Polar Petroleum Corp. announces the preliminary conclusions of a new Geological Study on the Company's Hemi Springs Project and surrounding Alaskan North Slope region. According to the Study, the Hemi Springs Project acreage could represent total recoverable petroleum reserves of approximately 558 million barrels of oil (MMBO).

The Study, titled Geologic Study and Initial Evaluation of the Potential Petroleum Reserves of the Hemi Springs Project, North Slope, Alaska, was authored by David T. Gross (BSc, MSc, Consulting Geologist, Gross Geologic Services) and Donald W. Brizzolara (BA, BSc, MSc, Consulting Geologist) on March 25, 2013.

According to the Study, the Hemi Springs Project area carries considerable hydrocarbon potential largely due to its unique position in close association with two of North America's largest oil and gas accumulations, the Prudhoe Bay Field and the Kuparuk River Field. The Hemi Springs Project is located on the southern boundary of the Prudhoe Bay Unit and southeast of the Kuparuk River Unit, which together constitute the majority of the oil production on the North Slope (51% and 20%, respectively). The Hemi Springs Project area is only about one mile south of several producing oil wells in the Prudhoe Bay Unit. It also lies less than a mile west of the all-weather Dalton Highway and is crossed by the Trans-Alaska Pipeline System (TAPS).

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