PETROLYMPIC ANNOUNCES ITS CURRENT EXPLORATION PROGRAM AND PERMIT RENEWALS UP TO 2019

Petrolympic Ltd. has released its 2010-2011 exploration plan. The company and its joint venture partner, Ressources & Energie Squatex, are allowed to extend their exploration permits up to 2019.

Under continuing exploration plans for the lowlands, Petrolympic and Squatex will be executing a seismic program this summer to further refine target areas and locate the best sites that are planned to be drilled.

Two wells will be drilled to test the Utica play outside the Canbriam joint land as well as within a zone of favourable total organic content (TOC) and maturity of the rock sequences.

A third location is planned to be drilled to test the conventional shallow gas play in the autochthonous carbonate platform south of Montreal. Petrolympic is also in discussions to increase its ownership of some of the jointly owned permits in the lowlands.

Petrolympic is seeking a partner to drill a 1,500-metre well in the Lower St. Lawrence-Gaspe region, particularly in the Sainte-Irene area. This location has been selected to test the presence of light oil in a complex fractured zone near a major fault within the Forillon formation.

Squatex and Petrolympic have acquired and integrated all data acquired since 2001, including seismic, satellite photomapping, aeromagnetic, gravity, radiometry, geochemistry and geological sampling surveys. The results obtained from these surveys have allowed zones with increased potential for oil and gas accumulations to be outlined. Detailed geological sampling and coring over these zones are being carried out this summer to evaluate the TOC and maturity of sedimentary sequences. Squatex plans on conducting two deeper stratigraphic tests in these target areas as well.

Petrolympic and Squatex have renewed all their exploration permits in the St. Lawrence Lowlands and the Lower St. Lawrence-Gaspe areas as of Sept. 1, 2009. The Ministere des Ressources naturelles et de la Faune granted the new permits under the previous regulations of the Law of Mines, giving extended ownership that allows carrying further exploration work for 10 years until September, 2019.

"Our exploration efforts are confirming our understanding of the geology of our properties and demonstrating that the Petrolympic lands – with over 500,000 acres along the Utica play – have great potential," said Petrolympic's chief executive officer, Mendel Ekstein. "Each new well drilled in the lowlands is improving our knowledge of the region and bringing us all closer to unlocking the great potential of the Utica shale gas basin as a whole, and Petrolympic's lands in particular.

"Petrolympic intends to further increase its sizable property position throughout this area by developing other earn-in opportunities as well as continuing to benefit from the friendly regulatory environment in Quebec."