A U.S.-based company that has controversially laid claim to nearly all of the Arctic Ocean's undersea oil said Thursday that new geological data suggests a "potentially vast" petroleum resource of 400 billion barrels.

That figure is backed by a respected Canadian researcher who recently signed on as the firm's chief scientific adviser.

Las Vegas-based Arctic Oil & Gas has raised eyebrows around the world with its roll-of-the-dice bid to lock up exclusive rights to extract oil and gas from rapidly melting areas of the central Arctic Ocean, currently beyond the territorial control of Canada, Russia and other polar nations.

The company, which counts retired B.C. ... Read full article