May 16, 2007: Toronto, Ontario – PISCES CAPITAL CORP. (TSXV: PCP.P) ("Pisces"), a capital pool company, and PETROLYMPIA INC. ("Petrolympia"), a private Quebec based junior oil and gas exploration company, are pleased to announce the acquisition of a new oil and natural gas exploration permit by Petrolympia. Permit No.2007PG925 (the "Permit") was issued April 10, 2007, and covers 16,399 hectares in the Basses-Terres region of The St. Lawrence Lowlands (the "Lowlands") of Quebec. Petrolympia holds a 100% interest in the Permit.

The land covered by the new Permit is adjoining with Petrolympia's other permits in the area, bringing the Petrolympia's total land holding for oil and natural gas exploration in the Lowlands to 73,021 Hectares. Petrolympia plans to carry out seismic testing to further define anomalies and drilling targets and to drill three exploratory wells in its Lowlands properties.

Petrolympia Inc.

Petrolympia is a private junior oil and gas exploration company incorporated under the Companies Act (Quebec) on December 13, 2005, holding 113,906 hectares of exploration permits in the Appalachian Basin of Quebec that include holdings in the Gaspé Peninsula and The St. Lawrence Lowlands. The Gaspé block of exploration permits total 40,885 hectares and are located between Rimouski and Matane in the Province of Quebec immediately southwest of Lake Matapédia. The St. Lawrence Block of exploration permits is located on the south shore of the St. Lawrence directly south of Valleyfield less than 30 kilometres southwest of Montreal in the Province of Quebec. The company commenced a new phase of exploration in the fall of 2006 including seismic testing and prior data reprocessing to identify high-value drilling targets.

Pisces Capital Corp.

Pisces, a capital pool company, has entered into an arm's length binding letter agreement dated December 18, 2006 with Petrolympia, as amended by an agreement dated March 15, 2007, pursuant to which it has agreed to acquire, directly or indirectly, all of the issued and outstanding common shares of Petrolympia. The acquisition of Petrolympia will be Pisces' qualifying transaction (the "Qualifying Transaction") pursuant to the policies of the TSX Venture Exchange (the "Exchange"). Details of the proposed Qualifying Transaction are available in Pisces' press release dated March 21, 2007 on SEDAR at www.sedar.com.

A filing statement in respect of the proposed Qualifying Transaction will be prepared and filed in accordance with Policy 2.4 of the Exchange on SEDAR at www.sedar.com no less than 7 business days prior to the closing of the proposed Qualifying Transaction. A press release will be issued once the filing statement has been filed as required pursuant to Exchange policies.

Other Information

Completion of the Qualifying Transaction is subject to a number of conditions including, but not limited to, the satisfaction of the minimum listing requirements of the Exchange and Exchange approval of the Qualifying Transaction. There can be no assurance that the Qualifying Transaction will be completed as proposed, or at all. The Qualifying Transaction will be an arms' length transaction.

Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the 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.

The Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved of the contents of this release.