Petrolympic Ltd.
TSX VENTURE : PCQ

Petrolympic Ltd.

April 23, 2010 16:27 ET

Petrolympic Announces Grant of Stock Options

TORONTO, ONTARIO--(Marketwire - April 23, 2010) - Petrolympic Ltd. (the "Company") (TSX VENTURE:PCQ) announced today that it has granted incentive stock options to an officer and a consultant of the Company for the purchase of a total of 150,000 common shares of the Company at the exercise price of $0.28 exercisable until April 23, 2015. The options are being granted pursuant to the terms of the Company's stock option plan.

ABOUT PETROLYMPIC LTD.

Petrolympic is a junior oil and gas company that is actively exploring for premium light crude oil and natural gas in Quebec, Canada. The Company combines significant land positions, promising geology, systematic exploration, accessible infrastructure, and experienced management.

Petrolympic 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 Ressources & Energie Squatex Inc. ("Squatex"); 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 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 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.

FORWARD-LOOKING STATEMENTS

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.

The TSX Venture Exchange has not reviewed and does not accept responsibility of the adequacy or accuracy of this news release.

Contact Information