Polar Petroleum Corp. Enters License Agreement With Fugro to Acquire Magnetic Data & Interpretation for the Company's Alaska-Ba
May 23 2013 - 8:00AM
Polar Petroleum Corp. (OTCBB:POLR) (herein after "Polar Petroleum",
"Polar" and/or "the Company") announces that on May 17, 2013, the
Company signed an agreement with Fugro Gravity and Magnetic
Services (part of the Fugro group) to license magnetic data and
receive interpretation services for Polar's Hemi Springs Project
and Franklin Bluffs Project on Alaska's North Slope. The magnetic
data and related interpretation is expected to reduce exploration
risk in a cost-effective manner while assisting in the exploration
for oil and natural gas.
Fugro Gravity and Magnetic Services (Fugro) houses the world's
most comprehensive, privately owned non-exclusive airborne, land
and marine potential fields geophysical database. The database
includes roughly 14,000,000 line kilometers of aeromagnetic data
and 2,000,000 stations of land gravity data worldwide. Polar
Petroleum will license only that data that is of specific relevance
to the Company's 2 North Slope projects.
Fugro also provides leading edge data interpretation, and has
worked on datasets from around the world, ranging from regional
frontier studies to the prospect level. On January 31, 2013, CGG
(formerly CGGVeritas) acquired Fugro's Geoscience Division in a
EUR975m transaction, giving it a leading position in the high-tech
integrated geology and geophysics and reservoir characterization
market.
Polar Petroleum will use the magnetic data and interpretation
provided by Fugro as tools for general planning and project
analysis.
Polar Petroleum Corp.'s President and CEO, Daniel Walker,
commented: "By licensing only the magnetic data pertinent to our 2
North Slope projects, and receiving Fugro's related interpretation,
we'll gain world-class data and analysis in a cost-effective way.
From there, we can integrate the magnetic data into our exploration
process, providing assistance in structural mapping and seismic
modeling while providing opportunities for confirming or
questioning any existing interpretations."
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.**
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.
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