Polar Petroleum Corp. (OTCBB:POLR) (herein after "Polar Petroleum",
"Polar" and/or "the Company") announces it has engaged regional
experts Mr. David T. Gross and Mr. Donald W. Brizzolara to prepare
a report on the shale oil production potential of the Company's 2
oil projects on Alaska's North Slope: the Hemi Springs Project and
the Franklin Bluffs Project. The Company recently signed agreements
with Mr. Gross and Mr. Brizzolara, appointing them to Polar
Petroleum's Advisory Board as Head of Alaskan Exploration and as
Chief Geological Advisor, respectively. The Company will use the
report to better understand the potential shale oil resource and
production potential of its 2 North Slope projects.
Mr. Gross represents a 30-year career as a geologist and a
current focus on the North Slope of Alaska doing geologic analyses
and petroleum prospect evaluations, most recently in the Hemi
Springs-South Prudhoe area. Mr. Brizzolara represents 34 years of
experience in oil and gas exploration and development geology
(Prudhoe and Kuparuk fields), and experience as a successful
prospect generator resulting in oil discoveries (Kuvlum, Midnight
Sun/Sambuca) in the North Slope of Alaska.
According to Alaska's Department of Natural Resources, the
source rocks of Alaska's prolific North Slope oil fields compare
favorably with the most prominent emerging Lower 48 source rocks,
such as the Eagle Ford in Texas and the Bakken in North Dakota and
Montana. At the same time, unlike the Lower 48 deposits that only
target a single geologic formation, the North Slope represents 3
potentially prolific formations stacked on top of each other: the
Shublik, HRZ/Hue shale and Lower Kingak shale source rocks.
According to the leading shale oil exploration company in Alaska,
Great Bear Petroleum, only about 20% of the oil from the North
Slope's source rocks has been pumped to date by conventional wells,
while the remaining 80% of the resource remains stuck in the
rock.[1] GBP has told Alaska lawmakers there could be another 100
billion barrels of oil waiting to be discovered in the original
source rocks that fueled Prudhoe Bay alone.[2] The US Geological
Survey (USGS), meanwhile, estimates Alaska's North Slope shale
formation represents the second-largest US deposit of
unconventional crude after the Bakken while exceeding the Eagle
Ford deposit.[3]
Great Bear Petroleum (GBP) is pursuing an unconventional shale
oil play in the 3 major source rocks mentioned above, which sourced
the North Slope's giant oil fields. To date, GBP's results have met
expectations for finding oil in the source rocks.[4] Polar
Petroleum's Hemi Springs Project borders GBP's North Slope holdings
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 started test drilling in 2012 with 4 of 6 proposed drilling
locations along the Dalton Highway with production expected to
begin in 2013.[5] 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."[5] GBP is
currently analyzing the data collected from its activities in 2012,
and is securing permits and gathering the environmental data needed
to expedite future operations.[6]
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.[5]
Since GBP's shale-oil-focused North Slope acquisitions in 2010,
other companies have also acquired Alaska leases targeting
unconventional oil development near GBP's operations. Among them
are industry major ConocoPhillips, which secured a block of leases
to the west.[6] ConocoPhillips is Alaska's largest oil producer and
has major ownership interests in 2 of North America's largest oil
fields, both located on Alaska's North Slope: Kuparuk (operated by
ConocoPhillips) and Prudhoe Bay (operated by BP). According to
ConocoPhillips, shale is proving an increasingly important source
of oil and natural gas liquids, prompting ConocoPhillips to enter
several of the most promising shale plays early on.[7]
Polar Petroleum Corp.'s President and CEO, Daniel Walker,
commented: "With this much interest and investment in the North
Slope's potential for shale oil production, we're keeping a very
close eye on the industry's developments. At the same time, we will
have the report by David Gross and Donald Brizzolara to inform our
understanding of the potential shale oil resource and production
potential of our 2 North Slope projects."
FOR ADDITIONAL INFORMATION
Read more about Alaska's proven and potential energy production
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. Alaska Dispatch, Mar. 3, 2011. 2. Alaska Dispatch,
Mar. 10, 2011. 3. Business Week, Feb. 27, 2012. 4. Petroleum News
(website), Sept. 23, 2012. 5. Petroleum News (website), Mar. 06,
2011. 6. E&E Publishing website, Apr. 3, 2013. 7.
ConocoPhillips website, May 14, 2013.
CONTACT: INVESTOR RELATIONS:
Toll Free: 1-888-765-2773
E-mail: ir@polarpetro.com
OTCBB: POLR
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