Petrolympic Ltd.
TSX VENTURE : PCQ

Petrolympic Ltd.

May 14, 2008 15:56 ET

Petrolympic Files NI 51-101 and Year-End Documents

TORONTO, ONTARIO--(Marketwire - May 14, 2008) - Petrolympic Ltd. (the "Company") (TSX VENTURE:PCQ) announced today it has filed its Form 51-101F1 - Statement of Reserves Data and Other Oil and Gas Information, Form 51-101F2 - Report on Reserves Data by Independent Qualified Reserves Evaluator and Form 51-101F3 - Report of Management and Directors on Oil and Gas Disclosure with certain securities regulatory authorities in Canada under National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities. Such filings can be accessed electronically from the SEDAR website at www.sedar.com.

The Company has also SEDAR filed its audited consolidated Financial Statements and Management's Discussion and Analysis for the years ended December 31, 2007.

About Petrolympic Ltd.

The Company holds more than 113,906 hectares (281,468 acres) of exploration permits in the Appalachian Basin of Quebec that include holdings in the Gaspe Peninsula and the St. Lawrence Lowlands. The Gaspe block of exploration permits totals 40,885 hectares and is located between Rimouski and Matane in the Province of Quebec immediately southwest of Lake Matapedia. The Lowlands Block of oil and gas exploration permits is located on the south shore of the St. Lawrence River directly south of Valleyfield less than 30 kilometres southwest of Montreal in the Province of Quebec. The Company commenced a new phase of exploration in the fall of 2006 by acquiring new seismic data and by reprocessing prior data to identify high-value drilling targets. The Company also proceeded to acquire additional seismic lines in January 2008 and is planning to drill in June 2008 a 400m well in the Lowlands and a 1500m well on the Gaspe Block in early fall.

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.

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