Petrolympic Ltd.
TSX VENTURE : PCQ

Petrolympic Ltd.

November 30, 2009 09:00 ET

Petrolympic Announces Third Quarter Financial Results and Presents Its Management's Discussion and Analysis for the Three and Nine Months Ending September 30, 2009

TORONTO, ONTARIO--(Marketwire - Nov. 30, 2009) - Petrolympic Ltd. (the "Company") (TSX VENTURE:PCQ) is pleased to announce its third quarter financial results, and to present its Management's Discussion and Analysis for the three and nine months ending September 30, 2009.

The Company is pleased to report that it has fulfilled its exploratory capital expenditures and rental commitments on all of its land holdings in Quebec. Further, Petrolympic reports that its two joint venture partners, Canbriam Energy Inc. ("Canbriam") and Ressources & Energie Squatex Inc. ("Squatex"), have also fulfilled their exploratory expenditures and rental commitments on the Quebec land holdings which are jointly held by the Company. Petrolympic's exploration program of the Quebec lands is moving forward, adding value to the numerous permits under lease.

The Company is pleased to report that Canbriam, as Operator of a joint venture agreement between Petrolympic and Squatex, has drilled the Canbriam Farnham No. 1 Well, to a total vertical depth of 2,507 metres. The well encountered gas shows while drilling through the shale section, and is cased and standing, pending further geological and engineering evaluation. Farnham No.1 represents the first in a series of wells that Canbriam will drill under a farmin and joint venture agreement with Petrolympic and Squatex.

Under the terms of its farmin and joint venture agreement, Canbriam will pay Petrolympic $1.05 million by November 30, 2009, and is committed to drill two additional vertical wells by December 31, 2010.

"Petrolympic holds interests in a considerable land position in the Gaspe Peninsula, is one of the largest net acreage holder in the Utica and Lorraine shale gas fairway in the St. Lawrence Lowlands" said Mr. Mendel Ekstein, president and CEO of Petrolympic. "Yet we continue to look for new opportunities, and are committed to attracting capital expenditures on our lands, from new joint venture partners."

With more than $4 million of cash currently on hand and commitment for drilling expenditures paid by Canbriam, the Company is poised for growth and portfolio diversification. As part of its growth strategy, Petrolympic is pursuing oil and gas production opportunities in Western Canada and other proven basins. Ownership in a producing asset in Western Canada will provide the Company with immediate cash flow, and will provide Shareholders with a pan-Canadian portfolio consisting of long-term exploration growth in Quebec's unconventional shale gas play, balanced by conventional oil and gas production.

To view the third quarter financial results and the Management's Discussion and Analysis for the three and nine months ending September 30, 2009, please go to the following link: http://www.petrolympic.com/documents/file/Q3_2009_MDA.pdf .

ABOUT PETROLMPIC INC.

Petrolympic Ltd. 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, accessible infrastructure, a seasoned exploration team, and an experienced management team. Petrolympic holds an interest in 1,903,098 acres (786,344 hectares) of oil and gas exploration permits in the Appalachian Basin of Quebec which include holdings in the St. Lawrence Lowlands and the Gaspe Peninsula. The Company's holdings in the St. Lawrence Lowlands include a 30% interest in 673,021 acres (272,362 hectares) through a joint venture with Ressources & Energie Squatex Inc. ("Squatex"), giving Petrolympic a major position over the Utica, Lorraine and Trenton-Black River formations, as well as a 100% interest in 140,000 acres (56,622 hectares) located on the south shore of the St. Lawrence River, 30 kilometres southwest of Montreal. The Gaspe Peninsula and the St. Lawrence Lowlands holdings include a 30% interest in 988,609 acres (400,076 hectares) through a joint venture with Squatex, and a 100% interest in a block of exploration permits totalling 101,029 acres (40,885 hectares) located between Rimouski and Matan, in a in a hydrothermal dolomite fairway which is prospective for light oil.

ABOUT CANBRIAM ENERGY

Canbriam Energy Inc. is a Calgary-based private exploration and development company targeting emerging North American unconventional oil and natural gas opportunities. Formed with financial support from Warburg Pincus and ARC Financial, Canbriam Energy is comprised of professionals with strong track records of value creation and a technical team with extensive experience in unconventional gas resource play development.

ABOUT RESSOURCES & ENERGIE SQUATEX INC.

Ressources & Energie Squatex Inc. is a private oil and gas exploration company based in Brossard, Quebec. It has been active since 2001, exploring its 988,609-acre (400,076-hectare) holdings located in the Lower St. Lawrence and the Gaspe Peninsula. In 2006, Squatex enlarged its properties by acquiring 12 additional exploration permits covering 673,021 acres (272,362 hectares) in the St. Lawrence Lowlands between Montreal and Quebec City, obtaining the rights over various exciting types of potential plays. In June 2008, under the terms of a joint venture agreement with Petrolympic, Squatex now owns 70% of its land holdings; the remaining 30% is held by Petrolympic.

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 involves inherent risks and uncertainties, as disclosed under the heading "Risk Factors" and elsewhere in Petrolympic 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. 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 TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy and accuracy of this release.

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