PETROLYMPIC ANNOUNCES GRANT OF STOCK OPTIONS

TORONTO, ONTARIO (September 15, 2008) – Petrolympic Ltd. (the "Company") announced today that it has granted to certain directors and officers incentive stock options for the purchase of a total of 800,000 common shares of the Company at a price of $0.40 per common share, exercisable until September 12, 2013. The options are being granted pursuant to the terms of the Company's stock option plan.

About Petrolympic Ltd.

Petrolympic Ltd. is a junior oil and gas company that is actively exploring for premium light crude oil and natural gas in Quebec, Canada. The company combines significant land positions, promising geology, systematic exploration, accessible infrastructure, and experienced management. Prior to the completion of the previously announced transaction with Ressource & Énergie Squatex inc. ("Squatex") (originally announced by press release dated May 15, 2008), pursuant to which Petrolympic will acquire a 30% legal and beneficial interest in 36 exploration permits totaling 672,438 hectares in the St. Lawrence Lowlands, Bas St-Laurent and Gaspé Peninsula in Québec, Petrolympic holds more than 113,906 hectares (281,468 acres) of oil and gas exploration permits in the Appalachian Basin of Quebec that include holdings in the Gaspe Peninsula and in the southern part of the St. Lawrence Lowlands. This is a largely unexplored region whose international profile in the oil and gas sector is dramatically rising as a result of improved understanding of regional geology, close and easy proximity to markets, proven hydrocarbons, and geopolitical stability.

FORWARD-LOOKING STATEMENTS

This press release includes certain "forward-looking information" within the meaning of the Securities Act (Ontario), including, but not limited to, statements as to timing and extent of exploration programs and the availability of exploration results. As such, forward-looking information addresses future events and conditions and so involves inherent risks and uncertainties, as disclosed under the heading "Risk Factors" and elsewhere in Petrolympic documents filed from time to time with the Ontario Securities Commission and other regulatory authorities. Actual results could differ significantly from those currently projected as a result of, among those factors, adverse weather, regulatory changes, delays in receiving permits, accidents and delays in completing exploration activities not all of which are in the control of Petrolympic. The forward-looking information contained herein is Petrolympic's reasonable estimate today of future events and conditions, but no assurance can be given that such events or conditions will occur. The reader is cautioned not to rely on these forward-looking statements. Petrolympic disclaims any obligation to update these forward-looking statements.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy and accuracy of this release.