Petrolympic Ltd. pleased to note passage of Bill 106 by the Quebec National Assembly creating a framework for the responsible development of Quebec’s hydrocarbon resources

TORONTO, ONTARIO(December 12 2016) – Mendel Ekstein, Petrolympic Ltd. (TSX.V: PCQ – OTCQB:PCQRF) President and CEO, has just released the following statement:

Petrolympic management is pleased that the Quebec National Assembly passed Bill 106 on December 10, 2016, An Act to implement the 2030 Energy Policy and amend various legislative provisions. Bill 106 includes the new Petroleum Resources Act, governing the development of petroleum resources in Quebec. Petrolympic believes that a stable framework for the development of Quebec hydrocarbon resources, previously governed by the Mining Act, is a key step for Quebec-based oil and gas production. Petrolympic management warmly welcome the enactment of this modern law for the development of Quebec’s hydrocarbon resources, after 6 years of environmental consultations, public studies, and consideration of legislation in other jurisdictions.

Details on Quebec’s new energy legislation can be found in English here:

Management is confident that developing local hydrocarbon resources is a positive step for the Province, as it will balance Quebec’s energy portfolio and strengthen its economy, while reducing the energy import deficit. Petrolympic is fully committed to securing and maintaining the social license and local support for its operations. Petrolympic seeks the orderly and responsible commercial development of its Quebec oil and gas exploration licences, within the framework of the new Act.

Petrolympic Ltd.’s oil and gas land position in the Province of Quebec consists of a 100% interest in 5 exploration permits covering 239,296 acres (96,840 hectares), a 30% interest in 36 exploration permits totaling 1,601,455 acres (648,093 hectares), and a 12% interest in 19,768 acres (8,000 hectares). These Quebec exploration permits total 722,105 acres (291,730 hectares) net to Petrolympic’s interest, of a gross land position of over 1.8 million acres (750,000 hectares).

Quebec’s 2016 Petroleum Resources Act gives a framework for the development of the petroliferous Massé structure, jointly held by Petrolympic and Ressources & Energy Squatex (Squatex). The Massé structure is covered by the companies’ 1.6 million acres (656,000 hectares) of exploration permits (480,000 acres or 118,800 hectares net to Petrolympic’s interest) in the lower St. Lawrence area. A second well drilled into the eastern Massé structure (Massé No. 2) has validated the exploration model over the eastern part of the structure.

The Massé structure was re-evaluated in 2016 by Sproule and Associates (“Sproule”), independent Calgary, Alberta, based Reserve Evaluators. Sproule considers that results from 2015-2016 drilling could be extrapolated over an area of 5.2 km2.  According to Sproule’s analysis of April 30, 2016, the porous, conventional reservoir rock encountered in the Silurian St. Leon and Sayabec Formations may host Gross Unrisked Undiscovered Unrecoverable Petroleum Initially-in-Place (PIIP) of 53.6 Bcf (billion cubic feet) of gas and 52.2 million barrels of oil on the eastern Massé structure, or 61.1 million barrels of oil equivalent (MMBOE). Sproule’s analysis of geophysical well logs shows net pay thickness in the St. Leon and Sayabec Formations of 66 to 210m, averaging 130m. Petrolympic management notes that this porous and permeable net pay is unlikely to require fracing.

Management further notes that gross pay thickness of the petroliferous Silurian basin rock of the Lower Saint-Lawrence extends to nearly 540 metres. This large gross pay interval encourages further work on the Petrolympic Lower St. Lawrence Property. The Reserve Evaluation discussed in the previous paragraph implies 10.3 BCF and 10 MMbbl of Unrisked Petroleum Resources per km2 in the area assessed by Sproule. Sproule did not evaluate seismic internal to the companies demonstrating that the Massé structure could extend over 80 km2. In addition, seismic attributes (apparent porosity anomalies) similar to those confirmed by the Massé No. 1 & No. 2 wells have been observed westwards on the Property. These seismic features were not considered by the Sproule in their evaluation of the Massé structure’s hydrocarbon Resources. While these porosity anomalies are not validated or quantified by Sproule, their occurrence does represent significant potential upside for the Property.

Petrolympic also has a major land position in the unconventional Utica Shale Fairway in the St. Lawrence Lowlands as well as the Trenton-Black River carbonates, and adjacent prospective conventional and unconventional carbonate and sandstone reservoirs. The land package is 674,805 acres (273,054 hectares): 301,941 acres (121,984 hectares) is net to Petrolympic’s interest.

Forward-Looking Statements

This news release may contain forward-looking statements and information based on current expectations. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Such statements include submission of the relevant documentation within the required timeframe and to the satisfaction of the relevant regulators, completing the acquisition of the applicable real estate and raising sufficient financing to complete the Company’s business strategy. There is no certainty that any of these events will occur. Although such statements are based on management's reasonable assumptions, there can be no assurance that such assumptions will prove to be correct. We assume no responsibility to update or revise them to reflect new events or circumstances.

Company’s securities have not been registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act").

Additionally, there are known and unknown risk factors which could cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein. All forward-looking information herein is qualified in its entirety by this cautionary statement, and the Company disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law.

For further information, please contact:

Mendel Ekstein,
President and CEO Petrolympic Ltd.
T: 845 656-0184