Petrolympic Announces Change of CFO

TORONTO, ONTARIO, Jun 30 (MARKET WIRE) --
Petrolympic Ltd. (the "Company") (TSX VENTURE: PCQ) announced that on
June 26, 2009, Mr. Ernest Cleave resigned as Chief Financial Officer of
the Company due to a limitation on his availability because of other
commitments. The Company would like to thank Mr. Cleave for all his hard
work, dedication and contributions during his tenure at the Company and
wishes him all the best in his future ventures.

"Mr. Cleave assisted Petrolymic during an important period in the
company's development and we are very grateful for his contribution and
wish him the best for the future." Stated Mendel Ekstein, President and
Chief Executive Officer of Petrolympic.

The Company will immediately commence a search for a new Chief Financial
Officer. In the interim period, Mr. Mendel Ekstein, the current
President, Chief Executive Officer and a director of the Company, will
assume the responsibility of interim Chief Financial Officer until a
suitable replacement for Mr. Cleave is found.

About Petrolympic Ltd.

Petrolympic Ltd. is a junior oil and gas company that is actively
exploring for premium light crude oil and natural gas in Quebec, Canada.
The company combines significant land positions, promising geology,
systematic exploration, accessible infrastructure, and experienced
management.

Petrolympic holds an interest in 1,903,098 acres (786,344 hectares) 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 include a 30% interest in
673,021 acres (272,362 hectares) through a joint venture with Ressource &
Energie Squatex inc ("Squatex") giving Petrolympic a major position over
the Utica Shale, Lorraine and Trenton-Black River formations as well as a
100% interest in 140,000 acres (56,622 hectares) located on the south
shore of the St. Lawrence less than 30 kilometers southwest of Montreal.
The Gaspe and Bas-st.Lawrence holdings include a 30% interest in 988,609
acres (400,076 hectares) through a joint venture with Squatex and a 100%
interest in a block of exploration permits totaling 101,029 acres (40,885
hectares) located between Rimouski and Matane prospective for
hydrothermal dolomite hosted light oil.

The TSX Venture Exchange has
not reviewed and does not accept responsibility for the adequacy and
accuracy of this release.

Contacts:
Investor Relations:
Evolution Group Inc.
Sylvain Archambault
514-448-4887; Toll free: 866-703-4887
s.archambault@evolutiongrp.com
www.evolutiongrp.com

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