PETROLYMPIC ANNOUNCES VOTING RESULTS FOR 2014 ANNUAL AND SPECIAL MEETING OF SHAREHOLDERS AND GRANT OF STOCK OPTIONS
TORONTO, ONTARIO (May 21, 2014) – Petrolympic Ltd. (the "Company" or "Petrolympic") is pleased to announce that at the annual and special shareholders meeting held on May 20, 2014, the shareholders of the Company ratified the Company's 10% rolling stock option plan and re-appointed MNP LLP as auditors of the Company for the ensuing year and authorized the directors to fix their remuneration.
In addition, each of the current directors of Petrolympic, being Mendel Ekstein, Andreas Jacob, Alain Fleury, Frank Ricciuti, Miles Pittman, Rodger Creamer, and a proposed nominee, Glenn MacNeill, was elected as a director by a majority of votes to serve until the next annual meeting or until their successors are elected or appointed.
Mr. MacNeill is a professional engineer and has over 30 years of experience in various project and financial functions. Mr. MacNeill is currently a portfolio manager with Pangaea Asset Management. Previously, he was with Lawrence Asset Management as Chief Investment Officer, and with Sentry Select Capital Corp. as VP, Investments. In the past, Mr. MacNeill has also worked with HSBC Securities Inc., Scotia Capital Inc., Imperial Life/Desjardin Group and TD Bank. He has over 30 years of experience in financial and petroleum fields. In addition, Mr. MacNeill has extensive experience in oil and gas royalty trusts, energy companies, and private investment opportunities. Mr. MacNeill started his career as a petroleum engineer after he had received a Bachelor of Science Degree in Mechanical Engineering from Queen's University in Kingston in Ontario, Canada.
Furthermore, Petrolympic announced today that the board of directors of the Company granted an aggregate of 1,230,000 incentive stock options to the Chief Financial Officer, the Secretary and the directors of the Company at the exercise price of $0.36 exercisable until May 20, 2019 [NTD: confirm]. The options are being granted pursuant to the terms of the Company’s stock option plan.
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 Squatex Energy and Resources 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 Lower 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 Ltd. 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 Ltd. 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 the 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
President and CEO