Polar Petroleum Corp. has entered into a charter agreement seismic data use license with ConocoPhillips Co. 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 7120.16 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 Group, 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 exclusive internal use. It 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.
Polar Petroleum is an independent American oil and gas company based in Anchorage, Alaska. The company is focused on securing domestic energy solutions through the exploration, development and production of oil and natural gas in Alaska's North Slope region.