2009

14 September 2009

PETROLYMPIC ANNOUNCES APPOINTMENT OF NEW CHIEF FINANCIAL OFFICER

TORONTO, ONTARIO (September 14, 2009) – Petrolympic Ltd. ("Petrolympic" or the "Company") is pleased to announce the appointment of Mr. Carmelo Marrelli to the position of Chief Financial Officer of the Company following the resignation of Mr. Ernest Cleave on June 30, 2009.

Mr. Marrelli holds a Bachelor of Commerce degree from the University of Toronto and is a qualified Chartered Accountant and Certified General Accountant. Mr. Marrelli is currently the President of Marrelli Support Services Inc., a corporate services firm. Mr. Marrelli has held management positions with various public and private entities over the course of his career. The board of directors of the Company is pleased to welcome Mr. Marrelli to the management team at Petrolympic.

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 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 140,000 acres (56,622 hectares) located on the south shore of the St. Lawrence less than 30 kilometers southwest of Montreal. The Gaspé and Bas-st.Lawrence 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 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.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy and accuracy of this release.

16 July 2009

PETROLYMPIC ANNOUNCES SPUDDING OF JOINT VENTURE’S FIRSTWELL IN THE ST. LAWRENCE LOWLANDS

TORONTO, ONTARIO (July 16, 2009) – Petrolympic Ltd. (the "Company") announced that its joint venture partner and operator Canbriam Energy Inc. spud the Canbriam Farnham No 1 well in the St. Lawrence Lowlands on July 9, 2009. The expected total depth to be reached down to the Top of the Trenton Formation is 2567 meters (TVD). This is the first well of a series to spud under the previously announced joint venture arrangement.

"This stage of our development is very important and symbolic for us and our shareholders. We are very happy to have the opportunity to work alongside with Canbriam Energy and Ressources & Energie Squatex in this joint venture. The expertise, professionalism and applied knowledge that Canbriam brings to this project are very comforting and gives us the confidence that the hydrocarbon potential of these properties will be explored and exploited to its fullest." Stated Mendel Ekstein President and Chief Executive Officer of Petrolympic.

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 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 140,000 acres (56,622 hectares) located on the south shore of the St. Lawrence less than 30 kilometers southwest of Montreal. The Gaspé and Bas-st.Lawrence 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.

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 & ENERGIES SQUATEX INC.

Ressources & Energie Squatex Inc is a private oil and gas exploration company based in Brossard 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 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.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy and accuracy of this release.

29 June 2009

PETROLYMPIC ANNOUNCES CHANGE OF CFO

TORONTO, ONTARIO (June 29, 2009) – Petrolympic Ltd. (the "Company") announced that on June 26, 2009, Mr. Ernest Cleave resigned as Chief Financial Officer of the Company due to a limitation on his availability because of other commitments. The Company would like to thank Mr. Cleave for all his hard work, dedication and contributions during his tenure at the Company and wishes him all the best in his future ventures.

"Mr. Cleave assisted Petrolymic during an important period in the company's development and we are very grateful for his contribution and wish him the best for the future." Stated Mendel Ekstein, President and Chief Executive Officer of Petrolympic.

The Company will immediately commence a search for a new Chief Financial Officer. In the interim period, Mr. Mendel Ekstein, the current President, Chief Executive Officer and a director of the Company, will assume the responsibility of interim Chief Financial Officer until a suitable replacement for Mr. Cleave is found.

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 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 140,000 acres (56,622 hectares) located on the south shore of the St. Lawrence less than 30 kilometers southwest of Montreal. The Gaspé and Bas-st.Lawrence 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.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy and accuracy of this release.

19 June 2009

PETROLYMPIC ANNOUNCES GRANT OF STOCK OPTIONS

TORONTO, ONTARIO (June 19, 2009) – Petrolympic Ltd. (the "Company") announced that on June 17, 2009 it granted to certain directors and officers incentive stock options for the purchase of a total of 950,000 common shares of the Company at a price of $0.295 per common share, exercisable until June 17, 2014. 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.

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 140,000 acres (56,622 hectares) located on the south shore of the St. Lawrence less than 30 kilometers southwest of Montreal. The Gaspé and Bas-st.Lawrence 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 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.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy and accuracy of this release.

15 June 2009

PETROLYMPIC LTD AND ENERGIE SQUATEX ANNOUNCES THAT JOINT OPERATING PARTNER CANBRIAM HAS ELECTED TO ACCELERATE ITS OPTION AND TO DRILL 2 WELLS ON LOWLAND PROPERTIES THIS SUMMER

Toronto, Ontario, June 15, 2009 - Petrolympic Ltd. ("Petrolympic" or the "Company") (PCQ, TSX-V) is pleased to provide an update on its joint venture with Ressources et Energie Squatex Inc. ("Squatex") and the corresponding farmout and joint operating agreement (the "Joint Operating Agreement") which Petrolympic and Squatex previously entered into with Calgary-based Canbriam Energy Inc. ("Canbriam") in respect of its St. Lawrence Lowland properties, as described by Petrolympic in its press release of November 25, 2008., By request of the operator Canbriam, Squatex and Petrolympic have entered into an amendment to the Joint Operating Agreement pursuant to which Canbriam has agreed to accelerate its exercise of the first option under the Joint Operating Agreement, and to advance the drilling program to drill 2 wells this summer in the JV lands.

Under the Joint Operating Agreement, Canbriam had to drill this summer 1 well, and had until March 31, 2010 to make a determination as to whether to proceed with the first option. As a result of exercising this first option, Canbriam shall: (i) drill and case or abandon two (2) vertical wells down to the base of the Utica Formation and/or 30 meters into the top of the Trenton Formation (these two wells being in addition to the 1 vertical well Canbriam is required to drill to the base of the Utica Formation and/or 30 meters into the top of the Trenton Formation prior to October 31, 2009); and (ii) make payments of $1.05 million to Petrolympic and $2.45 million to Squatex by November 30, 2009. As consideration for Canbriam exercising the first option early, Petrolympic and Squatex have agreed to provide Canbriam with an exclusive option to negotiate on addition Land until December 31, 2009.

“Canbriam’s ‘decision to accelerate the drilling and its other ongoing financial contributions to us is strong and tangible validation of projects” stated Mendel Ekstein, President and Chief Executive Officer of Petrolympic. "Our strategic decisions to augment our capital and technical strength through a jointventure partner with Canbriam’s expertise, has positioned Petrolympic in an enviable position to allow us to demonstrate the true potential of our properties and continue enhance our holdings. In the months to come, we will actively communicate our strategy to our shareholders and the investment community."

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 140,000 acres (56,622 hectares) located on the south shore of the St. Lawrence less than 30 kilometers southwest of Montreal. The Gaspé and Bas-st.Lawrence 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.

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 Brossard 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 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.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy and accuracy of this release.

08 June 2009

PETROLYMPIC ANNOUNCES GRANT OF STOCK OPTIONS AND PROPOSED AMENDMENT TO OUTSTANDING WARRANTS

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.

29 May 2009

PETROLYMPIC POSTS ITS FIRST QUARTER RESULTS WITH A HEALTHY CASH AND WORKING CAPITAL BALANCE

Toronto, Ontario, May 29, 2009 - Petrolympic Ltd. ("Petrolympic" or the "Company") (PCQ, TSX-V) Reported its operating and financial results for the first quarter ending March 31st, 2009 ("first quarter 2009").

  • Cash balance and cash equivalents balance of $4,144,323 at the end of the first quarter 2009, compared with $2,417,738 for the corresponding period last year.

  • Working Capital of $3,601, 155 at the end of the first quarter 2009.

  • Current liabilities of $892,180 at the end of the first quarter 2009, compared with $1,068,888 as at December 31, 2008.

  • Exploration expenses of $62,549 for the first quarter 2009, compared with $333,393 for the corresponding period last year.

  • Cash flows used in operating activities for the first quarter 2009 of $238,004, compared with $294,352 for the corresponding period last year.

"Petrolympic's financial structure and cash position is healthy and has allowed it to weather the current economic turmoil, enabling us to take full advantage of opportunities that present themselves." stated Mendel Ekstein, President and Chief Executive Officer of Petrolympic. "The Company has taken firm measures in response to the global financial and commodity price crisis. We have reduced expenditure to a minimum through cost reduction initiatives at the corporate level and have temporarily halted development work on ourGaspé properties."

"Going forward, management intends to strictly control all expenses and focus on creating value for shareholders by exploring and developing its most promising oil and gas properties."

"Although the current cash position of the Company is sufficient to cover corporate activities and operational activities for at least the next two years, including the maintenance of royalty, option and other property commitments, the Company is actively seeking joint venture and farm-in opportunities, to achieve its goal of bringing its oil and gas exploration properties into commercial production and continue exploration and development activities as required, especially in the Gaspé Peninsula and the St. Lawrence Lowlands."

"We appreciate that we are faced with numerous opportunities and challenges and we also understand the importance of communicating proactively and efficiently with the investment community. New internal procedures, marketing tools and strategies are currently being implemented to insure maximum transparency and garner the respect of all investors and professionals following this sector."

"Finally, I would like to thank our very loyal shareholders for their trust and belief in our company and dedicated people. Although the past few months have been very unusual for everyone involved in the financial and energy sectors, we are very proud of all of the significant progress and achievements we have accomplished. We are now able to focus on our business development, knowing that we have gone through the recent turmoil and came out of it with a more efficient administrative structure and quality partners that will help us demonstrate the great potential of our properties. To have successfully concluded our latest joint venture agreement with such a high profile strategic partner demonstrates the potential of our properties and our ability to successfully negotiate with majors. We are very excited about the weeks and months ahead. Many exciting projects and opportunities are being evaluated and developed. Furthermore our partner will begin drilling on our properties early this summer and we will provide a complete corporate update in the weeks to come while ensuring we do this on a regular basis in the future."

Full information, including the management's discussion and analysis and the financial statements and notes thereto, is available on SEDAR, at www.sedar.com

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 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.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy and accuracy of this release.