Polar Petroleum Corp. (POLR)

[ofspring]

Exhibit 99.1


Polar Petroleum Corp. to Acquire Prime Alaska Properties Bordering ExxonMobil Project which is Estimated to Hold 25% of the North Slope's Recoverable Natural Gas

Anchorage, Alaska, May 21, 2013 -- Polar Petroleum Corp. (OTCBB: POLR; herein after "Polar Petroleum", "Polar" and/or "the Company") announces the signing of a Letter Of Intent to acquire a 100% Working Interest (WI) in 12 offshore oil and gas leases (approx. 19 , 662 acres in total) in Alaska's prolific North Slope region as of May 20, 2013. The leases are collectively known as the North Point Thomson Project.

Polar Petroleum (AK) Corp., a wholly-owned subsidiary of Polar Petroleum Corp., signed the Letter Of Intent to acquire the properties through a lease purchase agreement that reserved an overriding royalty of 4% for the Sellers of the properties, and royalties for the State of Alaska of 12.5% for 7 of the leases and 16.67% for 5 of the leases.

The properties that Polar will acquire are located ~60 miles east of Prudhoe Bay, North America's largest oil field. The leases lie along the northern border of ExxonMobil's Point Thomson Unit (PTU). The PTU represents an estimated 295 million barrels of oil (MMBO) [1] and 8 trillion cubic feet of natural gas (TCFG), which represents about 25% of the recoverable natural gas on Alaska's North Slope . [2] In February 2013, Russia's Rosneft – the world's largest publicly traded oil company – entered an agreement with ExxonMobil, giving Rosneft the option to buy a 25% interest in ExxonMobil’s holdings in the Point Thomson field.[2] During this year's December-to-May operations window, ExxonMobil began construction of a 22-mile pipeline to transport liquid natural gas condensates from their PTU wells to the Badami Unit, where the liquid fuel will be diverted into a pipeline spur that carries oil to the Trans-Alaska Pipeline System (TAPS).[3]

Additionally, the North Point Thomson Project leases are located 8 miles northeast of the Badami Unit (60+ MMBO), which has produced 5.9 MMBO and 30 billion cubic feet of gas (BCFG) to date . As of May 2012, Badami had production of 1,535 barrels of oil per day (BOPD).[1] The leases are also in close proximity to various oil discoveries: 9 miles southwest of Unocal/Shell's Hammerhead-Sivulliq discovery (100-200+ MMBO); 12 miles west-southwest of the Kuvlum discovery (160-300 MMBO); and 8 miles northwest of the Stinson discovery (150+ MMBO) . [1]

The North Point Thomson Project also sits along an east-west line of exploratory wells that have encountered carbonate-rich, Pre-Mississippian “basement” lithologies. The line starts 8 miles to the east with the Stinson #1, then the Alaska State #A-1, the Alaska State #F-1, the Alaska Island #1, and continues through the Challenge Island #1 on the western end of the North Point Thomson Project before extending westward towards the Liberty Unit area. In particular, the Alaska St. #F-1 Well tested 284 BOPD (35 API) and 4 MMCFGPD in Thomson, and 152 BOPD (35 API) and 3 MMCFGPD in Pre-Mississippian; the Alaska St. #A-1 was the discovery well for Flaxman Island Oil Pool (Canning), and tested 4,220 BWPD in Pre-Mississippian; and less than 4 miles to the southwest of Polar Petroleum's new project, BP's Red Dog #1 Well had 1,275’ of oil and gas shows in Middle Brookian sands.[1]

The Red Dog #1 Well is within the northeast portion of the proposed Telemark Unit, which would lie 2 miles southwest of the North Point Thomson Project. The new Telemark Unit would lie between the Badami and Point Thomson units, and would develop the Tertiary “Flaxman Sands” encountered when Humble Oil (Exxon) drilled the onshore E. Mikkelsen Bay State #1 well in 1971. BP drilled the Red Dog #1 Well in 1999.[1]

Polar Petroleum Corp.'s President and CEO, Daniel Walker, commented: "The proximity of the North Point Thomson Project couldn't be overlooked, from bordering ExxonMobil's Point Thomson Unit, to Rosneft's interest in that project, the Badami Unit to the immediate west, nearby oil discoveries and significant exploration well results. Alaska's energy industry is clearly investing in the development of this area, and we're fortunate to be positioned in the middle of that activity."