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One of the biggest stock selling scams in recent history. There was a time when the buy-in was in the .50 range and 3 weeks later we were selling at over $3.50 and above.
Lots of folks got cleaned out when the halt was placed on this one. I have checked back from time to time to see if anything ever came back here to POLR. It appears not.
That was the name I chose for my Santo Mining Corporation blog.
What happened to Polar Petroleum? There is no information on the Internet more recent than 2013. POLR doesn't even have a webpage anymore.
I wonder if they paid that note that was due dec 2??????? No filing as of yet or mabey it was extended????? Who knows
Current assets: Cash $1,475 2,274 Prepaid expenses 20,233 10,230 Total current assets 21,708 12,504 Property and equipment, net 50,123 60,661 Unproved oil and gas properties, not subject to amortization 2,541,991 1,279,228 Total assets $2,613,822 1,352,393 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $43,878 28,895 Accrued expenses 33,302 - Related party payables 60,927 60,927 Current portion of long-term debt 1,850,000 475,000 Total current liabilities 1,988,107 564,822 Related party payables 74,441 - Long-term debt - 500,000 Total liabilities 2,062,548 1,064,822
RECENT 10Q <========OverviewPolar Petroleum Corp. was incorporated in the State of Nevada on March 22, 2011 as Post Data, Inc. We were previously a development stage company formed for purposes of decommissioning electronic data storage devices for permanent inoperability and unrecoverability of electronic data contained therein. On July 30, 2012, our management changed and we entered into the oil and gas business to engage in the exploration, development and production of oil and gas properties primarily in the State of Alaska.On August 22, 2012, we formed a wholly-owned subsidiary, Polar Petroleum (AK) Corp. (the “Subsidiary”), in the State of Alaska for purposes of operating our oil and gas business in the State of Alaska. On October 30, 2012, our wholly-owned subsidiary, the Subsidiary entered into a purchase agreement (the “Hemi/Franklin Purchase Agreement”) with Daniel K. Donkel and Samuel H. Cade (together, the “Sellers”) pursuant to which the Subsidiary acquired 100% of the record title of the Sellers to 17 onshore oil and gas leases located in in the North Slope region of the State of Alaska, which include both the Hemi Springs Project and the Franklin Bluffs Project, while reserving a royalty of 16.67% for the State of Alaska and an overriding royalty of 4% for the Sellers, in exchange for a total purchase price of $1,250,000, with $150,000 of the purchase price paid in cash at closing and the remaining $1,100,000 payable under a promissory note from the Subsidiary to the Sellers (the “Hemi/Franklin Promissory Note”). The Hemi/Franklin Promissory Note was due on October 31, 2014, and bears interest at 0.3% per annum (10% after a default). We were obligated to pay $125,000.00 (plus accrued interest) every three months for the first twelve months, $100,000 (plus accrued interest) every three months for the 13th through 21st months, and $300,000 (plus accrued interest) by the maturity date. The more detailed description of the Hemi/Franklin Purchase Agreement and related transactions set forth under the caption “Business—First Purchase of Oil & Gas Leases” in the 2013 Form 10-K is incorporated herein by reference.An installment payment under the Hemi/Franklin Promissory Note of $125,000.00 (plus accrued interest) was due on July 31, 2013, and a second installment payment of $125,000.00 (plus accrued interest) is due on October 31, 2013. We requested that the Sellers grant us an extension on these payments. 12 On October 16, 2013, the Subsidiary entered into an amendment to the Hemi/Franklin Purchase Agreement with the Sellers, under which the Subsidiary will pay a $12,500 non-refundable extension fee, and Sellers will extend, until December 2, 2013, the payment of the installment amounts otherwise due on July 31 and October 31, 2013. On December 2, 2013, the Subsidiary will be obligated to pay the entire outstanding principal balance due under the Hemi/Franklin Promissory Note, together with all accrued interest thereon, in the total sum of $865,229.On May 31, 2013, the Subsidiary entered into a purchase agreement (the “North Point Thomson Purchase Agreement”) with the same Sellers to acquire a 100% working interest in twelve offshore oil and gas leases in the property known as the North Point Thomson Property for an aggregate purchase price of $1,100,000, with $100,000 payable at closing and $1,000,000 evidenced by a promissory note from the Subsidiary to the Sellers (the “North Point Thomson Promissory Note”). Seven of the leases are subject to a 12.5% royalty retained by the State of Alaska and the rest are subject to a royalty of 16.67% retained by the State of Alaska, and all of them carry an overriding royalty of 4% for the Sellers. The North Point Thomson Promissory Note was due on June 14, 2015, and bears interest at 0.3% per annum (12% after a default). We were obligated to pay $125,000 (plus accrued interest) every three months during the term and on the maturity date. The more detailed description of the North Point Thomson Purchase Agreement and related transactions set forth under the caption “Business—Second Purchase of Oil & Gas Leases” in the 2013 Form 10-K is incorporated herein by reference.An installment payment under the North Point Thomson Promissory Note of $125,000 (plus accrued interest) was due on September 14, 2013. We requested that the Sellers grant us an extension on this payment.On October 16, 2013, the Subsidiary entered into an amendment to the North Point Thomson Purchase Agreement with the Sellers, under which the Subsidiary will pay a $12,500 non-refundable extension fee, and Sellers will extend, until December 2, 2013, the payment of the installment amount otherwise due on September 14, 2013. On December 2, 2013, the Subsidiary will be obligated to pay the entire outstanding principal balance due under the North Point Thomson Promissory Note, together with all accrued interest thereon, in the total sum of $1,020,875.Our BusinessWe are an exploration stage company focused on exploration, production and development of oil and natural gas in the United States. We currently own interests in certain oil and gas drilling areas and land leases located in the North Slope region of the State of Alaska.Recent DevelopmentsOn October 16, 2013, we entered into amendments to the Hemi/Franklin Purchase Agreement and the North Point Thomson Purchase Agreement and the associated promissory notes, as described above.Effective September 6, 2013, we issued to US Energy Investments Ltd. (“US Energy”) a convertible promissory note in the principal amount of $75,000 evidencing a loan in that amount received by the Company from US Energy. The note is due on September 5, 2016, and bears interest at 10% per annum, payable on the maturity date or earlier prepayment. The Company may prepay all or any portion of the principal amount of the note without penalty. Subject to a customary 4.99% “blocker” provision, US Energy may convert all or any portion of the outstanding principal amount of the note, together with accrued and unpaid interest thereon to the date of conversion, into shares of common stock of the Company, at a conversion price per share of common stock to be mutually agreed by the Company and US Energy, which in no event shall be less than $0.20 per share. The note contains customary events of default and acceleration and customary representations by the Company.Effective October 16, 2013, we issued to US Energy a convertible promissory note in the principal amount of $50,000 evidencing a loan in that amount received by the Company from US Energy. The note is due on October 15, 2016, and bears interest at 10% per annum, payable on the maturity date or earlier prepayment. The Company may prepay all or any portion of the principal amount of the note without penalty. Subject to a customary 4.99% “blocker” provision, US Energy may convert all or any portion of the outstanding principal amount of the note, together with accrued and unpaid interest thereon to the date of conversion, into shares of common stock of the Company, at a conversion price per share of common stock to be mutually agreed by the Company and US Energy, which in no event shall be less than $0.10 per share. The note contains customary events of default and acceleration and customary representations by the Company.
I dont know what they going to accomplish with 75k???? The good thing is i dont see any signs of dilution yet.... POLR must not need funds yet....http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=9507112
wow hope no one bought this at 6.25 it be a 98% loss lol
Heard that they are going to spend more money pumping this stock so it my do a short bounce up
100k dumps????? Not good
It's called tossing in the towel and taking the loss. For traders it's time to submit their quarterly profit-losses for the quarter. Believe one has to toss the towel 15 days before the quarter ends for wash purposes - unsure. Been awhile since I worried about such things.
You'll get more volume in December for end of year tax purposes. Then if it follows script it will wiggle around, before a huge sell off at the end of the 2nd year post suspension.
Time & SalesPriceSize MktTime$0.1510,000 OTO15:32:44$0.153,000 OTO15:32:31$0.125,555 OTO15:32:15$0.1452,375 OTO15:26:07$0.1525,000 OTO15:26:07$0.1457,625 OTO15:25:49$0.1525,000 OTO15:25:49$0.151,500 OTO15:02:02$0.151,500 OTO15:02:01$0.1525,000 OTO15:01:14$0.151,000 OTO14:48:31$0.155,500 OTO14:17:08$0.149100,000 OTO14:15:38$0.151,000 OTO14:12:47$0.155,000 OTO14:12:44$0.151,000 OTO14:12:42$0.1510,000 OTO14:12:25$0.1611,000 OTO14:12:21$0.1610,000 OTO14:12:21$0.161,000 OTO14:12:21$0.1450,000 OTO14:11:30$0.1452,000 OTO14:11:28$0.1520,000 OTO13:57:55$0.15200 OTO13:57:54$0.15500 OTO13:57:53$0.155,000 OTO13:57:29$0.182,000 OTO13:11:38$0.1459,999 OTO12:47:13$0.15100,000 OTO12:47:13$0.182,500 OTO12:
100k dumps????? Not good
These Oil and Gas clowns don't have a barrel to claim
What at svu still there shorting at what 7.00 but before that it was 2.40 and shorts were 46% of the float
Whoa puppy. In looking at its chart SVU is a NYSE stock that was chugging along at 7, wiggled down to 5, and then suddenly crashed to below 2.50 on bad news - store closings? Whatever. So you are trying to compare a NYSE stock where if one had wanted to Short it at 5 for 1K shares, your broker would ask for you to be able to cover a margin of $5K, to Shorting POLR below the 2.50 minimum, requiring a margin of $2.5M to Short 1K shares?
Your svu example was a stock which by the numbers you tracked probably did have a large Short volume - bad news attracts Shorts. But is that the case for these penny stocks? You point to the Short interest reported for POLR. Where that Short interest could increase tomorrow. But how can it, when it's illegal to Short a non-marginable stock such as POLR? No broker or intervening MM helping to facilitate a trade is going to directly risk their business by allowing you the retail investor to illegally Short POLR. So why is it Short activity reported for these previously suspended non-marginable penny stocks changes?
Courtesy of poster BigBake1, who has worked in the financial sector, and understands the mechanics:
The scoop
What at svu still there shorting at what 7.00 but before that it was 2.40 and shorts were 46% of the float it happens all the time my point was even thou it is grey scull and bones stock some are still shorting it very strange that no mms don't want to have it yet still shorting something still new I have learned out of this....
yea but shocking still shorts...
Why would any remaining trivial retail short shares be shocked?
yea but shocking still shorts... it has dropped thou.. well i will wait to get some cheapies... i still like this company...
Nope, no short squeeze
However, one could have the remaining Shorts which is now a tiny part of the float covering at the recent lows of 0.25.
15:33 0.40 0.40 0.25 0.25 407,065*
08/29/2013 0.45 0.47 0.25 0.40 423,693
08/28/2013 0.45 0.45 0.40 0.40 3,319
08/27/2013 0.40 0.41 0.40 0.41 6,500
08/26/2013 0.45 0.45 0.40 0.40 2,943
08/23/2013 0.40 0.47 0.40 0.40 9,336
08/22/2013 0.38 0.40 0.38 0.40 3,392
08/21/2013 0.40 0.48 0.35 0.38 72,131
08/20/2013 0.40 0.47 0.40 0.42 8,870
The sudden spike in volume are those taking the loss, and throwing in the towel, a month early for Q3? No messing around about it. Just a huge exit in volume, since the tapering off in August, with the resulting PPS dropping.
There's still a huge volume of shares which transpired during the pump run leading up to the SEC suspension back in May-Jun. Hibernating since the trading resumed? PPS during the pump period 2-->5.75. Volume averaged approx 500K per session for just over a month period.
Meanwhile a formal SEC investigation, with resulting SEC litigation to follow any time in the next 2 yrs.
horse shit Time & Sales
Price Size Mkt Time
$0.25 20,800 OTO 15:33:47
$0.25 20,800 OTO 15:33:46
$0.30 0 OTO 15:20:40
$0.30 5,000 OTO 15:20:06
$0.30 0 OTO 15:13:53
$0.30 1,000 OTO 15:13:36
$0.30 0 OTO 15:11:58
$0.30 8,000 OTO 15:11:56
$0.30 4,000 OTO 15:11:42
$0.25 35,000 OTO 14:43:28
$0.25 35,000 OTO 14:43:22
$0.26 15,000 OTO 14:43:07
$0.26 15,000 OTO 14:43:05
$0.28 1,000 OTO 14:29:26
$0.26 40,000 OTO 14:29:24
$0.28 0 OTO 14:29:18
$0.28 25,000 OTO 14:28:06
$0.28 100 OTO 13:30:44
$0.28 5,000 OTO 12:23:26
$0.30 219 OTO 12:22:27
$0.30 1,000 OTO 12:22:05
$0.30 5,000 OTO 12:21:56
$0.30 44,200 OTO 12:21:19
$0.30 0 OTO 12:21:02
$0.26 50,000 OTO 12:20:50
$0.301 346 OTO 12:13:56
$0.30 200 OTO 10:48:16
$0.29 20,000 OTO 10:30:24
$0.30 10,000 OTO 10:30:03
$0.31 3,000 OTO 10:29:56
Somebody keeps scratching out their orders and screwing around.... weird
To be straight I really don't care what
To be straight I really don't care what they did or if they even did anything wrong but what they have... Theres only one thing i am concearned and we will find out in time...
You might actually learn something if you compare it and read it...
Then teach us. What do you think you have here with POLR as an "investment".
Here is what I see:
A one man drilling exploration company holding leases the big boys of oil had no interest in. Where this one man company with insufficient funds must obtain funding to drill within the specified period of time or lose their leases. Off to the penny stock market we go. The one man company has no collateral, and thus is reduced to giving out chunks of stock to some fly by night penny stock financing outfits. Then the big plan is after issuing stock to pay for seismic reports (i.e. which could come back negative), the one man company must outfarm all actually drilling activities. Which of course would be paid for by more stock dilution.
Somewhere along the line the CEO one man company felt it necessary to pump out PRs like wild in May 2013. Up cranked 3rd party promotions. Volume which previously had a high of 11K shares, suddenly exploded with an average of a couple hundred shares or more per session. Volume eventually approached 28% of the issued shares, where most of the issued shares were suppose to be restricted. The PPS also soared increasing nearly 575%. Somewhere in the trading flurry the SEC detected unregistered shares being dumped involving insiders and affiliates. Result was a suspension.
What is known is the SEC has launched a formal investigation of the CEO and company, per the 10Q. This suggests the SEC has evidence the CEO was directly involved in the Jun P&D which led to the suspension. Most likely the SEC will file litigation, and then offer the CEO an out of court settlement, running him out of the stock market. The only unusual thing is how open the CEO is in the 10Q telling the stockholders about the SEC problem. Most try to hide or downplay it. Although most I've followed are non-reporters, not bound to 10Q transparency.
What you have is a company which willingly or unknowingly violated securities laws. Any ill begotten profits from the P&D will be disgorged with fines. A public company with no financial means to incur this expense, and survive. Their only previous source of revenue of selling their own stock is now unappetizing to the fly by night penny stock financiers. Their CEO the "one man company" likely to be banned from the market by the SEC. Who's left to turn out the lights? Answer: Leftover stockholders. A couple of years from now the SEC will get around to revoking POLR's stock registration.
this is a scam i got solicited mail from some 3rd party had a 50 page pamphlet on why i need to invest in polr so i took a look but was already on down side lol
lol. I just thought you would know. sorry. my mistake.
You might actually learn something if you compare it and read it...
I don't know which ones. what did they change in the amended filing? i'm not going to waste I second of time reading it. this scam is over.
You are saying lies... which one????
so which lies did they attempt to correct.
Polar Petroleum Corp. Provides Update on the Company's Exploration Work to Date & Project Plans for Its 3 Alaska-Based Oil & Gas Projects
Press Release: Polar Petroleum Corp. – Fri, Aug 9, 2013 9:00 AM EDTEmailPrint
RELATED QUOTES
SymbolPriceChangePOLR0.48+0.02ANCHORAGE, Alaska, Aug. 9, 2013 (GLOBE NEWSWIRE) -- Polar Petroleum Corp. (POLR; herein after "Polar Petroleum", "Polar" and/or "the Company") is pleased to provide an update on the Company's exploration work to date and its current business plans for its 3 Alaska-based oil and gas projects in the prolific North Slope region: the Hemi Springs Project, the Franklin Bluffs Project and the North Point Thomson Project.Polar Petroleum Corp.'s President and CEO, Daniel Walker, commented: "While we have already completed initial exploration work on 2 of our projects, the plans outlined here include all the potential stages and conditional outcomes we are currently considering to undertake for our 3 Alaska projects. With these plans spanning from preliminary exploration right through to potential drilling and production and/or deciding whether to retain lease acreage, it's understandable that these plans may be altered along the way or may not ultimately be executed."Polar Petroleum's exploration plans are forward-looking in nature; are dependent on the Company's ability to raise the necessary capital to fund the work and operations outlined below; and there can be no assurance Polar will be able to do so.HEMI SPRINGS PROJECT1. Initial technical assessment.2. Magnetic data purchase and interpretation (completed; Fugro).3. Well log analysis and interpretation (in progress; Waters Petroleum, LLC).4. Begin well permitting process (surface and target locations to be revised/amended later).5. Seismic data acquisition, interpretation, and structural mapping (in discussions).6. Decide if more data required to define exploration well location. If more data required, then (a), if not, then (b).(a) Acquire and interpret additional data, then (b) and (c).(b) Define exploration well location(s).(c) Obtain petroleum engineer's assessment of reserves for well's target-horizons (independent third party).7. Decide to pursue drilling by Polar alone (a), by seeking an outside drilling partner (b), or forego drilling at this time (c).(a1) Finalize well permit for drilling.(a2) Go to tender for well.(a3) Spud well, drill and test. If well is not successful, then (a4), otherwise (a5).(a4) Evaluate alternative well locations and run the stages (a1-a4) again, or go to (b), or go to (c).(a5) Fully define a field development plan, unitize the leases, and go into production.(b) Identify prospective drilling partner companies and engage in discussions, with the objective of pursuing steps (a1-a3) above.(c) Decide whether to retain lease acreage.[For Hemi Springs Project flow chart, see URL below.]FRANKLIN BLUFFS PROJECT1. Initial technical assessment.2. Magnetic data purchase and interpretation (completed; Fugro).3. Well log analysis and interpretation (completed; Waters).4. Evaluate cost/benefit of applying for 3-year lease extension on ADL 390939.5. Decide to pursue extension (a), or drop the lease (b).(a) Continue as below (6).(b) Terminate the lease and end the project.6. Apply for lease extension, and if granted continue as below (7), if not then (5b).7. Define target-horizons; obtain petroleum engineer's assessment of well reserves; begin well permitting process (surface and target locations to be revised/amended later).8. Decide to pursue drilling by Polar alone (a), by seeking an outside drilling partner (b), or forego drilling at this time (c).(a1) Finalize well permit for drilling.(a2) Go to tender for well.(a3) Spud well, drill and test. If well is not successful, then (a4), otherwise (a5).(a4) Evaluate alternative well locations and run the stages (a1-a4) again, or go to (b), or go to (c).(a5) Fully define a field development plan, unitize the leases, and go into production.(b) Identify prospective drilling partner companies and engage in discussions, with the objective of pursuing steps (a1-a3) above.(c) Decide whether to retain lease acreage.[For Franklin Bluffs Project flow chart, see URL below.]NORTH POINT THOMSON PROJECTPolar Petroleum is currently in discussions with Fugro/CGG regarding obtaining magnetic and gravitational data and interpretation for the North Point Thomson project; the geologists have started their initial technical assessment. The Company is also working with WesternGeco about the availability to purchase seismic data from ConocoPhillips and BP for the North Point Thomson project (as well as for the Hemi Springs Project).1. Initial technical assessment (in progress).2. Gravity and Magnetic data purchase and interpretation (in discussions).3. Well log analysis and interpretation (in discussions).4. Begin well permitting process (surface and target locations to be revised/amended later).5. Seismic data acquisition, interpretation, and structural mapping (in discussions).6. Decide if more data required to define exploration well location. If more data required, then (a), if not then (b).(a) Acquire and interpret additional data, then (b) and (c).(b) Define exploration well location(s).(c) Obtain petroleum engineer's assessment of reserves for well's target-horizons (independent third party).7. Decide to pursue drilling by Polar alone (a), by seeking an outside drilling partner (b), or forego drilling at this time (c).(a1) Finalize well permit for drilling.(a2) Go to tender for well.(a3) Spud well, drill and test. If well is not successful, then (a4), otherwise (a5).(a4) Evaluate alternative well locations and run the stages (a1-a4) again, or go to (b), or go to (c).(a5) Fully define a field development plan, unitize the leases, and go into production.(b) Identify prospective drilling partner companies and engage in discussions, with the objective of pursuing steps (a1-a3) above.(c) Decide whether to retain lease acreage.[For North Point Thomson Project flow chart, see URL below.]http://media.globenewswire.com/cache/24266/file/21361.pdfFOR ADDITIONAL INFORMATIONRead more about the Hemi Springs Project, the Franklin Bluffs Project and the North Point Thomson 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 (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.** The Company's North Point Thomson Project lies along the northern border of ExxonMobil's Point Thomson Unit and is 8 miles northeast of the producing Badami Unit.Polar's projects comprise 29 leases and ~66,061 acres, and 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 & CEO4300 B StreetSuite 505Anchorage, AK99503USAINVESTOR RELATIONS:Toll Free: 1-888-765-2773E-mail: ir@polarpetro.comPOLR
I cannot believe they are still circulating the same garbage, all they did was change 9billion in valuation to 5 billion. This is the same scam. They think toning down 9billion to 5 billions will change anything
Level 2 is onlyavailable in Real-Time Time & SalesPriceSize MktTime$0.701,000 OTO16:01:19$0.65380 OTO15:57:20$0.65500 OTO15:42:43$0.541,000 OTO15:37:53$0.55800 OTO15:11:36$0.55200 OTO15:02:10$0.55100 OTO14:42:33$0.682,000 OTO12:08:00$0.512,160 OTO10:46:11$0.50232 OTO10:06:14$0.701,000 OTO09:56
Annual ReportITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.Our Business OverviewPolar Petroleum ("Polar") was incorporated in the State of Nevada on March 22, 2011 as Post Data, Inc. We were previously a development stage company formed for purposes of decommissioning electronic data storage devices for permanent inoperability and unrecoverability of electronic data contained therein. On July 30, 2012, our management changed and we entered into the oil and gas business to engage in the exploration, development and production of oil and gas properties primarily in the State of Alaska. The Company has selected March 31 as it fiscal year end.Results of Operations for the fiscal years ended March 31, 2013 and March 31, 2012RevenuesThe Company has not generated any revenues for the fiscal years ended March 31, 2013 and 2012.Operating ExpensesThe Company expenses for fiscal years ended March 31, 2013 and 2012 were $374,807 and $52,421, respectively. Operating expenses increased in 2013 due to directors' salaries, consulting expenses, and increased operational activities with the purchase of the Alaska Oil and Gas Property Leases as well as the issuance of stock for services. We anticipate incurring further increased expenses once we begin exploration activities and will require additional funding to support our working capital needs.Net loss for the year ended March 31, 2013 and 2012 was $375,442 and $52,437, respectively.Financial ConditionTotal assets. Total assets at March 31, 2013 and 2012 were $1,352,393 and $0, respectively. Total assets consist of cash, prepaid expenses and deposits, equipment, website, and oil and gas properties.Total liabilities. Total liabilities at March 31, 2013 and 2012 were $1,064,822 and $3,487, respectively. Total liabilities at March 31, 2013 consist of account payables and accrued expenses of $28,895, shareholder loans of $60,927, current portion of note payable of $475,000 and long term portion of note payable of $500,000 due under the Oil and Gas Lease Purchase Agreement.Liquidity and Capital ResourcesThe accompanying financial statements have been prepared assuming that the Company will continue as a going concern which contemplates, among other things, the realization of assets and satisfaction of liabilities in the ordinary course of business.The Company has a net loss from operations for the fiscal year ended March 31, 2013. Because of the absence of positive cash flows from operations, the Company will require additional funding for continuing the development and marketing of products. These factors raise substantial doubt about the Company's ability to continue as a going concern. The accompanying financial statements do not include any adjustments that might result from the outcome of this uncertainty.We are not presently able to meet our obligations as they come due. At March 31, 2013 we had working capital deficit of $552,318 or the amount by which our current liabilities exceed our current assets. Our working capital deficit was due to the results of purchases of oil and gas properties.Net cash used in operating activities for the fiscal year ended March 31, 2013 was $191,004. Net cash used in investing activities for the year ended March 31, 2013 was $365,555. Net cash provided by financing activities for the year ended March 31, 2013 was $550,552, generated primarily from proceeds of sales of our common stock.
And all this time the sec has been
And all this time the sec has been on them but the company denies all of it... funny that the sec just doesn't shut it down if it really is true... we will see in the meantime sell man I will buy cheaper... they will keep filing just as they should...
That's my point why file a 8k????
Maybe the government doesn't like oil. Ya think?
The Company is unaware of any of the purported actions and omissions referred to above and is cooperating fully with the SEC’s staff in their investigation. There has been no change to the Company’s business plan. The Company is seeking to have a broker or dealer publish quotations for the Company’s common stock on the OTC Bulletin Board or another interdealer quotation system, although there can be no assurance that this will be achieved
On June 10, 2013, the Securities and Exchange Commission (the “SEC”) issued an order suspending trading in the common stock of Polar Petroleum Corp. (the “Company” or “Polar”) on the OTC Bulletin Board and OTC Link for a period of 11 days ending on June 21, 2013. In its order, the SEC alleged that there was “a lack of current and accurate information concerning the securities of [Polar] because of questions regarding the adequacy and accuracy of assertions by Polar, and by others, to investors in press releases and promotional material concerning, among other things, the [C]ompany’s assets, operations, and financial condition.” Neither the Company nor any of its officers or directors has issued, produced, authorized or paid for any promotional materials concerning the Company, its securities, assets, operations or financial condition, nor is any of them aware of the identity of any persons who have issued, produced, authorized or paid for any such promotional materials. With respect to its press releases, the Company is not aware of any untrue statements of material fact or any omission to state a material fact necessary in order to make the statements made therein, in the light of the circumstances under which they were made, not misleading
That's my point why file a 8k???? But I guess will see in the meantime there looking to get off the greys and get on a diffrent market... it doent mean they will succeed in it but it looks like imo they will give it a fight... still up in the air..
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As an independent American oil and gas company, Polar Petroleum (TICKER SYMBOL: POLR) 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.
By strategically acquiring assets in close proximity to prolific production and established infrastructure, the Company can build shareholder value while successfully advancing its low-risk projects.
The high impact nature of Polar's projects is further enhanced through the Company's experienced management team and consulting specialists. Together, their expertise in geological assessment, project development and executive strategy provides the direction and drive needed for a startup to explore the nation's last energy frontier.
The goal – securing America's energy for Americans – has never been more significant. Armed with today's technologies and industry know-how, it has also never been more possible.
To meet the challenges of exploration, development and production of oil and gas on Alaska's North Slope, Polar Petroleum continues to build a management team and advisory team tailored to maximizing its assets and unique industry opportunities.
Daniel Walker has over seven years of business management experience, including background in the oil and gas industry and management roles encompassing operations, business systems and logistics management.
Most recently, Daniel worked for Terrex Seismic, a seismic data collection company based in Brisbane, Australia. During his time at Terrex, he provided management support for a number of projects across Australia while working in conjunction with oil and gas companies such as Beach Energy and Santos.
Prior to Terrex, Daniel served as the General Manager for E. F. M. Pty Ltd., an agricultural production company based in Cairns, Australia. He managed the company's day-to-day operations and marketing; enforced Quality Assurance; and developed, implemented and maintained organizational systems, procedures and documentation according to regulatory requirements while ensuring compliance with external auditing bodies.
Earlier in his career, Daniel was the Managing Director of DBI Freight Ltd., a mining logistics company based in North Yorkshire, England, with clients such as Halliburton (NYSE:HAL | Market Cap: $40.39B), Schlumberger (NYSE:SLB | $99.72B), Baker Hughes (NYSE:BHI | $20.70B) and specialist contractor PR Marriott Drilling (PRMD). He still retains a working interest in the logistics sector and is currently working alongside PRMD on the York Potash Project.
Daniel holds a B.Sc. degree in Chemistry.
Donald Brizzolara represents 34 years of experience in oil and gas exploration and development geology (Prudhoe and Kuparuk fields), and experience as a successful prospect generator resulting in oil discoveries (Kuvlum, Midnight Sun/Sambuca) in the North Slope of Alaska.
In his consulting geologist work since 2005, Donald has drawn on his understanding of Alaskan petroleum geology including the North Slope, interior basins, Cook Inlet, Alaska Peninsula and offshore federal waters. His consulting work has been diverse and ranges from wellsite geologist to conducting regional geologic evaluations for firms such as ConocoPhillips (NYSE:COP | $76.82B), Shell (NYSE:RDS.A | $214.03B), Pioneer, and Linc Energy.
Earlier in his career, Donald was employed by ARCO Alaska, Inc as an exploration and development geologist, specializing on the North Slope but also working most of Alaska's diverse petroleum provinces. During that 20-year period, he added value to ARCO's operations in CPF-3 Kuparuk River Field, Lisburne Field and the Endicott Field.
He later worked for the Alaska Division of Natural Resources (DNR), Division of Oil and Gas (DOG) as a senior petroleum geologist. His responsibilities included regional evaluations of oil and gas potential for the North Slope foothills province as a well as the Alaska Peninsula.
Donald received a B.S. degree in geology from California State University, Hayward (1975) and an M.S. degree in geology from the University of California, Davis (1979).
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.
David 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, David 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, David 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.
David 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).
Adrian Pilcher represents over 35 years of international experience in the oil and gas industry, including various positions with such industry leaders as Shell (NYSE:RDS.A | Market Cap: $214.03B), BP (NYSE:BP | $138.25B) and ConocoPhillips (NYSE:COP | $76.82B).
Adrian is currently an Oil and Gas Consultant, drawing on his wealth of skill and experience of land based drilling. His background includes work with horizontal wells, under-balance drilling, coring samples, geothermal and workovers, all of which have been undertaken on rigs ranging from 5000' mechanical to 30,000' diesel electric.
Beginning his career as a roughneck and derrickman, Adrian worked up to the positions of driller, senior driller, toolpusher, and, eventually, drilling supervisor and rig superintendent. In his current consulting work, he relies on the knowledge gained from those former experiences while developing drilling programs that encompass all those roles as well as executive considerations.
His experience ranges across multiple countries including England, France, Portugal, Spain and El Salvador, and across multiple energy sources including oil and gas, coal, coal bed methane, geothermal and nuclear.
Steven Costa represents professional experience in diesel fitting, manufacturing and engineering sectors in the areas of technical and business operations, as well as in administrative procedures. His vast experience in the mechanical and engineering sectors, particularly with seismic vibrators, will be of substantial benefit to Polar Petroleum.
Steven began his career working for Scania Australia where he built an extensive knowledge of heavy and light vehicles over a period of 10 years. He then leveraged this knowledge to embark on a career in the mining and exploration sector within Australia.
Steven worked as a mechanic and engineer for Australia's leading exploration contractor to the resources sector, Terrex Seismic. While with Terrex, he worked on many projects including for Santos and Beach Petroleum looking for oil and gas; for QGC looking for coal seam gas; and on other mineral projects targeting zinc, gold, coal and geothermal.
Steven's vast industry knowledge led to him maintaining and repairing all the vehicles used in the process of exploration, including the Komatsu D65 dozers, the graders, and, most important, the vibrators.
Since leaving Terrex in 2012, Steven now works for BHP Billiton (NYSE:BHP | Market Cap: $179.64B) on their Groote Eylandt project looking to mine Manganese in the Australian Northern Territory.
Peter Brown represents experience with both Private and Public sector clients, taking projects from briefing stage through to design and practical completion to successfully increase the value of the specific built asset.
His current work includes serving as Project Surveyor for market leading Global Built Asset Consultancy EC Harris LLP (ECH). Among ECH's activities are providing project control services for FTCO Group in Saudi Arabia; consulting with major Oil & Gas clients including Shell (NYSE:RDS.A | Market Cap: $214.03B), ExxonMobil (NYSE:XOM | $409.38B), BP (NYSE:BP | $138.25B) and Saudi Aramco; and providing Shell with program controls, contract advisory and real estate project management services across 26 countries through a Global Enterprise Framework Agreement (EFA).
During his time with ECH, Peter's role has involved projects ranging in size and value while requiring vital technical and analytical skills necessary to ensure the maximum return from an asset across its lifecycle: project cost analysis, financial reporting, contract procurement, contract administration, defect diagnosis, lease interpretation, and statutory regulation interpretation and compliance.
Peter holds a B.Sc. (Hons) and is currently seeking accreditation from the Royal Institute of Charted Surveyors with a view to sitting the Assessment of Professional Competence in the near future.
David Walker has been involved in the haulage logistics sector for over 35 years. During that time he has gained extensive experience in international and worldwide logistics, and valuable contacts within both the general industry and the Oil and Gas industry in particular.
Currently, David is primarily involved within the oil and gas industry. He draws on his vast knowledge of the logistics sector and his substantial industry network as the logistics coordinator for numerous oil and gas companies, such as Viking Gas, Sirius Minerals and Moorland Energy.
Through his regular dealings in the industry, David has fostered important contacts with leading companies, including Halliburton (NYSE:HAL | Market Cap: $40.39B), Schlumberger (NYSE:SLB | $99.72B), Baker Hughes (NYSE:BHI | $20.70B), Target Directional Drilling and M-I Swaco to name a few.
David's oil and gas industry involvement also includes acting as site supervisor for Moorland Energy.
In 1976, David started his first limited company. After working with many large companies, including Jersey Produce, News International and publisher DH Greaves, he expanded into European markets and started transporting various goods to multiple countries including Spain, France, Italy, Germany, Belgium, Switzerland and the UK.
David also worked directly with Kingspan Group PLC, which supplies building materials to a worldwide market across al
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