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ANCHORAGE, Alaska, March 19, 2013 (GLOBE NEWSWIRE) -- Polar Petroleum Corp. (OTCBB:POLR) (herein after "Polar Petroleum", "Polar" and/or "the Company") announces that on February 7, 2013, the Company entered into a USD$10 million equity draw down financing agreement ("the Agreement") with US Energy Investments Ltd.
The equity financing agreement does not involve Polar Petroleum taking on any debt. Instead, the terms of the Agreement give the Company the option of drawing down against the $10 million amount as and when needed in $5000.00 increments.
According to the terms of the Agreement, Polar Petroleum will issue Units (each a "Unit") of the Company at a Unit Price determined as 75% of the volume weighted average of the closing price (the "VWAP") of the Company's Common Stock for the prior 10 trading days as quoted on the OTC Markets.
Each Unit will consist of one share of the Company's Common Stock. No warrants will be issued under the terms of the Agreement.
Daniel Walker, Polar Petroleum's President & CEO, commented: "Now that we have access to the level of financing required to explore the energy potential of our two Alaskan projects, our focus is clear: develop and execute our initial exploration programs. We'd like to extend our thanks to US Energy Investments Ltd. for recognizing the considerable upside potential of our holdings and their strategic location on the North Slope."
FOR ADDITIONAL INFORMATION
Read more about the Company's projects on Polar Petroleum's official website, as well as further information about the Company and its latest news releases at
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 positioned within 1 of 18 Beaufortian accumulations in Alaska that together represent EUR of 5 billion barrels of oil and 12 trillion cubic feet of gas.**