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.
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:
President and CEO
Or visit www.petrolympic.com.
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Cutler McCarthy Consulting