2010

22 October 2010

PETROLYMPIC RETAINS INVESTOR RELATIONS CONSULTANT

TORONTO, ONTARIO (October 22, 2010) – Petrolympic Ltd. ("Petrolympic" or the "Company") is pleased to announce that it has retained the services of Cutler Consulting ("Cutler Consulting") to strengthen the Company's investor relations and communications to its shareholders and investors.

Cutler Consulting provides marketing communications and investor relations services to specific publicly traded companies with a goal to increase shareholder value by creating investor relations programs that raise awareness among stockbrokers, analysts, portfolio managers, institutional and venture capital investors, individual investors, and the media. Cutler Consulting has a proven track record and experience in marketing and investor relations

"With a strong land position and proven track record, Petrolympic is ready to present to key players in the brokerage and analyst community. Cutler Consulting can put us in front of the right people and will be an integral part of our investor relations team," said Mendel Ekstein, President and CEO of the Company.

In consideration of the provision of the services, Cutler Consulting will receive a fee of CDN$5,000 per month for a period of 12 months. In addition, Petrolympic will grant 100,000 stock options to purchase common shares in the capital of the Company exercisable over a five year period following the grant date, at an exercise price of $0.20 per common share, subject to regulatory approval. The stock options will vest in stages over the 12 month period following the grant date. The agreement between the Company and Cutler Consulting may be cancelled given 15 days written notice by either party.

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

About Petrolympic Ltd.

Petrolympic 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 a total 754,216 hectares (1,863,668 acres) 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 are a 30% interest in 217,370 hectares (536,941 acres) through a joint venture with Ressources & Energie Squatex Inc. ("Squatex"); a 12% interest in 8,000 hectares (19,768 acres) through a Farmout Agreement with Canbriam Energy Inc., as well as a 100% interest in 56,622 hectares (139,913 acres) located over the Lowlands shallow carbonates platform on the south shore of the St. Lawrence River, less than 30 kilometers southwest of Montreal. These properties represent a major position in the Utica-Lorraine and Trenton-Black River Plays. Petrolympic also maintains holdings in the Gaspé and Bas-St. Lawrence regions, including a 30% interest in 431,339 hectares (1,065,839 acres) through a joint venture with Squatex and a 100% interest in a block of exploration permits totalling 40,885 hectares (101,029 acres) located between Rimouski and Matane prospective for hydrothermal dolomite hosted light oil.

For more information visit www.petrolympic.com.

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 of the adequacy or accuracy of this news release.

12 October 2010

Petrolympic Grants Canbriam Extension on Commitment Dates for First, Second, & Third Option Programs and Receives an Allocation of Exploration Expense Credits to Apply on Its Joint Venture Lands

TORONTO, ONTARIO, Oct. 12, 2010 (Marketwire) – Petrolympic Inc. ("Petrolympic") (TSX VENTURE:PCQ) is pleased to announce that it, along with Ressources et Energie Squatex Inc. ("Squatex") has approved a request by Canbriam Energy Inc. ("Canbriam") to extend for one (1) year its commitment dates for the First, Second, and Third Option Programs (the "Extension") in the farmout lands (the "Farmout Lands").

Furthermore, Canbriam has agreed to allocate excess drilling credits with an implied value of $4,000,000 earned through operational expenditures, to Petrolympic and Squatex in order to satisfy the work commitment obligations for the Petrolympic / Squatex Joint Venture Lands.

Pursuant to the farmout agreement (the "Agreement") between Petrolympic, Squatex and Canbriam, Canbriam has drilled and suspended the Farham No.1 well earning a 60% interest from the surface down to the Top of the Trenton over 8,000 Hectares of its choice. Canbriam subsequently entered into the first of three Option Programs, paying $1,050,000 to Petrolympic and $2,450,000 to Squatex. Canbriam has committed to spud two additional farmout wells by September 30, 2011, and to drill and case or abandon these wells prior to making an election for the following Option Programs on or before December 31, 2011.

Canbriam maintains through a series of rolling options, the right to earn a 60% interest in up to an additional 24,000 Hectares, for a total of 32,000 Hectares within the Farmout Lands, by drilling up to six additional vertical/horizontal wells, and by making cash payments of up to $13.5 million ($4.05 million to Petrolympic and $9.45 million to Squatex) prior to November 30, 2012. When Canbriam earns the interest on such Farmout Lands, the remaining 40% interest shall be held by Petrolympic and Squatex based on the terms of the existing joint venture (28% interest for Squatex and 12% interest for Petrolympic). Petrolympic and Squatex retain a 100% interest in the deeper formations. Canbriam shall be responsible for all drilling, completion or abandonment costs incurred with respect to the earning wells described above. The Agreement also contains provisions to account for rig unavailability and delays due to one or more events of Force Majeure.

About Petrolympic

Petrolympic (TSX VENTURE:PCQ) is a junior oil and gas company 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 a gross interest of 472,027 hectares (1,166,378 acres) and has a net holding of 170,090 hectares (420,290 acres) exploration permits in the Lower St. Lawrence and the Gaspe Peninsula areas. Petrolympic also has a gross interest of 281,995 hectares (696,810 acres) and net holding of 124,236 (306,987 acres) in the St. Lawrence Lowlands.

About Squatex

Squatex is a private oil and gas exploration company active since 2001 and based in Brossard, Quebec. It holds 70% of 431,339 hectares (1,065,839 acres) of exploration permits in the Lower St. Lawrence and the Gaspe Peninsula areas, 70% of 217,370 hectares (536,941 acres) and 28% of 8,000 hectares (19,768 acres) in the St. Lawrence Lowlands.

About Canbriam

Canbriam is a Calgary-based private exploration and development company targeting emerging North American unconventional oil and natural gas opportunities. Formed with financial support from Warburg Pincus and ARC Financial, Canbriam Energy is comprised of professionals with strong track records of value creation and a technical team with extensive experience in unconventional gas resource development.

Forward-Looking Statements

Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Squatex / Petrolympic., including, but not limited to, the impact of general economic conditions, industry conditions, volatility of commodity prices, risks associated with the uncertainty of exploration results and estimates and that the resource potential will be achieved on exploration projects, currency fluctuations, dependence upon regulatory approvals, and the uncertainty of obtaining additional financing and exploration risk. There is no assurance that the company's exploration projects will add to Squatex / Petrolympic's resource base in the short-term, or at all. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.

Neither the 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 or accuracy of this release.

26 July 2010

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."

23 April 2010

PETROLYMPIC ANNOUNCES GRANT OF STOCK OPTIONS

Petrolympic Ltd. has granted incentive stock options to an officer and a consultant of the company for the purchase of a total of 150,000 common shares of the company at the exercise price of 28 cents, exercisable until April 23, 2015. The options are being granted pursuant to the terms of the company's stock option plan.