Quebec, June 30th 2008 - Petrolympic Ltd. ("Petrolympic" or the "Company") (PCQ, TSX-V) is pleased to announce that it has completed the acquisition of a 30% legal and beneficial interest in 36 exploration permits (the "Properties") totaling 672,438 hectares in the St. Lawrence Lowlands, Bas St-Laurent and Gaspé Peninsula in Québec through a joint venture arrangement with Ressource & Énergie Squatex inc. ("Squatex") (originally announced by press release dated May 15, 2008).
As consideration for the acquisition of this interest, in addition to advancing an initial payment of $500,000 to Squatex upon entering into a biding agreement on May 15, 2008, the Company made an additional cash payment of a total of $2,000,000 ($1,000,000 of which was due July 31, 2008), thereby completing all payments before schedule. Of the advanced $2,000,000, $1.8 million of such funds will be used for exploration of the Properties and $200,000 will be available to Squatex for its working capital.
The Company will provide more details on the Properties in a press release that it intends to issue soon, which will also include a corporate update and will provide information about Petrolympic's upcoming exploration program.
About Petrolympic Ltd.
In addition to the acquired 30% legal and beneficial interest in the Properties, Petrolympic holds more than 113,906 hectares (281,468 acres) of oil and gas exploration permits in the Appalachian Basin of Quebec that include holdings in the Gaspe Peninsula and in the southern part of the St. Lawrence Lowlands. The Gaspé block of exploration permits totals 40,885 hectares located between Rimouski and Matane in the Province of Quebec immediately southwest of Lake Matapedia. The St. Lawrence Lowlands Block of exploration permits is located on the south shore of the St. Lawrence directly south of Valleyfield less than 30 kilometers southwest of Montreal in the Province of Quebec.
This press release includes certain "forward-looking information" within the meaning of the Securities Act (Ontario), including, but not limited to, statements as to timing and extent of exploration programs and the availability of exploration results. As such, forward-looking information addresses future events and conditions and so involves inherent risks and uncertainties, as disclosed under the heading "Risk Factors" and elsewhere in Petrolympic documents filed from time to time with the Ontario Securities Commission and other regulatory authorities. Actual results could differ significantly from those currently projected as a result of, among those factors, adverse weather, regulatory changes, delays in receiving permits, accidents and delays in completing exploration activities not all of which are in the control of Petrolympic. The forward-looking information contained herein is Petrolympic's reasonable estimate today of future events and conditions, but no assurance can be given that such events or conditions will occur. The reader is cautioned not to rely on these forward-looking statements. Petrolympic disclaims any obligation to update these forward-looking statements.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy and accuracy of this release.