Petrolympic Announces Results of the Production Test of 80-2V Well and Entering Into A Financing Arrangement

Petrolympic Ltd. ("Petrolympic" or the "Company") (TSX VENTURE:PCQ) is pleased
to announce the results of the production test of the Chittim Ranch 80 #2V Well
(the "Well") located in Maverick County, Texas, USA, in which the Company owns
80.25% working interest with net revenue interest of 60.1875%. Oil-Lympia Oil &
Gas Inc., an indirect subsidiary of the Company, is the operator for the Well.


During the last week of January, Mesa Southern Well Servicing, LP tested the
Well and confirmed the production rates at 24-32 bbls per day. The oil was
produced from the Lower Edwards Formation. Preparation is being made by the
Company to setup a pump and battery in place to put the Well into production.
The Company has also determined that salt water was mixed in, and will need to
be disposed in order to produce the oil from the Well. The Company's management
is currently working to secure the appropriate equipment and conduct the
necessary engineering to commence production in due course. Analogous wells in
the area had cumulative production of approx. 22,000 bbls from the Lower Edwards
Formation. Petrolympic plans to produce the oil from this reservoir for its
maximum economic value and subsequently move up the pipe and test other zones
encountered during the drilling.


In addition, Petrolympic wishes to announce that it has entered into certain
financing arrangement (the "Loan") for the purposes of funding exploration on
the Chittim Ranch property and increasing its working capital, whereby the
Company will borrow up to $200,000 (the "Principal") from Mendel Ekstein, the
Chief Executive Officer and the President of the Company ("Lender"), for a term
of 12 months, which Principal will bear no interest (but will bear interest at a
rate of 30% per annum in the case of a default). In connection with the Loan,
Petrolympic has entered into a promissory note (the "Promissory Note") and other
agreements and executed certain documents, including entering into a share
pledge agreement (the "Share Pledge Agreement") with the Lender, providing for
the pledge by the Company to the Lender of shares in the capital of Petrolympia
Inc. and Petrolympic USA, Inc., upon the terms and conditions set out in the
Share Pledge Agreement.


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 of 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 consist of a 30%
interest in 217,370 hectares (536,941 acres) through a joint venture with
Resources & Energie Squatex Inc. ("Squatex"), a 12% interest in 8,000 hectares
(19,768 acres) through the Farmout Agreement with Canbriam Energy Inc., and 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 Gaspe 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.


Robert W. Kinsey, MBA, PE, a qualified reserves auditor/evaluator as that term
is defined in National Instrument 51-101, has reviewed the technical information
in this press release. 


FOR FURTHER INFORMATION PLEASE CONTACT: 
Petrolympic Ltd.
Mendel Ekstein
President and CEO
(845) 656-0184
exis@petrolympic.com
Petrolympic (TSXV:PCQ)
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