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Polar Petroleum enters agreement with ConocoPhillips to license North Slope seismic data

ANCHORAGE, Alaska -- Polar Petroleum Corp. has entered into a charter agreement seismic data use license with ConocoPhillips Company and ConocoPhillips Alaska, Inc. to purchase a license for the use of 2D geophysical data related to Alaska' s North Slope region.

The agreement represents a total of 7,120.16 miles of seismic data across 495 lines from a total of 32 surveys. Counted among the surveys are 1968-69 Prudhoe Bay; 1970 North Prudhoe Detail/ARCO; 1971 Shell Shallow Water Grp and 1972 North Slope/Mobil.

The License agreement outlines terms whereby Polar Petroleum may make the seismic data available to consultants for the purpose of preparing interpretations and the like for Polar' s internal use.

The License agreement also outlines terms whereby Polar Petroleum may show the seismic data to prospective investors, lenders, and participants in farmouts, development proposals, and prospective participants in joint acquisitions of acreage for the sole purpose of evaluating their participation in such ventures.



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