PCQ Petrolympic Ltd

Petrolympic Ltd. ("Petrolympic" or the "Company") (TSX VENTURE:PCQ) is pleased
to announce the discovery of a conventional reservoir of natural gas on its
joint venture property in the Lower St. Lawrence area (the "Property") located
in the Appalachian Basin of Quebec, which was announced by the Operator,
Ressources & Energie Squatex Inc., ("Squatex") in its press release dated
November 15, 2013 (see www.sedar.com). The Company holds an interest in 217,370
hectares (536,941 acres) of the Property through a joint venture with Squatex.


While carrying a stratigraphic coring program, which Squatex started in 2010 to
evaluate the oil and gas potential of its licences, significant gas flows were
first encountered at 1,847 meters-deep in the core hole Masse No.1 in the Mitis
River area. The cores were collected and analysed from this depth down to the
total depth of the well at 1,874 meters, revealing that the reservoir is hosted
in the Silurian Sayabec Formation and consists of a 10 meters-thick interval of
hydrothermally dolomitized limestone with high porosity and permeability values
up to 20.8% and 1624 mD, respectively. An effective seal is provided by the
overlying fine-grained rocks of the Saint-Leon Formation.


Hydrothermal dolomitization is the generation mechanism of many world-class
conventional reservoirs in North America, such as Albion-Scipio in Michigan and
Lady-Fern in British Columbia. Contrary to shale gas, these types of reservoirs
do not require hydraulic fracturation. The analysis of the gas charge of the
reservoir indicates it is composed of 89% methane and devoid from hydrogen
sulfide. The Company believes that this clean energy source can be
commercialized to close local markets, thus contributing to the economic growth
of the region.


In the Lower St. Lawrence of Quebec, the Sayabec Formation has been recognized
as a prospective unit since the discovery of an analogue outcrop at surface,
dolomitized and filled with bitumen, and the discovery of a naturally fractured
interval filled with salt water in an exploratory well drilled in 1969. The
Company believes that the discovery of a gas reservoir, however, represents a
new and very significant mile step in the appraisal of the hydrocarbon potential
of the region and Petrolympic is very proud of participating to this endeavour.


This discovery also echoes the new economic policy announced by the Quebec
government in October this year, which makes a priority of the demonstration of
the hydrocarbon potential of the province and the long-term reduction of its
dependence on foreign energy sources, through the drilling of exploratory wells
in a context of rejuvenated regulations and the complete respect of the
environment and the community.


Petrolympic and Squatex are currently evaluating options to finance the pursuit
of the exploration efforts and determine the full potential of the identified
structure


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,
where oil and gas have been encountered in mining wells in the 90's. Based on
proprietary seismic data, the prospective Sayabec Formation is also believed to
be present at depth in these two 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 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
Ressources & 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.


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

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