Petrolympic Provides Update on Maverick Basin Appraisal Well Assignment

TORONTO, ONTARIO--(Marketwire - March 20, 2012) - Petrolympic Ltd. (TSX VENTURE:PCQ) ("Petrolympic" or the "Company") is providing an update on the status of the Chittim Ranch Property.

As announced by the Company in its press release of May 11, 2011, Petrolympic entered into an Exploration Agreement with Texas HBP LLC ("HBP") to acquire a 50% interest in the Maverick Basin Chittim Ranch Property, being 320 acres surrounding Well 80-2V. Initial drilling has been completed (as announce in a press release dated November 4, 2011) and Petrolympic believes that Well 80-2V warrants further long-term testing.

To date, HBP has applied for the assignment of the wellbore and the 320 acres surrounding the wellbore from Shell Western E & P. Petrolympic has raised concerns with Big Shell Oil and Gas, (the "Operator") regarding a number of issues including drilling costs, communications with lessors, and other operational issues. Petrolympic is currently working with the Operator and other stakeholders to resolve and settle all issues and disputes so that the assignment may be completed and testing commenced.

The Company believes that these matters will be resolved in the near future and the Company intends to commence long-term testing upon receipt of assignment of acreage.

About Petrolympic Ltd.

Petrolympic Ltd. (PCQ.V) 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 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 are a 30% interest in 217,370 hectares (536,941 acres) through a joint venture with Resources & Energie Squatex Inc.; a 12% interest in 8,000 hectares (19,768 acres) through a Farmout Agreement with Canbriam Energy Inc., as well as 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 kilometres southwest of Montreal. These properties represent a major position in the Utica-Lorraine and Trenton-Black River Plays. Petrolympic also maintains holdings in the Gaspé 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 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 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.