Petrolympic Announces Non-Brokered Private Placement

Petrolympic Ltd. (TSX VENTURE:PCQ) (the "Company") is pleased to announce that
it intends to complete a non-brokered private placement (the "Private
Placement") of up to 8,333,333 units of the Corporation (the "Units") at a price
of $0.06 per Unit for aggregate gross proceeds of up to $500,000. Each Unit will
consist of one common share of the Corporation (a "Unit Share") and one common
share purchase warrant (a "Warrant"). Each Warrant will entitle the holder to
purchase one common share ("a "Warrant Share") at a price of $0.10 per Warrant
Share for a period of 20 months from the date of issuance (the "Expiry Time").
In the event that the common shares of the Company trade at or above $0.20 for a
period of thirty (30) consecutive trading days at any time prior to the Expiry
Time, the Company may accelerate the Expiry Time by giving at least thirty (30)
days prior written notice (the "Notice") to the warrant holders, and in such a
case the Warrants shall expire on the 30th day after the date on which such
Notice is delivered by the Company or such later expiry date set out in the
Notice.


The securities sold under the Private Placement will be subject to restrictions
on resale for a period of four months from the date of closing.


Proceeds of the Private Placement will be used to fund exploration of the
Company's properties and for general corporate purposes.


The issuance of the Units and listing of the Unit Shares and the Warrant Shares
pursuant to the Private Placement is subject to the TSX Venture Exchange
approval.


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.


Neither TSX Venture Exchange nor its Regulation Services Provider (as that term
is defined in policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Petrolympic Ltd.
Mendel Ekstein
exis@petrolympia.com

Petrolympic (TSXV:PCQ)
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