Mr. Mendel Ekstein reports

PETROLYMPIC LTD. ANNOUNCES CLOSING OF PRIVATE PLACEMENT OF UNITS

Petrolympic Ltd. has completed a non-brokered private placement of four million units of the company at a price of 10 cents per unit, for aggregate gross proceeds of $400,000. Each unit comprised one common share in the capital of the company, issued on a flow-through basis, and one-half of one common share purchase warrant. Each warrant entitles the holder thereof to purchase one common share at a price of 16 cents for a period of two years from the date of issuance; provided, however, that in the event that the closing price of the common shares on the TSX Venture Exchange is 25 cents or higher for a period of 30 consecutive trading days, the corporation may elect to accelerate the expiry date of the warrants to a date that is 30 days from the date of the written notice of acceleration provided to holders of warrants.

The company paid aggregate cash finders fee of $24,000 representing 6 per cent of the gross proceeds of the offering introduced by the finders. In addition, the company issued 240,000 compensation warrants of the company to the finders, representing 6 per cent of the number of units sold to subscribers introduced by the finders. Each compensation warrant entitles the holder thereof to purchase a warrant for 16 cents for a period of two years from the date of issuance. Laurentian Bank Securities Inc. was engaged as the company's exclusive finder in connection with the offering.

The securities issued under the offering have a hold period of four months and one day from the date of issuance.

The company will use the net proceeds of the offering to explore the Belcourt and the Rayon D'Or properties located in Quebec.

We seek Safe Harbor.