2008

25 November 2008

Petrolympic and Squatex Enter Into Joint Operating Agreement with Established Operators on Lowland Properties

Petrolympic receives $1.05M initial cash payment

Quebec, November 25th 2008 - Petrolympic Ltd. ("Petrolympic" or the "Company") (PCQ, TSXV) is pleased to announce that it has, together with its joint venture partner Ressources et Energie Squatex Inc. ("Squatex"), entered into a farmout and joint operating agreement (the "Joint Operating Agreement") with Calgary-based Canbriam Energy Inc. ("Canbriam") pursuant to which Canbriam will have the right to earn a 60% interest in up to 32,000 hectares (79,074 acres) of exploration permits in only the Queenston, Lorraine and Utica Formations (down to the top of the Trenton Formation) that form part of the joint venture between Squatex and Petrolympic (the "Existing JV"). As described in the Company's press release of June 30, 2008, Petrolympic has a 30% interest in all of the properties that are held by the Existing JV which are comprised of 36 exploration permits totaling 672,438 hectares (1,661,630 acres) in the St. Lawrence Lowlands, Bas St. Laurent and Gaspé Peninsula.

The key terms of the Joint Operating Agreement are as follows:

• Canbriam made cash payments of $2.45 million to Squatex and $1.05 million to Petrolympic upon the parties entering into the Joint Operating Agreement.

• Within 3 months from entering into the Joint Operating Agreement, Canbriam will make a determination as to which 2 permits it would like to designate as forming part of the farmout lands (the "Farmout Lands") under the Joint Operating Agreement.

• Canbriam shall drill 1 vertical well to the base of the Utica Formation and/or 30 metres into the top of the Trenton Formation prior to October 31, 2009 (the "Initial Exploration Program"). Within 90 days of completing the Initial Exploration Program, Canbriam shall select and notify the Existing JV of an 8,000 hectare parcel of contiguous Farmout Lands for which Canbriam shall have earned a 60% interest. The remaining 40% interest shall be held by Squatex and Petrolympic based on the terms of the Existing JV (i.e. Squatex - 28% and Petrolympic – 12%).

• Canbriam shall have the option to earn a 60% interest on up to an additional 24,000 hectares comprising part of the Farmout Lands by drilling up to 6 vertical/horizontal wells and making cash payments up to $9,450,000 to Squatex and $4.05 million to Petrolympic prior to November 30, 2011. If Canbriam earns the interest on such Farmout Lands, the remaining 40% interest shall be held by Squatex and Petrolympic based on the terms of the Existing JV (i.e. Squatex - 28% and Petrolympic – 12%).

• Canbriam shall be responsible for all drilling costs, completion costs or abandonment costs incurred with respect to the earning wells described above.

Mendel Ekstein, President and CEO of Petrolympic, and Jean-Claude Caron, President of Squatex, are pleased to welcome Canbriam to the development of this very promising area. "We are excited to have attracted Canbriam's established team of professionals to help Squatex and Petrolympic expedite our progress in the Queenston, Lorraine and Utica Formations. It is a strong statement made by a knowledgeable partner on the potential of our properties."

ABOUT PETROLYMPIC LTD.

In addition to the 30% legal and beneficial interest in 36 exploration permits totaling 1,661,630 acres (672,438 hectares) in the St. Lawrence Lowlands, Bas St-Laurent and Gaspé Peninsula in Québec through a joint venture arrangement with Ressource & Énergie Squatex inc, Petrolympic holds more than 281,468 acres (113,906 hectares) 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.

ABOUT CANBRIAM ENERGY

Canbriam Energy, Inc. is a privately held oil and gas exploration and production company with a focus on certain onshore regions of Canada and the United States. Formed with financial support from Warburg Pincus and ARC Financial, Canbriam Energy is led by a veteran management and technical team with extensive relevant experience and a proven record of finding and developing hydrocarbon reserves.

ABOUT RESSOURCES & ENRGIES SQUATEX INC.

Ressources & Energie Squatex Inc is a private oil and gas exploration company based in Kuujjuarapik, northern Quebec. It has been active since 2001, exploring its 988,609 acres (400,076 Hectares) holdings located in the Lower St. Lawrence and Gaspé. In 2006, Squatex enlarged its properties by acquiring 12 additional exploration permits covering 673,021 acres (272,362 Hectares) in the St. Lawrence Lowlands between Montreal and Quebec City to obtain rights over various exciting type of potential plays. Since June 2008, Squatex owns 70% of its land holding, the remaining 30% being now owned by Petrolympic.

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 reader is cautioned not to rely on these forward-looking statements. Petrolympic disclaims any obligation to update these forward-looking statements.

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

24 November 2008

Petrolympic announces the addition of Susan R. Eaton as new senior consulting advisor and provides an update on its drilling programs.

Toronto, November 24th 2008 - Petrolympic Ltd. ("Petrolympic" or the "Company") (PCQ, TSX-V) is pleased to announce that Calgary-based Susan R. Eaton, P.Geol., P.Geoph., has joined the Company as a senior consulting advisor and will be working closely with the management and Mister Paul Laroche (chief geologist for Petrolympic). Ms. Eaton will advise, alongside mister Laroche, Petrolympic on technical and strategic matters with respect to the company’s exploration portfolio in Quebec.

Susan R. Eaton

Educated in geology, geophysics and journalism, Ms. Eaton possesses a strong business and finance background. She honed her skills while working as the vice-president of exploration for three separate junior oil and gas companies. During her 26-year-long career, Ms. Eaton has worked for Suncor Energy, Husky Oil, Imperial Oil, several junior oil and gas companies, independent consulting companies, and with the Canadian Federal Department of Energy in Ottawa.

Her technical and business experience spans Western Canada, Quebec, Newfoundland, the Canadian Frontiers (East Coast Offshore and the Northwest Territories), the North Sea, Eastern Europe, Russia and Central and South America. She has consulted to numerous Canadian, British and American energy companies on corporate due diligence and financial, strategic, environmental and technical evaluations.

Ms. Eaton has experience in successfully pulling together and managing the entire oil and gas exploration and production process, including managing risk and regulatory compliance with respect to health, safety and environmental issues.

Ms. Eaton has written extensively on emerging technologies in the energy sector, including renewable energy. She contributes frequently to the Calgary based New Technology Magazine and the Alberta Oil Magazine. As the Canadian correspondent for Explorer Magazine – published in Tulsa, Oklahoma, by the American Association of Petroleum Geologists – she reports on Canadian oil and gas exploration trends and industry leaders.

Ms. Eaton speaks and writes English, French, Spanish and German. She holds a B.J. (journalism) Honors degree from Carleton University, a B.Sc. Honors (biology and geology) degree from Dalhousie University, and a M.Sc. degree (geology and geophysics) from Imperial College, University of London, England.

"We are very excited and privileged to have Ms Eaton join Petrolympic," said Mendel Ekstein, President and CEO of the Company. "It is exciting that our young company has been able to attract someone of such high calibre and excellent credentials and experience. It is our objective to build a team of professionals that reflect the great potential of our properties and our ambitions. We could already count on the expertise and the great professionalism of one the best geologist in the region in Mister Paul Laroche and we can now add Ms Eaton to be another important building block for our team."

Exploration program on the joint venture properties

As previously stated (see press release dated July 31st, 2008), Petrolympic announced that joint-venture operator Squatex had awarded a major contract to GPR International Inc. and Kinetex Inc. to complete the field acquisition of 200 kilometers of newReflection Seismic Profiles. During august and September, 125 kilometres of seismic lines were recorded to detail two "Utica plays" near Chambly and near Ste-Hélène over the St. Lawrence Lowlands Basin properties. 75 kilometres of regional lines were also acquired over the Bas-Saint-Laurent and Gaspé region properties to better understand the structural complexity of the Lower Silurian section and see its relation with the Ordovician shale source rocks.

Currently, Squatex is completing over the Bas-Saint-Laurent permits, through a contract awarded to INRS-ETE, the acquisition of a 1650 kilometres radiometric land survey, the collection of 350 soil samples for geochemical analysis and nearly 100 rock samples for maturity and TOC analysis along selected transects.

Since Petrolympic is not the operator on these projects, we are not at liberty to disclose any results at this time. However, Petrolympic’s financial obligations have been met in regards to these properties as over $2,000,000 have been spent by Petrolympic on the Squatex properties.

"I have stated in the past how important it was for Petrolympic to have such a significant holding over the Utica, Lorraine and Trenton-Black River Formations, and meeting our financials obligations to secure these interests was a priority." said Mendel Ekstein, President and CEO of the Company. "The good relationship we have with our joint venture partner is very beneficial for both parties. We are not in a position to communicate all details of these operations but we feel we have made a tremendous addition to our properties through this venture."

Petrolympic Drilling Program on 100% interest properties

On July 31st, 2008, Petrolympic announced that it had mandated Bissett Resource Consultants of Calgary to execute its first drilling project on the Matapédia property in the Gaspé region. Over $200K has already been spent on the preparation work for this drilling program. The drilling site has been identified from seismic interpretation over a large structural closure within a highly fractured zone and the approvals from all authorities have been obtained. The drilling pad has been prepared and the site is ready for the drilling operations. The site is less than three kilometres to the west of the C-125 Barthec Lac Matapédia No.1 well which obtained light oil in fractures.

As promising as this project is, Petrolympic has made the decision to postpone drilling at this site until the company deems the current industry and market conditions more favourable and receptive to such activity.

"After considering many factors, including the current global financial turmoil, we have concluded that we should concentrate most of our efforts on our Lowland properties as this seems to be the most immediate opportunity. During this period of global financial unrest, Petrolympic’s resources need to be allocated strategically as to ensure the best short term return on investment." said Mendel Ekstein, President and CEO of the Company.

New Website & current status

In its continuous effort to better inform its existing and potential shareholders, Petrolympic is proud to announce it has launched its new website: www.petrolympic.com

"We are working very hard to make this company a very serious contender in the oil and gas arena on the national and international scene. We understand that our image and the way we communicate with the investment community are crucial to our success and we are committed to continuously improve our communications tools. It is one of our goals to become a reference player in the sector for our efficiency and disclosure methods." said Mendel Ekstein, President and CEO of the Company.

Petrolympic will also be present at the "Québec Exploration 2008" show from November 24th to the 27th. Squatex’s representatives will join to share the Petrolympic booth and discuss current status of exploration. This event should regroup about 2000 attendees from the financial and resources field to assess and discuss the opportunities in the province of Quebec.

"With the financial crisis affecting the world economy and drastically lowering the energy prices, Petrolympic has chosen to be very cautious with its capital in order to weather this storm. But it is very important to understand that we have met all of our financial and operational obligations for 2008, including our flow-through allocations. The company has very low operational costs with adequate cash on hands (details to be provided in our next quarterly report). We are very confident that our properties have great potential and we will continue to manage this company cautiously while making sure that we continue to take every opportunities that these challenging times might offer in order to create the most value for our shareholders" said Mendel Ekstein, President and CEO of the Company.

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.

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 reader is cautioned not to rely on these forward-looking statements. Petrolympic disclaims any obligation to update these forward-looking statements.

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

15 September 2008

PETROLYMPIC ANNOUNCES GRANT OF STOCK OPTIONS

TORONTO, ONTARIO (September 15, 2008) – Petrolympic Ltd. (the "Company") announced today that it has granted to certain directors and officers incentive stock options for the purchase of a total of 800,000 common shares of the Company at a price of $0.40 per common share, exercisable until September 12, 2013. The options are being granted pursuant to the terms of the Company's stock option plan.

About Petrolympic Ltd.

Petrolympic Ltd. is a junior oil and gas company that is actively exploring for premium light crude oil and natural gas in Quebec, Canada. The company combines significant land positions, promising geology, systematic exploration, accessible infrastructure, and experienced management. Prior to the completion of the previously announced transaction with Ressource & Énergie Squatex inc. ("Squatex") (originally announced by press release dated May 15, 2008), 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, 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. This is a largely unexplored region whose international profile in the oil and gas sector is dramatically rising as a result of improved understanding of regional geology, close and easy proximity to markets, proven hydrocarbons, and geopolitical stability.

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 reader is cautioned not to rely on these forward-looking statements. Petrolympic disclaims any obligation to update these forward-looking statements.

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

23 July 2008

MENDEL EKSTEIN DISCLOSES HIS POSITION IN PETROLYMPIC LTD.

TORONTO, ONTARIO (July 23, 2008) – This press release is being published in relation to an existing position in the securities of Petrolympic Ltd. (the "Company") held by Mendel Ekstein ("Mr. Ekstein") and its joint actor, Brocha Ekstein ("Ms. Ekstein"), that had not previously been disclosed.

Mr. Ekstein announced that following the completion of a three-cornered amalgamation (the "Amalgamation") among Pisces Capital Corp. (a predecessor of the Company, 9186-4140 Québec Inc. ("9186-4140") and Petrolympia Inc. ("Petrolympia") and the related prospectus offering of units of the Company (the "Offering") on December 21, 2007, the 10,000,001 common shares previously held by Mr. Ekstein and Ms. Ekstein in the share capital of Petrolympia were exchange for 22,222,225 common shares of the Company on a 1:0.45 basis at an ascribed price of $0.18 per common share.

As a result, upon the completion of the Amalgamation and the Offering, Mr. Ekstein and Ms. Ekstein owned and controlled 22,222,225 common shares of the Company, representing approximately 31.4% of the then issued and outstanding common shares of the Company.

No consideration was paid to the Company for the 22,222,225 common shares, other than the exchange of the Petrolympia shares.

The common shares were acquired for investment purposes in connection with the Amalgamation. Depending on economic or market conditions or matters relating to the Company, Mr. Ekstein and Ms. Ekstein may choose to either acquire additional securities of the Company or dispose of securities, subject to applicable securities regulatory authorities and requirements.

This press release is being issued in order to comply with the disclosure requirements under applicable securities legislation.

23 July 2008

ANDREAS JACOB DISCLOSES HIS POSITION IN PETROLYMPIC LTD.

TORONTO, ONTARIO (July 23, 2008) – This press release is being published in relation to an existing position in the securities of Petrolympic Ltd. (the "Company") held by Andreas Jacob ("Mr. Jacob") and its joint actor, Rachel Neuman ("Ms. Neuman"), that had not previously been disclosed.

Mr. Jacob announced that following the completion of a three-cornered amalgamation (the "Amalgamation") among Pisces Capital Corp. (a predecessor of the Company, 9186-4140 Québec Inc. ("9186-4140") and Petrolympia Inc. ("Petrolympia") and the related prospectus offering of units of the Company (the "Offering") on December 21, 2007, the 6,475,575 common shares previously held by Mr. Jacob and Ms. Neuman in the share capital of Petrolympia were exchange for 14,390,167 common shares of the Company on a 1:0.45 basis at an ascribed price of $0.18 per common share.

As a result, upon the completion of the Amalgamation and the Offering, Mr. Jacob and Ms. Neuman owned and controlled 14,390,167 common shares of the Company, representing approximately 20.3% of the then issued and outstanding common shares of the Company.

No consideration was paid to the Company for the 14,390,167 common shares, other than the exchange of the Petrolympia shares.

The common shares were acquired for investment purposes in connection with the Amalgamation. Depending on economic or market conditions or matters relating to the Company, Mr. Jacob and Ms. Neuman may choose to either acquire additional securities of the Company or dispose of securities, subject to applicable securities regulatory authorities and requirements.

This press release is being issued in order to comply with the disclosure requirements under applicable securities legislation.

30 June 2008

Petrolympic Acquires a 30% Interest in all Squatex Properties

Quebec, June 30th 2008 - Petrolympic Ltd. ("Petrolympic" or the "Company") (PCQ, TSX-V) is pleased to announce that it has completed the acquisition of a 30% legal and beneficial interest in 36 exploration permits (the "Properties") totaling 672,438 hectares in the St. Lawrence Lowlands, Bas St-Laurent and Gaspé Peninsula in Québec through a joint venture arrangement with Ressource & Énergie Squatex inc. ("Squatex") (originally announced by press release dated May 15, 2008).

As consideration for the acquisition of this interest, in addition to advancing an initial payment of $500,000 to Squatex upon entering into a biding agreement on May 15, 2008, the Company made an additional cash payment of a total of $2,000,000 ($1,000,000 of which was due July 31, 2008), thereby completing all payments before schedule. Of the advanced $2,000,000, $1.8 million of such funds will be used for exploration of the Properties and $200,000 will be available to Squatex for its working capital.

The Company will provide more details on the Properties in a press release that it intends to issue soon, which will also include a corporate update and will provide information about Petrolympic's upcoming exploration program.

About Petrolympic Ltd.

In addition to the acquired 30% legal and beneficial interest in the Properties, 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 reader is cautioned not to rely on these forward-looking statements. Petrolympic disclaims any obligation to update these forward-looking statements.

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

27 June 2008

PETROLYMPIC ANNOUNCES GRANT OF STOCK OPTIONS AND APPOINTMENT OF SECRETARY AND NEW CHIEF FINANCIAL OFFICER

TORONTO, ONTARIO (June 27, 2008) – Petrolympic Ltd. (the "Company") announced today a number of corporate additions.

Chief Financial Officer

The Company is pleased to announce that it has appointed Mr. Ernest Cleave as its new Chief Financial Officer to replace Mr. Harvey McKenzie who has resigned due to a limitation on his availability due to other commitments. The Company would like to thank Mr. McKenzie for his contribution during his tenure at the Company, and wishes him all the best in his future ventures.

Mr. Cleave is a senior financial professional with substantial experience in corporate strategy, financial planning and analysis, governance, regulatory reporting and compliance. He has an extensive background in the international mining industry, and directed corporate planning and analysis, treasury, internal control and regulatory compliance at Goldcorp Inc. Mr. Cleave held
various financial positions with Bata Limited including Controller for Bata South Africa and CFO, Bata International – Africa region. Mr. Cleave began his career with PriceWaterhouseCoopers in 1993. Mr. Cleave's appointment is effective as of today.

Corporate Secretary

The Company is also pleased to announce that Adam Szweras, has been appointed Secretary of the Company, effective June 17, 2008. Mr. Szweras is a partner at Fogler, Rubinoff LLP, Toronto, Ontario, legal counsel to the Company, and is the Co-Chairman and founder of Foundation Markets Inc., a Toronto Investment Bank which acted as the financial advisor to the Company assign in its previous financing and listing. Mr. Szweras joined Fogler, Rubinoff LLP in 2006, and prior thereto practiced securities and corporate law with another major Canadian firm. Prior to that he was the managing partner of a prominent Bay Street securities law boutique where he represented public issuers and investment dealers. His legal practice and investment bank activities have been focused
on corporate finance and going public transactions.

Incentive Stock Options

In connection with his appointment as Secretary, the Company has granted to Mr. Szweras incentive stock options for the purchase of a total of 666,667 common shares of the Company at a price of $0.90 each until June 16, 2013. In addition, the Company has also granted to certain directors and officers incentive stock options for the purchase of a total of 800,000 common shares of the Company at a price of $0.90 each until June 23, 2013. The options are being granted pursuant to the terms of the Company's stock option plan.

About Petrolympic Ltd.

Petrolympic Ltd. is a junior oil and gas company that is actively exploring for premium light crude oil and natural gas in Quebec, Canada. The company combines significant land positions, promising geology, systematic exploration, accessible infrastructure, and experienced management.

Prior to the completion of the previously announced transaction with Ressource & Énergie Squatex inc. ("Squatex") (originally announced by press release dated May 15, 2008), 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, 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. This is a largely unexplored region whose international profile in the oil and gas sector is dramatically rising as a result of improved understanding of regional geology, close and easy proximity to markets, proven hydrocarbons, and geopolitical stability.

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 reader is cautioned not to rely on these forward-looking statements. Petrolympic disclaims any obligation to update these forward-looking statements.

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

23 June 2008

PETROLYMPIC COMPLETES NON-BROKERED PRIVATE PLACEMENT

TORONTO, ONTARIO (June 23, 2008) – Petrolympic Ltd. (the "Company") is pleased to announce that it has closed its previously announced non-brokered private placement (the "Private Placement") of 2,500,000 units of the Corporation (the "Units") at a price of $1.00 per Unit for aggregate gross proceeds of $2,500,000. 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 $1.40 per Warrant Share for a period of 18 months.

The securities sold under the Private Placement are subject to restrictions on resale for a period of 4 months from the date of closing.

Proceeds of the Private Placement will be used to complete the acquisition (originally announced by press release dated May 15, 2008) from Ressource & Énergie Squatex inc. of 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") and for general corporate purposes.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. All dollars in this release are in Canadian funds.

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 totals 73,021 hectares and is located on the south shore of
the St. Lawrence River directly south of Valleyfield at less than 30 kilometres 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.

11 June 2008

PETROLYMPIC LTD. RETAINS EVOLUTION GROUP INC. TO IMPLEMENT ITS FINANCIAL COMMUNICATIONS & IR PROGRAMS

Montreal, June 11, 2008 – Petrolympic Ltd. (“Petrolympic” or the “Company” is pleased to announce that it has retained the services of Evolution Group Inc. (“Evolution Group”) to assist the Company in designing and implementing its Financial Communications & Investor Relations programs.

Evolution Group is a well-known financial communications firm with a working approach that consists of designing and implementing comprehensive, reliable communication strategies. The experience and know-how of its members in the area of securities and financial communications allows Evolution Group to oversee and to represent public companies in their day-to-day stock market activities.

"Given the potential of Petrolympic, the time has come to prepare for timely communication to a wider audience of the promising future of our company and we feel very confident that Evolution Group will assist us in communicating our progress in a very efficient and professional manner," said Mendel Ekstein, President and CEO of the Company.

In his comments, Sylvain Archambault, President of Evolution Group, said: "We are pleased to have been selected by Petrolympic to represent the Company to the financial community. We believe that Petrolympic is a business enterprise with great potential, thanks to the quality of its projects and of its highly regarded executives. We are confident of our ability to help Petrolympic
increase their visibility by setting up and implementing a communications plan that will reflect that potential."

In consideration of the services rendered, Petrolympic will pay a monthly fee of $3,500 for a 12 months term.

Evolution does not hold any interest, direct or indirect, in the Company or its securities, or any right or intent to acquire such an interest.

Petrolympic is also pleased to announce that it has retained Advent Management Inc. ("Advent") to provide consulting services in corporate and capital market strategies and institutional liaison mandate. In consideration of the services rendered, Petrolympic will pay Advent upon delivery of the "Corporate & Capital Markets Strategic" plan to the Company the sum of $6,500. In addition, Petrolympic will pay a monthly fee of $1,000 for a 12 months term.

About Petrolympic Ltd.

Petrolympic Ltd. is a junior oil and gas company that is actively exploring for premium light crude oil and natural gas in Quebec, Canada. The company combines significant land positions, promising geology, systematic exploration, accessible infrastructure, and experienced management.

Petrolympic currently 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. This is a largely unexplored region whose international profile in the oil and gas sector is dramatically rising as a result of improved understanding of regional geology, close and easy proximity to markets, proven hydrocarbons, and geopolitical stability.

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 reader is cautioned not to rely on these forward-looking statements. Petrolympic disclaims any obligation to update these forward-looking statements.

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

22 May 2008

PETROLYMPIC ANNOUNCES NON-BROKERED PRIVATE PLACEMENT

TORONTO, ONTARIO (May 22, 2008) – Petrolympic Ltd. (the "Company") is pleased to announce that it intends to complete a non-brokered private placement (the "Private Placement") of up to 2,500,000 units of the Corporation (the "Units") at a price of $1.00 per Unit for aggregate gross proceeds of up to $2,500,000. Each Unit will consist of one common share of the Corporation (a "Unit Share") and one common share purchase warrant (a "Warrant"). Each Warrant will entitle the holder to purchase one common share ("a "Warrant Share") at a price of $1.40 per Warrant Share for a period of 18 months.

The securities sold under the Private Placement will be subject to restrictions on resale for a period of 4 months from the date of closing.

Proceeds of the Private Placement will be used to complete the acquisition (originally announced by press release dated May 15, 2008) from Ressource & Énergie Squatex inc. of 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") and 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 the TSX Venture Exchange approval.

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 totals 73,021 hectares and is located on the south shore of
the St. Lawrence River directly south of Valleyfield at less than 30 kilometres 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.

15 May 2008

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.

01 May 2008

Petrolympic Announces Expected Delay In Filing Annual Financial Statements

Toronto, Ontario, May 1, 2008 – Petrolympic Ltd. ("Petrolympic" or the "Company") (TSXV: PCQ ) reports that it has been delayed in filing its annual financial statements and annual Management Discussion & Analysis related thereto by the required filing date under applicable Canadian securities laws, namely April 29, 2008. The delay is attributable to a combination of reasons arising from the completion of a reverse take-over of Petrolympia Inc., a private corporation (the "Subsidiary"), in December 2007, which are as follows: (i) the year-end change from March 31 to December 31; (ii) change in the Company's auditors; (iii) change in the Company's management; and (iv) the implementation of internal control aimed at bringing the Subsidiary to the Company's level of reporting requirements.

Petrolympic is working with its auditors to complete the audit of the Company’s financial statements as soon as possible. The Company anticipates that it will be in a position to file its annual financial statements and related annual filings by June 30, 2008. Until its annual financial statements and related annual filings are filed, the Company intends to satisfy the requirements of the "alternate information guidelines" described in CSA Staff Notice 57-603 (the "Policy"), including issuing bi-weekly default status reports.

As a result of this delay, Petrolympic management has asked the Ontario Securities Commission, the British Columbia Securities Commission, the Alberta Securities Commission and the Autorité des marchés financiers to put in place a management cease trade order (the "MCTO") covering all persons who are directors, officers or insiders of the Company or who have been directors, officers or insiders of the Company during the period that the financial statements are being prepared. Pursuant to the Policy, if the Company's annual financial statements and related annual filings are not filed by June 30, 2008, one or all of the Ontario Securities Commission, the British Columbia Securities Commission, the Alberta Securities Commission or the Autorité des marchés financiers may impose an issuer cease trade order against Petrolympic. The
Company does not believe that it will be affected by this aspect of the Policy because it anticipates that it will be in a position to file its annual financial statements and related annual filings by June 30, 2008. The MCTO will remain in place until two full business days following receipt by the commissions of all filings that the Company is required to make pursuant to applicable Canadian securities laws.

About Petrolympic Ltd.

The Company 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. The Company commenced a new phase of exploration in the fall of 2006 including seismic testing and prior data reprocessing to identify high-value drilling targets.

28 February 2008

PETROLYMPIC ANNOUNCES GRANT OF STOCK OPTIONS

TORONTO, ONTARIO (February 28, 2008) – Petrolympic Ltd. (the "Company") announced today that in connection with completion of the Qualifying Transaction with Petrolympia Inc. and concurrent prospectus offering (previously announced by press release dated December 27, 2007), it has granted incentive stock options to directors and officers of the Company for the purchase of a total of 4,741,669 common shares of the Company at a price of $0.18 each until February 19, 2013. The options are being granted pursuant to the terms of the Company’s stock option plan.

About Petrolympic Ltd.

The Company 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. The Company commenced a new phase of exploration in the fall of 2006 including seismic testing and prior data reprocessing to identify high-value drilling targets.

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 Ltd. 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 Ltd. 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 has not reviewed and does not accept responsibility of the adequacy or accuracy of this news release.