Polar Petroleum Corp. (POLR)

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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