Petrolympic Announces Closing of A Private Placement

TORONTO, ONTARIO--(Marketwire - Dec. 31, 2012) - Petrolympic Ltd. (TSX VENTURE:PCQ) ("Petrolympic") announced that it has closed a private placement (the "Offering") on Friday December 28, 2012. The Offering is a combination of 3,285,715 flow-through units ("FT Units") at a price of $0.07 per FT Unit and 333,333 common share units ("Common Unit") at a price of $0.06 per Common Unit for a total gross proceeds of $250,000.

Each FT Unit, consists of one (1) flow-through share in the capital of Petrolympic (each a "Flow-Through Share") and one half (1/2) of one common share purchase warrant of Petrolympic (each a "Warrant") and each Common Unit, consists of one (1) common share in the capital of Petrolympic (each a "Common Share") and one (1) Warrant. Each full Warrant entitles the holder to acquire one Common Share at a price of $0.10 per Common Share for a period of 18 months from the closing date. The Warrants are subject to an acceleration clause, meaning that should the Common Shares trade at a price of $0.20 or higher for a minimum of 20 consecutive trading days Petrolympic may elect to accelerate the exercise period of the Warrants whereupon on the 30^th day after Petrolympic announces such intention to accelerate, any Warrant that has not been exercised will expire.

No commissions or finder's fees have been paid and no broker warrants were issued pursuant to the Offering.

The net proceeds of the Offering will be used to fund exploration at Petrolympic's conventional oil properties located in Gaspe Peninsula.

The private placement closed on December 28, 2012. The Common Shares to be issued under the Offering will carry a four-month hold period under Canadian securities laws from the date of issuance. Completion of the Offering remains subject to receipt of all necessary regulatory approvals, including approval of the TSX Venture Exchange.

About Petrolympic Ltd.

Petrolympic Ltd. is a Canadian junior oil and gas company actively exploring for premium light crude oil and natural gas in North America. The Company is presently focused on its near-term oil production asset in the prolific Maverick Basin of Texas, USA. The company also 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 Resources & Energie Squatex Inc.; 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 totaling 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 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. The reader is cautioned not to rely on these forward-looking statements. Petrolympic disclaims any obligation to update these forward-looking statements.