PETROLYMPIC ANNOUNCES GRANT OF STOCK OPTIONS AND PROPOSED AMENDMENT TO OUTSTANDINGWARRANTS

TORONTO, ONTARIO (JUNE 8, 2009) – Petrolympic Ltd. ("Petrolympic" or the "Company") announced today that it has agreed to an extension of the investor relations and capital markets consulting agreements entered into with Advent Management Inc. ("Advent") and Evolution Group Inc. Pursuant to the terms thereof, Petrolympic has granted to Advent incentive stock options for the purchase of a total of 100,000 common shares of the Company at a price of $0.20 per common share, exercisable until June 1, 2012 in accordance with the Company's stock option plan.

Additionally, the Company has filed an application with the TSX Venture Exchange ("TSXV") to extend the exercise term of the 2,500,000 outstanding warrants issued by the Company on June 26, 2008 (the "Existing Warrants"). The Existing Warrants are exercisable at price of $1.40 and are scheduled to expire on December 26, 2009. The Company has applied to extend the exercise period until June 26, 2011 no change to the exercise price is contemplated.

ABOUT PETROLYMPIC LTD.

Petrolympic holds an interest in 1,903,098 acres (786,344 hectares) of oil and gas exploration permits in the Appalachian Basin of Quebec that include holdings in the St. Lawrence Lowlands and Gaspe Peninsula. The Company's holdings in the St. Lawrence Lowlands include a 30% interest in 673,021 acres (272,362 hectares) through a joint venture with Ressource& Énergie Squatex inc ("Squatex") giving Petrolympic a major position over the Utica Shale, Lorraine and Trenton-Black River formations as well as a 100% interest in 180,439 acres (73,021 hectares) located on the south shore of the St. Lawrence less than 30 kilometers southwest of Montreal. The Gaspé holdings include a 30% interest in 988,609 acres (400,076 hectares) through a joint venture with Squatex and a 100% interest in a block of exploration permits totaling 101,029 acres (40,885 hectares) located between Rimouski and Matane prospective for hydrothermal dolomite hosted light oil.

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