Petrolympic Comments on New Provisions Supporting the Oil and Gas Industry Announced by the Quebec Government During the Spee...

Petrolympic Ltd. (TSX VENTURE:PCQ) ("Petrolympic" or the "Company") is pleased
to announce that the Quebec Finance Minister, M. Carlos Leitao, confirmed during
the Quebec budget speech the creation of an investment fund in the amount of
$1.25 billion for the development of the hydrocarbon and mining sectors in the
province of Quebec.


This new fund will be managed by Ressources Quebec, a division of Investissement
Quebec. Of the $1.25 billion, $500 million will be reserved for the development
of the Northern Plan and $750 million will be made available to support the
development of the hydrocarbon and mining sectors in southern Quebec. The
Minister also announced the creation of a vast program to switch from the use of
heavy oil to cleaner natural gas and he also said the Province intends to
develop the use of LNG on large scale.


The Minister of Energy and Natural Resources, M. Pierre Arcand, further stated
that exploration for hydrocarbons in the province of Quebec is economically and
environmentally sensible and must be encouraged considering that the province
imports more than $14 billion worth of oil and gas every year.


Mendel Ekstein, president of Petrolympic, commented: "We are really pleased and
believe those announcements show the real will of the Quebec government to
develop a strong and sustainable industry in the province and we are convinced
we can be part of it with our conventional plays."


As stated in a previous press release dated April 11, 2014 and April 14, 2014
the discovery by Petrolympic and its partner Squatex Energy and Resources Inc.
of a conventional natural gas reservoir on Squatex' property in the Lower St.
Lawrence, is encouraging and confirms the hydrocarbon potential of the area.


Petrolympic and its partner are now designing a drill program to delineate the
three hydrocarbon-bearing zones identified in the Masse No.1 core hole and are
preparing an exploration program to further document and validate other
prospective structures identified within the Property based on the same
proprietary seismic dataset, in a climate favorable to the hydrocarbon
exploration in Quebec.


Petrolympic also owns a 100% interest in two exploration permits in the same
area, referred to as the Matapedia and the Mitis properties. Several
conventional plays and exploration leads have been identified in these permits. 


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 has 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 Squatex Energy and Resources 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
Lower 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.


About Squatex Energy and Resources Inc.

Squatex Energy and Resources Inc. ("Squatex") is an oil and gas exploration
company created on April 12, 2002 under the Canada Business Corporation Act
having its main office located at 7055, Boul. Taschereau, suite 500, Brossard
(Quebec) J4Z 1A7. Squatex is a reporting issuer only in the province of Quebec.
Its shares are not traded on any formally organized stock exchange market. The
main objective of Squatex is, as the operator, to carry out exploration work in
order to evaluate the oil and gas potential of a territory under leases covering
656,093 hectares. Squatex owns in the St. Lawrence Lowlands a 70% interest over
217,370 hectares under a joint venture agreement with Petrolympic and a 28%
interest over 8,000 hectares that were farmed out to Canbriam Energy Inc.
Squatex also owns a 70% interest over 431,339 hectares in the Lower St. Lawrence
under its joint operation agreement with Petrolympic. 


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
President and CEO
(845) 656-0184
exis@petrolympic.com


Squatex Energy and Resources Inc.
Jean-Claude Caron
President and CEO
(819) 929-3758
jeanclaudec@globetrotter.net
Petrolympic (TSXV:PCQ)
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