Canbriam Spuds JV's First Well in St. Lawrence Lowlands

Petrolympic 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 2567 meters (TVD). This is the first well of a series to spud under the previously announced joint venture arrangement.

"This stage of our development is very important and symbolic for us and our shareholders. We are very happy to have the opportunity to work alongside with Canbriam Energy and Ressources & Energie Squatex in this joint venture. 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," stated Mendel Ekstein President and Chief Executive Officer of Petrolympic.