Polar Petroleum Corp. Enters Agreement with ConocoPhillips
Polar Petroleum Corp. (POLR; herein after “Polar Petroleum”, “Polar” and/or “the Company”) entered into a charter agreement seismic data use license (“License”) on August 28, 2013 with ConocoPhillips Company and ConocoPhillips Alaska,Inc. to purchase a license for the use of 2D geophysical data related to Alaska’s North Slope region.
The agreement represents a total of 7120.16 miles of seismic data across 495 lines from a total of 32 surveys. Counted among the surveys are 1968-69 Prudhoe Bay; 1970 North Prudhoe Detail/ARCO; 1971 Shell Shallow Water Grp and 1972 North Slope/Mobil.
The License agreement outlines terms whereby Polar Petroleum may make the seismic data available to consultants for the purpose of preparing interpretations and the like for Polar’s exclusive internal use.
The License agreement also outlines terms whereby Polar Petroleum may show the seismic data to prospective investors, lenders, and participants in farmouts, development proposals, and prospective participants in joint acquisitions of acreage for the sole purpose of evaluating their participation in such ventures.
Polar Petroleum Corp.’s President and CEO, Daniel Walker, commented: “Access to this breadth of quality seismic data will help our exploration and business development activities. Our next steps will be to further analyze the data in order to determine the insights it can provide for our ongoing development plans for our 3 North Slope region projects.”
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