Quebec, January 14th 2008 - Petrolympic Ltd. ("Petrolympic" or the "Company") (PCQ, TSXV) announced today that it has started further field work on its Gaspé properties to the southeast of Rimouski, Québec. An additional 25 Km of seismic lines will be recorded by a GPR-Kinetex vibroseis crew during the following weeks to complement the previous seismic profiles acquired in November 2006.
The properties are located in the Silurian-Devonian basin of the Gaspé Peninsula.
A previous well (C-125) drilled by the Company's subsidiary in 2004 in the northern part of the properties obtained very interesting light oil shows.
The Company has also begun planning for the drilling of a deep well in the area next summer to explore the possibility of the presence of light oil in fractures within the Upper Silurian and the Lower Devonian reservoir rocks on a large structural closure defined from the previous seismic data acquired in 2006. The well is expected to have a target depth of approximately 1500 metres.
Petrolympic holds more than 113,906 hectares (281,468 acres) of exploration permits in the Appalachian Basin of Quebec that include holdings in the Gaspe Peninsula and The St. Lawrence Lowlands. The Gaspe block of exploration permits total 40,885 hectares and are located between Rimouski and Matane in the Province of Quebec immediately southwest of Lake Matapedia. The St. Lawrence Block of exploration permits is located on the south shore of the St. Lawrence
directly south of Valleyfield less than 30 kilometres southwest of Montreal in the Province of Quebec.
Petrolympic commenced a new phase of exploration in the fall of 2006 including seismic testing and prior data reprocessing to identify high-value drilling targets. Funds raised from the Offering will be used for the Phase II exploration of the Gaspe and Phase I exploration of the St. Lawrence Lowlands.
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.