ANCHORAGE, AK, May 1, 2013 (GLOBE NEWSWIRE) -- Polar Petroleum Corp. ((OTCBB:POLR) herein after "Polar Petroleum", "Polar" and/or "the Company") is pleased to announce the appointment of Mr. David T. Gross to the Company's Advisory Board as Head of Alaskan Exploration. Mr. Gross's 30 years of industry and regional experience will be of great benefit to Polar Petroleum as the Company continues to advance its plans for the exploration, development and production of oil and gas on its North Slope assets in Alaska. [Full profile for Mr. Gross appears further below.]
Polar Petroleum's President & CEO, Daniel Walker, commented: "As a newer player in Alaska, we're fortunate to have access to the decades of background that David Gross brings to the table, both in terms of industry know-how and connections. Working together, we will focus on the common goal of building shareholder value by determining and realizing the maximum potential of our Alaskan assets and opportunities."
DAVID T. GROSS – HEAD OF ALASKAN EXPLORATION
David 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. Gross began his career at Chevron, USA, working on development geology and exploring Louisiana's outer continental shelf and slope. During this time, he mapped and evaluated 2 newly opened deep-water areas, resulting in Chevron being among the first companies to acquire deep water leasehold positions that later were sites of Lower Tertiary oil discoveries (Perdido Fold Belt).
In 1990, Mr. Gross was assigned to the Cook Inlet of Alaska as its Exploration Area Geologist. After evaluating and thinning Chevron's existing leasehold, he developed and had drilled an exploration prospect on the Kustatan Peninsula.
After he left Chevron in 1992, Mr. Gross became a consulting geologist. In the Cook Inlet, he played a key role in the development of the Sterling Gas Field; the sale of the leasehold over the future Redoubt Shoal Field; the development of the Catcher's Mitt prospect; the acquisition of PERL leasehold ORR royalties in 2009; and the sale of the entire Donkel/Cade Cook Inlet leasehold to Apache in 2010.
Mr. Gross received his degrees from the University of Iowa where he specialized in carbonate geology: B.S. 1980 (Major: Geology) and M.S. 1982 (Geology with Thesis).
FOR ADDITIONAL INFORMATION
Read more about the Company's leadership team 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.