2011

21 November 2011

Petrolympic Announces Results From Annual General Meeting

TORONTO, ONTARIO (November 21, 2011) – Petrolympic Ltd. TSX.V: PCQ (“Petrolympic” or the “Company”) is pleased to announce the Company held their Annual
General Meeting (the "AGM") on November 21, 2011. At the AGM the shareholders reappointed Collins Barrow Toronto LLP, Chartered Accounts, as auditor of the Company to hold office until the close of the next annual meeting of the shareholders and approved the ratification and approval of the 10 % rolling stock option plan.

At the AGM the shareholders also approved the election of the following directors:Mendel Ekstein

• Andreas Jacob

• Alain Fleury

• Frank Ricciuti

• Miles Pittman

• Rodger Creamer

Mr. Creamer is a new addition to the board of directors. Mr. Creamer is currently the president of SE-AM Tech Inc. Mr. Creamer is a professional engineer and has 35 years of experience in various project functions. Mr. Creamer is currently a project manager with Chevron in Kern River oil field. From 2005 -2009 he was involved in the redevelopment of the Montego Bay airport in Jamaica. Mr. Creamer has been involved in numerous other projects over the years, including combined cogeneration plants, pulp and paper plants, refinery plant engineering including project direction refinery de-sulphurization of naphtha and diesel products (Vittol), polyethylene plant (Petro Kemya), Greenfield WOSEP separation plant Aramco) and a Greenfield headquarters for a (ORICA, formerly ICI) chemical producer and as well various
other petroleum industrial plants. These projects have ranged in value from a few million dollars to projects with combined totals in excess of one billion dollars.

Mr. Gerold Fong chose not to put his name up for re-appointment and Mr. Enrique Lopez de Mesa withdrew his candidacy as director, both due to other business commitments. The Company would like to thank both Mr. Fong and Mr. Lopez de Mesa for their four years of valuable service to the Company.

Upon completion of the AGM the board of directors of the Company held a meeting and reappointed Mr. Ekstein as President and Chief Executive Officer, Mr. Carmello Marrelli as Chief Financial Officer and Mr. Jacob as Vice-President. Mr. Ricciuti was appointed as Chairman of the board of directors.

About Petrolympic Ltd.
Petrolympic Ltd. (PCQ.V) is a Canadian junior oil and gas company actively exploring for premium light crude oil and natural gas in North America. The Company is presently focused on its near-term oil production 8,000+ acre asset in the prolific Maverick Basin of Texas, USA. The company also 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 Resources & Energie Squatex Inc.; 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 kilometres 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.

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.

For further information please contact:
Petrolympic Ltd.
Mendel Ekstein
President and CEO
(845) 656-0184
exis@petrolympic.com

Or visit www.petrolympic.com.

For Investor Relations Inquiries please contact:
Cutler McCarthy
Miranda McCarthy
Investor Relations Consultant
(647) 722-5342
miranda@cutlermccarthy.com

04 November 2011

Petrolympic Provides Update on Well 80-2V Located in Maverick Basin, Texas

TORONTO, ONTARIO (November 4, 2011) – Petrolympic Ltd. TSX.V: PCQ (“Petrolympic” or the “Company”) is pleased to provide an update on well 80-2V located on the Chittam Ranch property in the Texas Maverick Basin. The operator, Big Shell Oil & Gas, Inc., (the "Operator") recently stimulated the lowest level reservoir, which was a previously unexplored zone.

Subsequent to the Stimulation procedure, the well has been swabbed to recover all stimulation fluids. This has been done successfully. Along with the recovery of the stimulation fluids the Operator also recovered both gas and oil. As such, Petrolympic believes that the prospect warrants further long-term testing.

“Further testing is necessary to provide us with the data needed to evaluate the reservoir capability of this field and its potential for economic development & production,” commented CEO Mendel Ekstein.

The Operator has applied for the assignment of the 320 acres surrounding the wellbore from Shell Western E& P. Long-term testing will commence upon receipt of assignment of acreage.

During drilling of the well, Petrolympic penetrated 7 oil and gas bearing horizons. The Chittam Ranch well is being drilled by Petrolympic as part of an earn in agreement with Texas HBP and Shell Western E&P, pursuant to which Petrolympic has the right to earn a 50% working interest (yielding a 37.5% net revenue interest) in the Chittam Ranch property. (For further details, please refer to the Company's press release of May 11, 2011, available at www.petrolympic.com).

Gerrard Kiefer, M.Sc., P.Geo., a qualified reserves auditor/evaluator as that term is defined in National Instrument 51-101, has reviewed the technical information in this press release.

About Petrolympic Ltd.
Petrolympic Ltd. (PCQ.V) is a Canadian junior oil and gas company actively exploring for premium light crude oil and natural gas in North America. The Company is presently focused on its near-term oil production 8,000+ acre asset in the prolific Maverick Basin of Texas, USA. The company also 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 Resources & Energie Squatex Inc.; 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 kilometres 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.

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.

For further information please contact:
Petrolympic Ltd.
Mendel Ekstein
President and CEO
(845) 656-0184
exis@petrolympic.com
Or visit www.petrolympic.com.

For Investor Relations Inquiries please contact:
Cutler McCarthy
Miranda McCarthy
Investor Relations Consultant
(647) 722-5342
miranda@cutlermccarthy.com

23 August 2011

Petrolympic’s Maverick Basin Appraisal Well Responds Well to Completion

TORONTO, ONTARIO (August 23, 2011) – Petrolympic Ltd. TSX.V: PCQ (“Petrolympic” or the “Company”) is pleased to announce the completion of the Acid Stimulation on the 80-2V well located on the Chittam Ranch property in the Texas Maverick Basin. The operator, “Big Shell Oil & Gas, Inc.”, stimulated the lowest level reservoir and will appraise the reservoir characteristics of multiple stacked oil bearing horizons starting with the bottom and working its way up. The target reservoir is now on test and Petrolympic expects to announce production rates in the near term.

“Well 80-2V responded extremely well to our stimulation techniques which included the use of new acids that were specifically designed to maximize production,” commented Robert Kinsey, Petrolympic’s Chief Engineer. “We are currently testing and expect to have production numbers out in the near future. I am very pleased with our progress to date and we hope to discover additional untapped potential as we work our way up through the multiple hydrocarbon bearing horizons.”

“This was a low cost vertical well which we were able to complete in a relatively short period,” said CEO Mendel Ekstein. “The geology which underlies well 80-2V is prevalent throughout the property and if the oil production rate warrants expansion our goal is to drill multiple wells at 40 acre spacing on the 8,000 acre Chittam Ranch Property which would provide for significant production.”

During drilling of the well, Petrolympic penetrated 7 oil and gas bearing horizons. The Chittam Ranch well is being drilled by Petrolympic as part of an earn in agreement with Texas HBP and Shell Western E&P, pursuant to which Petrolympic has the right to earn a 50% working interest (yielding a 37.5% net revenue interest) in the Chittam Ranch property.  (For further details, please refer to the Company's press release of May 11, 2011, available at www.petrolympic.com)

Gerrard Keiffer, M.Sc., P.Geol., a qualified reserves auditor/evaluator as that term is defined in National Instrument 51-101, has reviewed the technical information in this press release.

About Petrolympic Ltd. 

Petrolympic Ltd. (PCQ.V) is a Canadian junior oil and gas company actively exploring for premium light crude oil and natural gas in North America. The Company is presently focused on its near-term oil production 8,000+ acre asset in the prolific Maverick Basin of Texas, USA.  The company also 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 Resources & Energie Squatex Inc.; 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 kilometres 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.

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. 

For further information please contact:

Petrolympic Ltd.
Mendel Ekstein                                                           
President and CEO                                                                              
(845) 656-0184                                                                                              
exis@petrolympic.com

Or visit www.petrolympic.com.

For Investor Relations Inquiries please contact:

Cutler McCarthy
Miranda McCarthy                              
Investor Relations Consultant             
(647) 722-5342                                              
miranda@cutlermccarthy.com 

13 July 2011

Petrolympic Announces Appraisal Well Completion Update

TORONTO, ONTARIO (July 13, 2011) – Petrolympic Ltd. TSX.V: PCQ (“Petrolympic” or the “Company”) is pleased to provide an update on the drilling of its appraisal well 80-2v on the Chittam Ranch property. The company has completed logging and taking Side Wall cores from the 80-2V. These cores have been sent to the lab and the initial analysis has revealed oil showings in the core from at least three oil bearing horizons including the Georgetown. Casing has been set and cemented to Target Depth.  Given the results to date, the Company has decided to complete in the Georgetown and has already perforated two zones with plans to perforate additional zones. Petrolympic is currently awaiting arrival of the Stimulation crew, scheduled to be on site before the end of July. Petrolympic expects to announce production rates following completion of the well.

“We are very encouraged by the core that has been sent to the lab for analysis and we are eager to begin completion of the well,” said CEO Mendel Ekstein. “The delay in the obtaining the Stimulation crew is indicative of the rapid growth of drilling activity in area. We continue to be very pleased with our decision to diversify our resource base and expand into the United States. Our goal now is to quickly move into the production phase of this project.”

During drilling of the well, Petrolympic penetrated 7 oil and gas bearing horizons with the initial target horizon for production being the Georgetown. The Chitham Ranch well is being drilled by Petrolympic as part of an earn in agreement with Texas HBP and Shell Western E&P, pursuant to which Petrolympic has the right to earn a 50% working interest (yielding a 37.5% net revenue interest) in the Chittim Ranch property.  (For further details, please refer to the Company's press release of May 11, 2011, available at www.petrolympic.com)

Gerrard Keiffer, M.Sc., P.Geol., a qualified reserves auditor/evaluator as that term is defined in National Instrument 51-101, has reviewed the technical information in this press release.

About Petrolympic Ltd. 

Petrolympic Ltd. (PCQ.V) is a Canadian junior oil and gas company actively exploring for premium light crude oil and natural gas in North America. The Company is presently focused on its near-term oil production 8,000+ acre asset in the prolific Maverick Basin of Texas, USA.  The company also 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 Resources & Energie Squatex Inc.; 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 kilometres 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.

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. 

For further information please contact:

Petrolympic Ltd.
Mendel Ekstein                                                           
President and CEO                                                                              
(845) 656-0184                                                                                              
exis@petrolympic.com

Or visit www.petrolympic.com.

For Investor Relations Inquiries please contact:

Cutler McCarthy
Miranda McCarthy                              
Investor Relations Consultant             
(647) 722-5342                                              
miranda@cutlermccarthy.com 

21 June 2011

Petrolympic Reaches Target Depth & Confirms Positive Shows in Appraisal Well 80-2V, Maverick Basin, Texas, USA

TORONTO, ONTARIO (June 21, 2011) – Petrolympic Ltd. TSX.V: PCQ (“Petrolympic” or the “Company”) is pleased to report that drilling of its appraisal well 80-2v on the Chittim Ranch property has reached its target depth (TD) of 3,980 feet.  The well penetrated 7 oil and gas bearing horizons with the initial target horizon for production being the Georgetown where oil and gas showings have also been observed.  The Company is encouraged by the positive shows in the Georgetown and other formations.

Petrolympic is currently evaluating Electric logs and side wall cores from drilling. The well is scheduled for completion within the week. The rig is currently running 7” casing to 3,980 feet.

The Chittam Ranch well is being drilled by Petrolympic as part of an earn in agreement with Texas HBP and Shell Western E&P, pursuant to which Petrolympic has the right to earn a 50% working interest (yielding a 37.5% net revenue interest) in the Chittim Ranch property.  (For further details, please refer to the Company's press release of May 11, 2011, available at www.petrolympic.com)

“The next steps are to complete the well and monitor its production rate,” said CEO Mendel Ekstein.  “Assuming the well produces a minimum of 50 barrels a day for 60 consecutive days, Petrolympic intends to make the financial commitment necessary to earn in on the 8000+ acre Chittim Ranch property and transition from being a pure oil & gas exploration company to a producer. “

About Petrolympic Ltd. 

Petrolympic Ltd. (PCQ.V) is a Canadian junior oil and gas company actively exploring for premium light crude oil and natural gas in North America. The Company is presently focused on its near-term oil production 8,000+ acre asset in the prolific Maverick Basin of Texas, USA.  The company also 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 Resources & Energie Squatex Inc.; 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 kilometres 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.

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.

For further information please contact:

Petrolympic Ltd.
Mendel Ekstein                                                           
President and CEO                                                                              
(845) 656-0184                                                                                              
exis@petrolympic.com

Or visit www.petrolympic.com.

For Investor Relations Inquiries please contact:

Miranda McCarthy
Investor Relations
Cutler McCarthy Consulting
604-628-1699
miranda@cutlermccarthy.com

20 May 2011

Petrolympic Spuds the Chittim Ranch Property 80-2V Well, Maverick Basin, Texas, USA

TORONTO, ONTARIO (May 20, 2011) – Petrolympic Ltd. TSX.V: PCQ (“Petrolympic” or the “Company”) is pleased to announce the first appraisal well on the Chittim Ranch property has been Spud and 300 feet of surface casing has been set.  Drilling expects to commence the first week of June 2011.  A drill rig had been scheduled to commence drilling in May, but the rig experienced mechanical problems and a new drilling rig will arrive at the end of the month.  Chittim Ranch, Petrolympic’s newly acquired leasehold, is located in the prolific Maverick Basin, Texas, USA.

The primary objective of this first appraisal well – the 80-2v - is to appraise all hydrocarbon horizons to 4000 feet.   Petrolympic has entered into an exploration agreement with Texas HBP and Shell Western E&P, pursuant to which Petrolympic has the right to earn a 50% working interest (yielding a 37.5% net revenue interest) in the Chittim Ranch property.  (For further details, please refer to the Company's press release of May 11, 2011, available under the Company's SEDAR profile at www.sedar.com.)  Big Shell Oil and Gas, Inc. ("Big Shell"), an affiliate of Texas HBP, is the operator of the Chittim Ranch property and has engaged Arrow Drilling ("Arrow") as the drilling contractor.  Big Shell and Arrow expect to reach target depth on the Chittim Ranch property within 10 to 13 days from commencement of drilling.

“We are very encouraged by the potential of this project and accordingly have earmarked funds to immediately begin confirmation drilling of this well,” said Petrolympic CEO Mendel Ekstein.  “Given the production activity in the surrounding area, we believe that this well, and the Chittim Ranch property in general, holds significant potential. We believe that this project could generate near-term revenue for Petrolympic and self-finance further exploration in the area.”

The Chittim Ranch 8,000 + acre block is well positioned within the preferred oil window of the prolific Eagleford Shale resource play and located among currently producing fields.  The acreage also hosts other highly productive formations such as the Buda, Georgetown, Edwards and McKnight.  The acreage is defined by 3D seismic and extensive offsetting well control.  Several major oil and gas companies and large independent producers are currently active in this area.   A large independent oil and gas company is sharing the lease line with the proposed acquisition and is currently developing the Georgetown formation.

Further technical information concerning the Chittim Ranch property will be provided as it becomes available.

About Petrolympic Ltd. 

Petrolympic Ltd. (PCQ.V) is a Canadian junior oil and gas company actively exploring for premium light crude oil and natural gas in North America. The Company is presently focused on its near-term oil production 8,000+ acre asset in the prolific Maverick Basin of Texas, USA.  The company also 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 Resources & Energie Squatex Inc.; 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 kilometres 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.

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.

For further information please contact:

Petrolympic Ltd.
Mendel Ekstein                                                           
President and CEO                                                                              
(845) 656-0184                                                                                              
exis@petrolympic.com

Or visit www.petrolympic.com.

For Investor Relations Inquiries please contact:

Miranda McCarthy
Investor Relations
Cutler McCarthy Consulting
604-628-1699
miranda@cutlermccarthy.com

11 May 2011

Petrolympic expands its Property Portfolio as it Acquires Oil Interests in the Prolific Maverick Basin, Texas, USA

TORONTO, ONTARIO (May 11, 2011) – Petrolympic USA Inc., a wholly-owned subsidiary of Petrolympic Ltd. TSX.V: PCQ (“Petrolympic” or the “Company”) is pleased to announce that it has acquired a new property in the Maverick Basin (“the Property”), Texas, as the Company shifts its near-term operational focus from gas to liquids.  The 8,000 + acre block in which the Company has acquired an interest is uniquely positioned within the preferred oil window of the prolific Eagleford Shale resource play and located among currently producing fields.  The acreage also hosts other highly productive formations such as the Buda, Georgetown, Edwards and McKnight.

The acreage is defined by 3D seismic and extensive offsetting well control.  Several majors and large independent producers are currently active in this area.   A large independent is sharing the lease line with the proposed acquisition and is currently developing the Georgetown.

“Petrolympic plans to advance this project as quickly as possible with the goal of becoming an oil producer in the near term,” said CEO Mendel Ekstein. “With today’s favourable oil prices this project is well situated in a producing area that is known for low cost production due to near surface oil and existing infrastructure.  Drilling on our project is expected to start this month to evaluate the resource potential.”

Petrolympic has entered in to an Exploration Agreement with Texas HBP LLC (“HBP”) to acquire a portion of its interest in the Property.   HBP has an exploration agreement with the original lease owner of the Property, Blue Star Oil & Gas (“Blue Star”) which was subsequently acquired by Shell Western E&P (“Shell”).  Under the terms of the agreement between HBP and Shell, HBP is required to pay 100% of the costs incurred in the drilling and completion of earning wells. Once each well has been drilled to its objective depth, completed and tested, HBP will own an 87.5% working interest in the property, with Shell retaining the remaining 12.5% interest.  Thereafter, each party will be responsible for its proportionate share of operating costs.

Key terms of the Exploration Agreement are summarized as follows:

1) $250,000 will be paid to HBP upon signing of the Exploration Agreement, refundable if drilling does not commence on or before May 14, 2011;

2) Petrolympic will be responsible for 100% of all actual costs of drilling and completing the first well;

3) Big Shell Oil & Gas, an affiliate of HBP, will remain as Operator of the property;

4) In the event that the first well is completed as a producing well with a minimum average of 50 barrels of oil production per day for the first 60 days , Petrolympic will have the obligation to tender to HBP an additional $3,000,000 (“the Payment”) within 20 days of Petrolympic’s receipt of confirmation of production volume;

5) Upon fulfillment of its drilling and payment obligations, Petrolympic will earn an undivided 50% working interest, yielding a 37.5% net revenue interest, in the acreage and depth to the first well. Additionally, Petrolympic will receive the farm-in right to an undivided 50% working interest in the remainder of the subject property, provided that Petrolympic assumed its proportionate shared cost of the carried interest;

6) In the event that the first well does not produce up to the average of at least 50 barrels of oil per day, Petrolympic will retain the option to make the Payment and thereby acquire a 50% working interest and a 37.5% net revenue interest in the subject property. In the event that Petrolympic elects not to make the Payment under this scenario, it will receive a 50% working interest, yielding a 37.5% net revenue interest, on the first well and the 320 acres surrounding it but will have no further rights under the Exploration Agreement.

Further technical information concerning the Property will be provided as it becomes available.

Update on Quebec Properties

Petrolympic remains confident that shale oil & gas will be developed safely in Quebec. The company is currently evaluating and exploring their property in the Lower St. Lawrence/Gaspe Region of Quebec together with Energie Squatex Inc. ("Squatex") to target hydrothermal dolomite hosted conventional and unconventional light oil where oil showings have been previously observed in geological outcrop sampling and coring programs.  Petrolympic is one of the largest land holders in the Utica Fairway and is the only acreage holder that still has large contiguous blocks of land available for farm-out.

About Petrolympic Ltd. 

Petrolympic is a junior oil and gas company that is actively exploring for premium light crude oil and natural gas in North America. 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.; 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.

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.

For further information please contact:

Petrolympic Ltd.
Mendel Ekstein                                                           
President and CEO                                                                              
(845) 656-0184                                                                                              
exis@petrolympic.com

Or visit www.petrolympic.com.