Polar Petroleum Corp. Moves Into Strategic Office Space in Anchorage, Alaska

Polar Petroleum Corp. (OTCBB:POLR) (herein after "Polar Petroleum", "Polar" and/or "the Company") is pleased to announce the Company has officially moved into its new office space at 4300 B Street, Suite 505, Anchorage, Alaska, 99503.

The Anchorage location gives the Company a strategic physical presence surrounded by Alaska's oil and gas industry leaders. Included among the offices within one to two miles are those for Chevron, ConocoPhillips, Marathon, BP, Shell and oilfield service company Schlumberger.

In addition to ideally positioning the Company for ongoing business development, Polar's new office location also positions the Company for convenient travel access to its two North Slope projects.

Daniel Walker, Polar's President & CEO, commented: "It feels good to be right in the heart of Anchorage's oil and gas sector. Unlike a fledgling company with a virtual office, we're able to be on the ground and on the job at the epicenter of Alaska's most important industry. I know the significance of that will exceed even our expectations."

FOR ADDITIONAL INFORMATION

Read more on Polar Petroleum's official website about the Company and its latest news releases at http://www.polarpetro.com.

ABOUT POLAR PETROLEUM CORP.

Polar Petroleum (OTCBB:POLR) is an independent American oil and gas company based in Anchorage, AK. The Company is focused on securing domestic energy solutions through the exploration, development and production of oil and natural gas in Alaska's proven North Slope region: home to the 2 largest oil fields in North America, over 10 other producing fields, and established infrastructure. The Company's Franklin Bluffs Project overlies the 3 source rocks thought to represent potential unconventional shale oil on the North Slope. Test drilling in the vicinity has met expectations for finding oil in the source rocks.* The Company's Hemi Springs Project is positioned within 1 of 18 Beaufortian accumulations in Alaska that together represent EUR of 5 billion barrels of oil and 12 trillion cubic feet of gas.**

Polar's projects are strategically positioned between many of the major players of the oil and gas industry and the necessary infrastructure to bring hydrocarbons to market.

* Petroleum News, Sept. 23, 2012; ** US Geological Survey (USGS): Oil and Gas Resources of the Arctic Alaska Petroleum Province, 2005.

The Polar Petroleum Corp. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=17267

ON BEHALF OF THE BOARD OF DIRECTORS,

Polar Petroleum Corp. Daniel Walker, President & CEO

This press release may include certain statements that are forward-looking in nature and that involve a number of uncertainties and risks. Such forward-looking statements are within the meaning of that term in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The forward-looking statements in this press release are based on Polar Petroleum Corp.'s current expectations and projections regarding future events, which are based on currently available information. The forward-looking statements in this press release may also include statements relating to Polar Petroleum Corp.'s anticipated new developments, business prospects, financial performance, strategies and similar matters. Polar Petroleum Corp. disclaims any obligation to update any of its forward-looking statements, except as may be required by law.

Cautionary Note to U.S. Investors: The United States Securities and Exchange Commission permits US companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We may use certain terms in this press release, such as "measured," "indicated," and "inferred" "resources," which the SEC guidelines prohibit US registered companies from including in their filings with the SEC. US investors are urged to consider closely the disclosure in our Form 10-K which may be secured from us, or from our website at http://www.polarpetro.com.

CONTACT: Polar Petroleum Corp.
         4300 B Street
         Suite 505
         Anchorage, AK
         99503
         USA
         
         INVESTOR RELATIONS:
         Toll Free: 1-888-765-2773
         E-mail: [e-mail]