Petrolympic Ltd. announce the appointment of Mr. Carmelo Marrelli to the position of Chief Financial Officer of the company following the resignation of Mr. Ernest Cleave on June 30, 2009.

Petrolympic Ltd. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2009. For the quarter, the company reported net income and comprehensive income of CAD 607,317 or CAD 0.01 per basic and diluted share compared to net loss and comprehensive loss of CAD 1,300,024 or CAD 0.02 per basic and diluted share for the same period a year ago. Cash flows used in operating activities was CAD 382,043 and acquisition of equipment was CAD 820 compared to cash flows used in operating activities was CAD 253,306 and acquisition of equipment was CAD 2,625 for the same period a year ago. For the six months, the company reported net income and comprehensive income of CAD 537,551 or CAD 0.01 per basic and diluted share compared to net loss and comprehensive loss of CAD 1,666,573 or CAD 0.02 per basic and diluted share for the same period a year ago. Cash flows used in operating activities was CAD 620,047 and acquisition of equipment was CAD 820 compared to cash flows used in operating activities was CAD 547,658 and acquisition of equipment was CAD 2,625 for the same period a year ago.

Petrolympic Ltd. announced that its joint venture partner and operator Canbriam Energy Inc. spud the Canbriam Farnham No 1 well in the St. Lawrence Lowlands on July 9, 2009. The expected total depth to be reached down to the Top of the Trenton Formation is 2,567 meters (TVD). This is the first well of a series to spud under the previously announced joint venture arrangement. The expertise, professionalism and applied knowledge that Canbriam brings to this project are very comforting and gives us the confidence that the hydrocarbon potential of these properties will be explored and exploited to its fullest.