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.
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