PETROLYMPIC ANNOUNCES CLOSING OF SECOND AND FINAL TRANCHE OF NON-BROKERED PRIVATE PLACEMENT

TORONTO, ONTARIO (February 7, 2014) – Petrolympic Ltd. (TSX-V: PCQ) (the "Company") is pleased to announce that it has completed the second and last tranche of a non-brokered private placement (the "Private Placement"). The Company issued 2,470,666 units of the Corporation (the "Units") at a price of $0.15 per Unit for aggregate gross proceeds of $370,600. Each Unit consists of one common share of the Corporation (a "Unit Share") and one common share purchase warrant (a "Warrant"). Each Warrant entitles the holder to purchase one common share ("a "Warrant Share") at a price of $0.25 per Warrant Share for a period of 18 months from the date of issuance (the "Expiry Time"). In the event that the common shares of the Company trade at or above $0.35 for a period of thirty (30) consecutive trading days at any time prior to the Expiry Time, the Company may accelerate the Expiry Time by giving at least thirty (30) days prior written notice (the "Notice") to the warrant holders, and in such a case the Warrants shall expire on the 30th day after the date on which such Notice is delivered by the Company or such later expiry date set out in the Notice (the "Acceleration Clause"). Compensation Options were also issued to certain finders. The finders received 373,066 compensation options (“Compensation Options”), each Compensation Option being exercisable into one Unit within 18 months of closing, subject to the Acceleration Clause, at an exercise price of $0.15.

The securities sold under the Private Placement will be subject to restrictions on resale for a period of four months and one day from the date of closing. Proceeds of the Private Placement will be used to fund exploration of the Company's properties and for general corporate purposes. The issuance of the Units and listing of the Unit Shares and the Warrant Shares pursuant to the Private Placement is subject to TSX Venture Exchange approval.