Polar Petroleum Corp. (POLR)

[ofspring]

http://www.petroleumnews.com/pdfarch/865656443.pdfLAND & LEASING
Polar to buy Point Thomson area leases
Polar Petroleum (Alaska) Corp. is looking to buy a plot of leases north of Point
Thomson.
The small independent recently signed a letter of intent to purchase 100 percent working interest in 12 leases north of the ExxonMobil-operated unit on the
eastern North Slope.
Polar Petroleum currently operates the Hemi Springs prospect south of
Prudhoe Bay and a lease farther to the south that it calls the Franklin Bluffs
prospect. The company must drill a well on its leases within two years of closing
(presumably in early to mid-2015).
Donkel Oil & Gas originally acquired the tracts in a 2011 lease sale. Polar
Petroleum also acquired its initial Alaska North Slope acreage from Donkel Oil &
Gas, earlier this year.
The company is calling the new prospect North Point Thomson.
—ERIC LIDJI