PCQ Petrolympic Ltd

Petrolympic Ltd. (TSX VENTURE:PCQ) (the "Company") is pleased to announce that
it has completed the second and last tranche of a non-brokered private placement
(the "Private Placement"). The Company issued 2,470,666 units of the Corporation
(the "Units") at a price of $0.15 per Unit for aggregate gross proceeds of
$370,600. Each Unit consists of one common share of the Corporation (a "Unit
Share") and one common share purchase warrant (a "Warrant"). Each Warrant
entitles the holder to purchase one common share (a "Warrant Share") at a price
of $0.25 per Warrant Share for a period of 18 months from the date of issuance
(the "Expiry Time"). In the event that the common shares of the Company trade at
or above $0.35 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 "Acceleration Clause"). Compensation Options were
also issued to certain finders. The finders received 373,066 compensation
options ("Compensation Options"), each Compensation Option being exercisable
into one Unit within 18 months of closing, subject to the Acceleration Clause,
at an exercise price of $0.15.


The securities sold under the Private Placement will be subject to restrictions
on resale for a period of four months and one day 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 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@petrolympic.com

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