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.

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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