Petrolympic Announces Its Current Exploration Program and Permit Renewals Up to 2019

TORONTO, ONTARIO, Jul 26, 2010 (MARKETWIRE via COMTEX) -- Petrolympic Ltd. ("Petrolympic" or the "Company") /quotes/comstock/11v!pcq (CA:PCQ 0.18, -0.01, -2.78%) is pleased to announce its exploration plan for 2010-2011, and confirms that the Company, as well as its joint partner Ressources & Energie Squatex, are allowed to extend their exploration permits up to 2019.

Under ongoing exploration plans for the Lowlands, Petrolympic and Squatex will be executing a seismic program this summer to further refine target areas and locate the best sites that are planned to be drilled.

Two wells will be drilled to test the Utica play outside the Canbriam joint land and within a zone of favorable total organic content (TOC) and maturity of the rock sequences.

A third location is planned to be drilled to test the conventional shallow gas play in the autochthonous carbonates platform south of Montreal. Petrolympic is also in discussions to increase its ownership of some of the jointly owned permits in the Lowlands.

Petrolympic is seeking a partner to drill a 1500m well in the Lower St. Lawrence-Gaspe region, particularly in the Ste-Irene area. This location has been selected to test the presence of light oil in a complex fractured zone near a major fault within the Forillon Formation.

Squatex and Petrolympic have acquired and integrated all data acquired since 2001; including seismic, satellite photo mapping, aeromagnetic, gravity, radiometry, geochemistry and geological sampling surveys. The results obtained from these surveys have allowed zones with increased potential for oil and gas accumulations to be outlined. Detailed geological sampling and coring over these zones are being carried out this summer to evaluate the TOC and maturity of sedimentary sequences. Squatex plans on conducting two deeper stratigraphic tests in these target areas as well.

Petrolympic, as well as its joint partner Ressources & Energie Squatex ("Squatex") have renewed all their exploration permits in the St. Lawrence Lowlands and the Lower St. Lawrence-Gaspe areas as of September 1, 2009. The Ministere des Ressources naturelles et de la Faune granted the new permits under the previous regulations of the Law of Mines giving extended ownership that allows carrying further exploration work for ten years until September 2019.

"Our exploration efforts are confirming our understanding of the geology of our properties, and demonstrating that the Petrolympic lands - with over 500,000 acres along the Utica play - have great potential," said Petrolympic CEO Mendel Ekstein. "Each new well drilled in the Lowlands is improving our knowledge of the region and bring us all closer to unlocking the great potential of the Utica Shale Gas Basin as a whole, and Petrolympic's lands in particular.

"Petrolympic intends to further increase its sizeable property position throughout this area by developing other earn-in opportunities, as well as continuing to benefit from the friendly regulatory environment in Quebec".