PCQ Petrolympic Ltd

Petrolympic Ltd. (the "Company" or "Petrolympic") (TSX VENTURE:PCQ) is pleased
to announce that all items on the agenda were approved at the Company's annual
and special shareholders meeting held on May 20, 2014. At the AGM, the
shareholders ratified the Company's 10% rolling stock option plan, re-appointed
MNP LLP as auditors of the Company for the ensuing year, and authorized the
directors to fix their remuneration. 


In addition, each of the current directors of Petrolympic, being Mendel Ekstein,
Andreas Jacob, Alain Fleury, Frank Ricciuti, Miles Pittman, Rodger Creamer, and
a proposed nominee, Glenn MacNeill, was elected as a director by a majority of
votes to serve until the next annual meeting or until their successors are
elected or appointed.


New board member, Mr. MacNeill, is a petroleum engineer and has over 30 years of
experience in various project and financial functions. Mr. MacNeill is currently
a portfolio manager with Pangaea Asset Management. Previously, he was with
Lawrence Asset Management as Chief Investment Officer, and with Sentry Select
Capital Corp. as VP, Investments. In the past, Mr. MacNeill has also worked with
HSBC Securities Inc., Scotia Capital Inc., Imperial Life/Desjardin Group and TD
Bank. He has over 30 years of experience in financial and petroleum fields and
has extensive experience in oil and gas royalty trusts, energy companies, and
private investment opportunities. 


CEO Mendel Ekstein commented: "We are very happy to have attracted Mr. MacNeill
as a director of Petrolympic. With his background and experience, I believe he
will significantly enhance our board and I look forward to working with him as
Petrolympic enters a new phase in its Quebec projects."


Furthermore, Petrolympic announced today that the board of directors of the
Company granted an aggregate of 1,230,000 incentive stock options to the Chief
Financial Officer, the Secretary and the directors of the Company at the
exercise price of $0.36 exercisable until May 20, 2019. The options are being
granted pursuant to the terms of the Company's stock option plan.


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
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.


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 Ltd.
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 Ltd. 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 the 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

Petrolympic (TSXV:PCQ)
Historical Stock Chart
From May 2024 to Jun 2024

Petrolympic (TSXV:PCQ)
Historical Stock Chart
From Jun 2023 to Jun 2024