th 2008

- Petrolympic Ltd. ("Petrolympic" or the "Company") (PCQ, TSXV)

is pleased to announce that it has, together with its joint venture partner Ressources et Energie

Squatex Inc. ("Squatex"), entered into a farmout and joint operating agreement (the "Joint

Operating Agreement") with Calgary-based Canbriam Energy Inc. ("Canbriam") pursuant to

which Canbriam will have the right to earn a 60% interest in up to 32,000 hectares (79,074 acres)

of exploration permits in only the Queenston, Lorraine and Utica Formations (down to the top of

the Trenton Formation) that form part of the joint venture between Squatex and Petrolympic (the

"Existing JV"). As described in the Company's press release of June 30, 2008, Petrolympic has a

30% interest in all of the properties that are held by the Existing JV which are comprised of 36

exploration permits totaling 672,438 hectares (1,661,630 acres) in the St. Lawrence Lowlands,

Bas St. Laurent and Gaspé Peninsula.

The key terms of the Joint Operating Agreement are as follows:

Canbriam made cash payments of $2.45 million to Squatex and $1.05 million to

Petrolympic upon the parties entering into the Joint Operating Agreement.

Within 3 months from entering into the Joint Operating Agreement, Canbriam will make

a determination as to which 2 permits it would like to designate as forming part of the

farmout lands (the "Farmout Lands") under the Joint Operating Agreement.

Canbriam shall drill 1 vertical well to the base of the Utica Formation and/or 30 metres

into the top of the Trenton Formation prior to October 31, 2009 (the "Initial Exploration

Program"). Within 90 days of completing the Initial Exploration Program, Canbriam

shall select and notify the Existing JV of an 8,000 hectare parcel of contiguous Farmout

Lands for which Canbriam shall have earned a 60% interest. The remaining 40% interest

shall be held by Squatex and Petrolympic based on the terms of the Existing JV (i.e.

Squatex - 28% and Petrolympic – 12%).

Canbriam shall have the option to earn a 60% interest on up to an additional 24,000

hectares comprising part of the Farmout Lands by drilling up to 6 vertical/horizontal

wells and making cash payments up to $9,450,000 to Squatex and $4.05 million to

Petrolympic prior to November 30, 2011. If Canbriam earns the interest on such Farmout

Lands, the remaining 40% interest shall be held by Squatex and Petrolympic based on the

terms of the Existing JV (i.e. Squatex - 28% and Petrolympic – 12%).

Canbriam shall be responsible for all drilling costs, completion costs or abandonment