Petrolympic to acquire a 30% interest in all Squatex Properties

Quebec, May 15th 2008 - Petrolympic Ltd. ("Petrolympic" or the "Company") (PCQ, TSX-V) is pleased to announce that it has entered into a binding letter of agreement (the "Agreement") with Ressource & Énergie Squatex inc. ("Squatex") 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 (the "Transaction").

Upon signing of the Agreement, Petrolympic made an initial payment of $500,000 to Squatex in order to cover certain outstanding payments on the permits. In order to complete the acquisition of the interest in the Squatex properties, Petrolympic is required to make additional cash payments of $1,000,000 on June 30, 2008 and $1,000,000 on July 31, 2008, with $1.8 million of such funds to be used for exploration of the properties and $200,000 made available to Squatex for its working capital. If Petrolympic does not make these payments for any reason, it will convert the initial $500,000 payment to an 8% equity interest in
Squatex.

The Transaction remains subject to Petrolympic's satisfactory due diligence.

Petrolympic Ltd.

Prior to completion of the Transaction, 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. The Gaspé block of exploration permits totals 40,885 hectares located between Rimouski and Matane in the Province of Quebec immediately southwest of Lake Matapedia. The St. Lawrence Lowlands Block of exploration permits is located on the south shore of the St. Lawrence directly south of Valleyfield less than 30 kilometers southwest of Montreal in the Province of Quebec.

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