2013

15 November 2013

DÉCOUVERTE D’UN RÉSERVOIR DE GAZ NATUREL CONVENTIONNEL DANS LE BAS-SAINT-LAURENT

TORONTO, ONTARIO (15 novembre 2013) – Petrolympic Ltd. (« Petrolympic » ou la « Compagnie ») (TSX.V: PCQ) est heureux d’annoncer la découverte d’un réservoir de gaz naturel conventionnel dans sa propriété du Bas-Saint-Laurent (la « Propriété ») détenue en entente d’opération conjointe et localisée dans le bassin appalachien du Québec, tel qu’annoncé par l’Opérateur, Ressources & Énergie Squatex Inc. (« Squatex ») dans son communiqué de presse du 15 novembre 2013 (voir www. sedar.com). La Compagnie détient un intérêt dans 217 370 hectares (536 941 acres) de la Propriété par le biais d’une entente d’opération conjointe avec Squatex.

Dans le cadre d’une campagne de carottage stratigraphique initiée par Squatex en 2010 pour évaluer le potentiel pétrolier et gazier de ses permis, d’importantes venues de gaz naturel ont été rencontrées à partir de 1 847 mètres de profondeur dans le puits Massé No.1 foré dans la région de la Rivière Mitis. Les carottes ont été récupérées et analysées depuis cette profondeur jusqu’à la profondeur totale du forage à 1 874m, révélant un réservoir localisé dans la formation silurienne de Sayabec et consistant en un intervalle de calcaire dolomitisé de type hydrothermal de 10 mètres d’épaisseur et présentant des valeurs de porosité et de perméabilité élevées allant jusqu’à 20,8% et 1624 mD, respectivement. Les roches à grains fins de la Formation de Saint-Léon, qui surmontent le réservoir, en assurent la couverture.

La dolomitisation hydrothermale est le mécanisme responsable de la création de nombreux réservoirs conventionnels de classe mondiale en Amérique du Nord, tels qu’Albion-Scipio au Michigan et Lady-Fern en Colombie-Britannique. Contrairement au gaz de schiste, ces types de réservoirs ne nécessitent pas de fracturation hydraulique. L’analyse du gaz présent dans le réservoir indique qu’il est composé à 89% de méthane et dépourvu de sulfure d’hydrogène. La Compagnie croit que cette source d’énergie propre peut être commercialisée auprès des marchés locaux, contribuant ainsi à la croissance économique de la région.

Dans la région du Bas-Saint-Laurent au Québec, la Formation de Sayabec a été identifiée comme prospective depuis la découverte d’un équivalent exposé en surface, dolomitisé et rempli de bitume, et la découverte d’un intervalle naturellement fracturé et rempli d’eau salée dans un puits d’exploration foré en 1969. La Compagnie estime toutefois que la découverte d’un réservoir de gaz représente une étape nouvelle et décisive dans l’évaluation du potentiel en hydrocarbures de la région et Petrolympic est très fier de participer à cet effort.

Cette découverte fait également écho à la nouvelle politique économique annoncée récemment par le gouvernement québécois en octobre de cette année, qui fait une priorité de la mise en valeur du potentiel en hydrocarbures du sous-sol de la province et de la réduction à long-terme de sa dépendance envers les sources d’énergie étrangères, par le biais de forages exploratoires réalisés dans un contexte réglementaire actualisé et dans le complet respect de l’environnement et des communautés.

Petrolympic et Squatex évaluent présentement les options possibles pour financer la poursuite des efforts d’exploration et déterminer le véritable potentiel de la structure identifiée.

Petrolympic détient également un intérêt de 100% dans deux permis d’exploration situés dans la même région, les propriétés Matapédia et Mitis. Plusieurs plays conventionnels et guides d’exploration ont été identifiés dans ces permis où du pétrole et du gaz naturel ont été rencontrés dans des forages miniers dans les années 1990. D’après les données sismiques détenues par la Compagnie, la Formation de Sayabec semble également présente en profondeur dans les deux permis.

À propos de Petrolympic Ltd.

Petrolympic Ltd. est une compagnie pétrolière et gazière canadienne junior active en exploration pour le pétrole léger et le gaz naturel en Amérique du Nord. L’intérêt de la Compagnie est présentement concentré sur ses actifs de production pétrolière à court-terme dans le riche bassin pétrolier de Maverick au Texas, États-Unis. La Compagnie détient également un intérêt dans un total de 754 216 hectares (1 863 668 acres) de permis d’exploration pétrolière et gazière du bassin appalachien québécois, incluant des possessions dans les Basses-Terres du Saint-Laurent et la péninsule gaspésienne. Les possessions de la Compagnie dans les Basses-Terres du Saint-Laurent consistent en un intérêt de 30% dans 217 370 hectares (536 941 acres) par le biais d’une entente d’opération conjointe avec Ressources & Énergie Squatex Inc. (« Squatex »), un intérêt de 12% dans 8 000 hectares (19 768 acres) par le biais d’une entente d’affermage avec Canbriam Energy Inc., et un intérêt de 100% dans 56 622 hectares (139 913 acres) situés dans la plate-forme carbonatée des Basses-Terres moins de 30 kilomètres au sud-ouest de Montréal. Ces propriétés constituent une position majeure dans les plays de l’Utica, du Lorraine et du Trenton-Black-River. Petrolympic maintient également des possessions dans les régions de la Gaspésie et du Bas-Saint-Laurent, incluant un intérêt de 30% dans 431 339 hectares (1 065 839 acres) par le biais d’une entente d’opération conjointe avec Squatex et un intérêt de 100% dans un bloc de permis d’exploration pour un total de 40 885 hectares (101 029 acres) localisés entre Rimouski et Matane, une région prospective pour le pétrole présent 0dans des réservoirs de dolomies hydrothermales.

À propos de Ressources & Énergie Squatex Inc.

Ressources & Énergie Squatex (« Squatex ») est une société d’exploration pétrolière et gazière junior qui a été constituée en vertu de la Loi canadienne sur les sociétés le 12 avril 2002 et dont le siège social est situé au 7055, Boul. Taschereau, suite 500, Brossard (Québec) J4Z 1A7. Squatex est un émetteur assujetti uniquement dans la province de Québec dont les titres ne sont pas inscrits sur un marché organisé. L’activité principale de Squatex consiste, comme opérateur, à effectuer des travaux et études qui ont pour objectifs d’évaluer le potentiel gazier et pétrolier du territoire de 656 093 hectares sous permis d’exploration. Squatex détient dans le territoire des Basses-Terres du St-Laurent un intérêt de 70 % sur 217 370 hectares sous forme d’une entente d’opération conjointe avec Petrolympic Ltd (TSXV : PCQ) et un intérêt de 28 % sur 8 000 hectares affermés à Canbriam Energy Inc. Squatex détient aussi dans le territoire du Bas St-Laurent un intérêt de 70 % sur 431 339 hectares sous forme d’une entente d’opération conjointe avec Petrolympic Ltd.

Énoncés prospectifs

Certaines déclarations faites aux présentes peuvent constituer des énoncés prospectifs. Ces déclarations se rapportent à des événements futurs ou à des résultats économiques futurs de Petrolympic Ltd. et comportent des risques, incertitudes et autres facteurs connus et inconnus, qui pourraient modifier de manière appréciable leurs résultats, rendements ou réalisations par rapport à ce qu’expriment ou laissent entendre les déclarations de Petrolympic Ltd. Les événements ou résultats réels pourraient être très différents. Petrolympic Ltd. décline toute intention ainsi que toute obligation de mettre à jour ces déclarations prospectives.

La Bourse de croissance TSX et son fournisseur de services de réglementation (tel que défini dans les Règles de la Bourse de croissance TSX-V) ne peuvent être tenus responsables de l'exactitude ou de la véracité du présent communiqué.

Pour tout renseignement complémentaire, n’hésitez pas à communiquer avec:

Petrolympic Ltd.

Mendel Ekstein

Président et Chef de la Direction

T: (845) 656-0184

E: exis@petrolympic.com

15 November 2013

DISCOVERY OF A CONVENTIONAL NATURAL GAS RESERVOIR IN THE LOWER ST. LAWRENCE AREA

TORONTO, ONTARIO (November 15, 2013) – Petrolympic Ltd. ("Petrolympic" or the "Company") (TSX.V: PCQ) is pleased to announce the discovery of a conventional reservoir of natural gas on its joint venture property in the Lower St. Lawrence area (the "Property") located in the Appalachian Basin of Quebec, which was announced by the Operator, Ressources & Energie Squatex Inc., ("Squatex") in its press release dated November 15, 2013 (see www. sedar.com). The Company holds an interest in 217,370 hectares (536,941 acres) of the Property through a joint venture with Squatex.

While carrying a stratigraphic coring program, which Squatex started in 2010 to evaluate the oil and gas potential of its licences, significant gas flows were first encountered at 1,847 meters-deep in the core hole Massé No.1 in the Mitis River area. The cores were collected and analysed from this depth down to the total depth of the well at 1,874 meters, revealing that the reservoir is hosted in the Silurian Sayabec Formation and consists of a 10 meters-thick interval of hydrothermally dolomitized limestone with high porosity and permeability values up to 20.8% and 1624 mD, respectively. An effective seal is provided by the overlying fine-grained rocks of the Saint-Leon Formation.

Hydrothermal dolomitization is the generation mechanism of many world-class conventional reservoirs in North America, such as Albion-Scipio in Michigan and Lady-Fern in British Columbia. Contrary to shale gas, these types of reservoirs do not require hydraulic fracturation. The analysis of the gas charge of the reservoir indicates it is composed of 89% methane and devoid from hydrogen sulfide. The Company believes that this clean energy source can be commercialized to close local markets, thus contributing to the economic growth of the region.

In the Lower St. Lawrence of Quebec, the Sayabec Formation has been recognized as a prospective unit since the discovery of an analogue outcrop at surface, dolomitized and filled with bitumen, and the discovery of a naturally fractured interval filled with salt water in an exploratory well drilled in 1969. The Company believes that the discovery of a gas reservoir, however, represents a new and very significant mile step in the appraisal of the hydrocarbon potential of the region and Petrolympic is very proud of participating to this endeavour.

This discovery also echoes the new economic policy announced by the Quebec government in October this year, which makes a priority of the demonstration of the hydrocarbon potential of the province and the long-term reduction of its dependence on foreign energy sources, through the drilling of exploratory wells in a context of rejuvenated regulations and the complete respect of the environment and the community.

Petrolympic and Squatex are currently evaluating options to finance the pursuit of the exploration efforts and determine the full potential of the identified structure

Petrolympic also owns a 100% interest in two exploration permits in the same area, referred to as the Matapedia and the Mitis properties. Several conventional plays and exploration leads have been identified in these permits, where oil and gas have been encountered in mining wells in the 90's. Based on proprietary seismic data, the prospective Sayabec Formation is also believed to be present at depth in these two permits.

05 July 2013

PETROLYMPIC COMPLETES FIRST TRANCHE OF NON-BROKERED PRIVATE PLACEMENT

TORONTO, ONTARIO (July 5, 2013) – Petrolympic Ltd. (TSX-V: PCQ) (the "Company") is pleased to announce that it has closed the first tranche of its previously announced non-brokered private placement (the "Private Placement"), pursuant to which it has issued 2,578,000 units of the Corporation (the "Units") at a price of $0.06 per Unit for aggregate gross proceeds of $154,680. 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 $0.10 per Warrant Share for a period of 20 months from the date of issuance (the "Expiry Time"). In the event that the common shares of the Company trade at or above $0.20 for a period of thirty (30) consecutive trading days at any time prior to the Expiry Time, the Company may accelerate the Expiry Time by giving at least thirty (30) days prior written notice (the "Notice") to the warrant holders, and in such a case the Warrants shall expire on the 30th day after the date on which such Notice is delivered by the Company or such later expiry date set out in the Notice.

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 fund exploration of the Company's properties and for 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 final approval.

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.

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.

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

28 June 2013

PETROLYMPIC ANNOUNCES GRANT OF OPTIONS

TORONTO, ONTARIO (June 28, 2013) – Petrolympic Ltd. TSX.V: PCQ (the “Company”) announces that a total of 1,466,667 options to purchase common shares of the Company have been granted to directors and an officer at an exercise price of $0.10 per share, expiring on June 26, 2018. The grant is to replace options that expired earlier in June. The grant is subject to regulatory approval.

24 June 2013

PETROLYMPIC ANNOUNCES NON-BROKERED PRIVATE PLACEMENT

TORONTO, ONTARIO (June 24, 2013) – Petrolympic Ltd. (TSX-V: PCQ) (the "Company") is pleased to announce that it intends to complete a non-brokered private placement (the "Private Placement") of up to 8,333,333 units of the Corporation (the "Units") at a price of $0.06 per Unit for aggregate gross proceeds of up to $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 $0.10 per Warrant Share for a period of 20 months from the date of issuance (the "Expiry Time"). In the event that the common shares of the Company trade at or above $0.20 for a period of thirty (30) consecutive trading days at any time prior to the Expiry Time, the Company may accelerate the Expiry Time by giving at least thirty (30) days prior written notice (the "Notice") to the warrant holders, and in such a case the Warrants shall expire on the 30th day after the date on which such Notice is delivered by the Company or such later expiry date set out in the Notice.

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

Proceeds of the Private Placement will be used to fund exploration of the Company's properties and for 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.

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.

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

13 February 2013

PETROLYMPIC ANNOUNCES RESULTS OF THE PRODUCTION TEST OF 80-2V WELL AND ENTERING INTO A FINANCING ARRANGEMENT

TORONTO, ONTARIO (February 13, 2013) – Petrolympic Ltd. ("Petrolympic" or the "Company") (TSX.V: PCQ) is pleased to announce the results of the production test of the Chittim Ranch 80 #2V Well (the "Well") located in Maverick County, Texas, USA, in which the Company owns 80.25% working interest with net revenue interest of 60.1875%. Oil-Lympia Oil & Gas Inc., an indirect subsidiary of the Company, is the operator for the Well.

During the last week of January, Mesa Southern Well Servicing, LP tested the Well and confirmed the production rates at 24-32 bbls per day. The oil was produced from the Lower Edwards Formation. Preparation is being made by the Company to setup a pump and battery in place to put the Well into production. The Company has also determined that salt water was mixed in, and will need to be disposed in order to produce the oil from the Well. The Company’s management is currently working to secure the appropriate equipment and conduct the necessary engineering to commence production in due course. Analogous wells in the area had cumulative production of ~22,000 bbls from the Lower Edwards Formation.  Petrolympic plans to produce the oil from this reservoir for its maximum economic value and subsequently move up the pipe and test other zones encountered during the drilling.

In addition, Petrolympic wishes to announce that it has entered into certain financing arrangement (the "Loan") for the purposes of funding exploration on the Chittim Ranch property and increasing its working capital, whereby the Company will borrow up to $200,000 (the "Principal") from Mendel Ekstein, the Chief Executive Officer and the President of the Company ("Lender"), for a term of 12 months, which Principal will bear no interest (but will bear interest at a rate of 30% per annum in the case of a default). In connection with the Loan, Petrolympic has entered into a promissory note (the "Promissory Note") and other agreements and executed certain documents, including entering into a share pledge agreement (the "Share Pledge Agreement") with the Lender, providing for the pledge by the Company to the Lender of shares in the capital of Petrolympia Inc. and Petrolympic USA, Inc., upon the terms and conditions set out in the Share Pledge Agreement.

About Petrolympic Ltd.

Petrolympic Ltd. 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 asset in the prolific Maverick Basin of Texas, USA. The Company also holds an interest in a total of 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 consist of a 30% interest in 217,370 hectares (536,941 acres) through a joint venture with Resources & Energie Squatex Inc. ("Squatex"), a 12% interest in 8,000 hectares (19,768 acres) through the Farmout Agreement with Canbriam Energy Inc., and 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 totaling 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.

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

Robert W. Kinsey, MBA, PE, a qualified reserves auditor/evaluator as that term is defined in National Instrument 51-101, has reviewed the technical information in this press release.

For further information please contact:

Petrolympic Ltd.

Mendel Ekstein

President and CEO

T: (845) 656-0184

E: exis@petrolympic.com">exis@petrolympic.com