Panarctic marked the Federal government's first direct entry into the oil and gas business, except for a brief period of involvement during World War II.

[2][3] In that role it spent some $900 million and was the operator for perhaps three fourths of more than 175 wells drilled in the high Arctic.

Panarctic began its exploration program with seismic work and then drilling in the Arctic Islands.

These and later discoveries established reserves of 17.5 trillion cubic feet (500 km3) of dry, sweet natural gas.

The company also discovered oil - on the islands at Bent Horn and Cape Allison, offshore at Cisco and Skate.