Petrolympic Ltd.

Petrolympic Ltd.

November 23, 2011 09:00 ET

Petrolympic Announces Results from Annual General Meeting

TORONTO, ONTARIO--(Marketwire - Nov. 23, 2011) - Petrolympic Ltd. (TSX VENTURE:PCQ) ("Petrolympic" or the "Company") is pleased to announce the Company held their Annual General Meeting (the "AGM") on November 21, 2011. At the AGM the shareholders re-appointed Collins Barrow Toronto LLP, Chartered Accounts, as auditor of the Company to hold office until the close of the next annual meeting of the shareholders and approved the ratification and approval of the 10 % rolling stock option plan.

At the AGM the shareholders also approved the election of the following directors:

  • Mendel Ekstein

  • Andreas Jacob

  • Alain Fleury

  • Frank Ricciuti

  • Miles Pittman

  • Rodger Creamer

Mr. Creamer is a new addition to the board of directors. Mr. Creamer is currently the president of SE-AM Tech Inc. Mr. Creamer is a professional engineer and has 35 years of experience in various project functions. Mr. Creamer is currently a project manager with Chevron in Kern River oil field. From 2005-2009 he was involved in the redevelopment of the Montego Bay airport in Jamaica. Mr. Creamer has been involved in numerous other projects over the years, including combined cogeneration plants, pulp and paper plants, refinery plant engineering including project direction refinery de-sulphurization of naphtha and diesel products (Vittol), polyethylene plant (Petro Kemya), Greenfield WOSEP separation plant Aramco) and a Greenfield headquarters for a (ORICA, formerly ICI) chemical producer and as well various other petroleum industrial plants. These projects have ranged in value from a few million dollars to projects with combined totals in excess of one billion dollars.

Mr. Gerold Fong chose not to put his name up for re-appointment and Mr. Enrique Lopez de Mesa withdrew his candidacy as director, both due to other business commitments. The Company would like to thank both Mr. Fong and Mr. Lopez de Mesa for their four years of valuable service to the Company.

Upon completion of the AGM the board of directors of the Company held a meeting and re-appointed Mr. Ekstein as President and Chief Executive Officer, Mr. Carmello Marrelli as Chief Financial Officer and Mr. Jacob as Vice-President. Mr. Ricciuti was appointed as Chairman of the board of directors.

About Petrolympic Ltd.

Petrolympic Ltd. (PCQ.V) 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 8,000+ acre 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 kilometres 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 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.

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

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