Polar Petroleum Corp. Enters License Agreement With Fugro To Acquire Magnetic Data & Interpretation For The Company's Alaska-Based North Slope Projects
ANCHORAGE, Alaska, May 23, 2013 (GLOBE NEWSWIRE) -- 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.
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