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Polar Petroleum Corp. Provides Update on the Company's Exploration Work to Date & Project Plans for Its 3 Alaska-Based Oil & Gas Projects

ANCHORAGE, Alaska, Aug. 9, 2013 (GLOBE NEWSWIRE) -- Polar Petroleum Corp. (POLR; herein after "Polar Petroleum", "Polar" and/or "the Company") is pleased to provide an update on the Company's exploration work to date and its current business plans for its 3 Alaska-based oil and gas projects in the prolific North Slope region: the Hemi Springs Project, the Franklin Bluffs Project and the North Point Thomson Project.



Polar Petroleum Corp.'s President and CEO, Daniel Walker, commented: "While we have already completed initial exploration work on 2 of our projects, the plans outlined here include all the potential stages and conditional outcomes we are currently considering to undertake for our 3 Alaska projects. With these plans spanning from preliminary exploration right through to potential drilling and production and/or deciding whether to retain lease acreage, it's understandable that these plans may be altered along the way or may not ultimately be executed."

Polar Petroleum's exploration plans are forward-looking in nature; are dependent on the Company's ability to raise the necessary capital to fund the work and operations outlined below; and there can be no assurance Polar will be able to do so.

HEMI SPRINGS PROJECT

1. Initial technical assessment.

2. Magnetic data purchase and interpretation (completed; Fugro).

3. Well log analysis and interpretation (in progress; Waters Petroleum, LLC).

4. Begin well permitting process (surface and target locations to be revised/amended later).

5. Seismic data acquisition, interpretation, and structural mapping (in discussions).

6. Decide if more data required to define exploration well location. If more data required, then (a), if not, then (b).

(a) Acquire and interpret additional data, then (b) and (c).

(b) Define exploration well location(s).

(c) Obtain petroleum engineer's assessment of reserves for well's target-horizons (independent third party).

7. Decide to pursue drilling by Polar alone (a), by seeking an outside drilling partner (b), or forego drilling at this time (c).

(a1) Finalize well permit for drilling.

(a2) Go to tender for well.

(a3) Spud well, drill and test. If well is not successful, then (a4), otherwise (a5).

(a4) Evaluate alternative well locations and run the stages (a1-a4) again, or go to (b), or go to (c).

(a5) Fully define a field development plan, unitize the leases, and go into production.

(b) Identify prospective drilling partner companies and engage in discussions, with the objective of pursuing steps (a1-a3) above.

(c) Decide whether to retain lease acreage.

[For Hemi Springs Project flow chart, see URL below.]

FRANKLIN BLUFFS PROJECT

1. Initial technical assessment.

2. Magnetic data purchase and interpretation (completed; Fugro).

3. Well log analysis and interpretation (completed; Waters).

4. Evaluate cost/benefit of applying for 3-year lease extension on ADL 390939.

5. Decide to pursue extension (a), or drop the lease (b).

(a) Continue as below (6).

(b) Terminate the lease and end the project.

6. Apply for lease extension, and if granted continue as below (7), if not then (5b).

7. Define target-horizons; obtain petroleum engineer's assessment of well reserves; begin well permitting process (surface and target locations to be revised/amended later).

8. Decide to pursue drilling by Polar alone (a), by seeking an outside drilling partner (b), or forego drilling at this time (c).

(a1) Finalize well permit for drilling.

(a2) Go to tender for well.

(a3) Spud well, drill and test. If well is not successful, then (a4), otherwise (a5).

(a4) Evaluate alternative well locations and run the stages (a1-a4) again, or go to (b), or go to (c).

(a5) Fully define a field development plan, unitize the leases, and go into production.

(b) Identify prospective drilling partner companies and engage in discussions, with the objective of pursuing steps (a1-a3) above.

(c) Decide whether to retain lease acreage.

[For Franklin Bluffs Project flow chart, see URL below.]

NORTH POINT THOMSON PROJECT

Polar Petroleum is currently in discussions with Fugro/CGG regarding obtaining magnetic and gravitational data and interpretation for the North Point Thomson project; the geologists have started their initial technical assessment. The Company is also working with WesternGeco about the availability to purchase seismic data from ConocoPhillips and BP for the North Point Thomson project (as well as for the Hemi Springs Project).

1. Initial technical assessment (in progress).

2. Gravity and Magnetic data purchase and interpretation (in discussions).

3. Well log analysis and interpretation (in discussions).

4. Begin well permitting process (surface and target locations to be revised/amended later).

5. Seismic data acquisition, interpretation, and structural mapping (in discussions).

6. Decide if more data required to define exploration well location. If more data required, then (a), if not then (b).

(a) Acquire and interpret additional data, then (b) and (c).

(b) Define exploration well location(s).

(c) Obtain petroleum engineer's assessment of reserves for well's target-horizons (independent third party).

7. Decide to pursue drilling by Polar alone (a), by seeking an outside drilling partner (b), or forego drilling at this time (c).

(a1) Finalize well permit for drilling.

(a2) Go to tender for well.

(a3) Spud well, drill and test. If well is not successful, then (a4), otherwise (a5).

(a4) Evaluate alternative well locations and run the stages (a1-a4) again, or go to (b), or go to (c).

(a5) Fully define a field development plan, unitize the leases, and go into production.

(b) Identify prospective drilling partner companies and engage in discussions, with the objective of pursuing steps (a1-a3) above.

(c) Decide whether to retain lease acreage.

[For North Point Thomson Project flow chart, see URL below.]

http://media.globenewswire.com/cache/24266/file/21361.pdf

FOR ADDITIONAL INFORMATION

Read more about the Hemi Springs Project, the Franklin Bluffs Project and the North Point Thomson 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 (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
Suite 505
Anchorage, AK
99503
USA
INVESTOR RELATIONS:
Toll Free: 1-888-765-2773
E-mail: ir@polarpetro.com
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.

Source:Polar Petroleum Corp.