel Walker, commented: "WPA is uniquely qualified to provide us with the experience and in-depth knowledge of the geology and reservoir characteristics of our targeted intervals. Their log analyses for the 4 individual wells will give us a more accurate understanding of each reservoir in question and will hopefully lead to improved production and/or stimulation strategies."
FOR ADDITIONAL INFORMATION
Read more about the Hemi Springs Project and Franklin Bluffs 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 estimated to potentially represent recoverable petroleum reserves of ~558 million barrels of oil.** On the 20th May, Polar signed a letter of intent to secure 12 further leases in Alaska's prolific North Slope region. These leases are directly north of the Point Thomson unit and South of BP's offshore holdings. This area will be known as Polar's North Point Thomson Project.
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|
|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.