Polar Petroleum, an independent American oil and gas company based in Anchorage, Alaska, has completed its acquisition of a 100 percent working interest in 12 offshore oil and gas leases (collectively, the North Point Thomson Project) in Alaska’s prolific North Slope region.
“By acquiring the North Point Thomson Project, we have established a presence in a third area marked by significant Alaska energy industry production, activity and development involving major industry players,” Polar Petroleum president and CEO Daniel Walker statedin the press release. “Our next steps will include drawing on the insights of the surrounding historic exploration to plan an initial work program to assess the project’s estimated resources and production potential.”
Polar Petroleum (AK) Corp., a whollyowned subsidiary of Polar Petroleum, signed the lease purchase agreement, reserving an overriding royalty of 4 percent for the sellers of the properties, and royalties for the State of Alaska of 12.5 percent for seven of the leases and 16.67 percent for five of the leases.
The North Point Thomson Project properties are located in close proximity to what the company calls “significant oil and gas activities, both historic and ongoing.”
For more information visit www.polarpetro.com
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