December 20, 2006: Toronto, Ontario – PISCES CAPITAL CORP. (TSXV: PCP.P) ("Pisces"), a capital pool company, is pleased to announce that it has signed an arm's length binding letter agreement (the "Agreement") with Petrolympia Inc. ("Petrolympia") pursuant to which Pisces has agreed to acquire, directly or indirectly, all of the issued and outstanding common shares of Petrolympia. Petrolympia is a private Quebec corporation involved in the exploration of oil and gas in Quebec; it holds more than 97,500 hectares (240,000 acres) of exploration permits in the Appalachian Basin of Quebec, which includes holdings in the Gaspe Peninsula and the St. Lawrence Lowlands. The acquisition of Petrolympia will be Pisces' qualifying transaction (the "Qualifying Transaction") pursuant to the policies of the TSX Venture Exchange (the "Exchange"). In connection with the execution of the Agreement, Pisces has provided a deposit in the amount of $25,000 to Petrolympia, which will become non-refundable upon completion of all necessary due diligence, subject to certain exceptions.

Pisces is currently in the process of preparing a detailed press release regarding this Qualifying Transaction which will satisfy the disclosure requirements of the Exchange.

Trading in the common shares of Pisces will remain halted pending the release of more fulsome disclosure regarding this Qualifying Transaction and the satisfaction of the initial filing requirements of the Exchange and a preliminary review by the Exchange.

Completion of the Qualifying Transaction is subject to a number of conditions, including but not limited to, Exchange acceptance and, where applicable, required shareholder approval. There can be no assurance that the Qualifying Transaction will be completed as agreed or at all.

Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the Qualifying Transaction, any information released or received with respect to the Qualifying Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative.