Market Overview

Release of Quebec's Draft Hydrocarbons Regulations


Petrolympic Ltd. ("Petrolympic" or the "Company")
((TSX.V: PCQ, OTCQB:PCQRF) acknowledges that an important mile step has
been accomplished by the Ministry of Energy and Natural Resources of
Quebec who published, on Sept. 20, 2017, the draft regulations to govern
oil and natural gas activities.

Petrolympic considers that the Quebec government is sending a strong
message in releasing these regulations, confirming its will to
strengthen the economic dynamism of the province in the absolute respect
of the environment and of the local stakeholders, through the
development of a robust oil and gas industry. These regulations will
govern and clarify the exploration, production and storage licencing
processes, the field activities on land and water environments (to the
exclusion of the offshore marine environment), as well as pipeline
constructions. In particular, they are intended to improve the
synchronicity between the different ministries so as to homogenize the
regulatory framework, to facilitate the coordination with the
municipalities so as to account for the different uses of the land, and
to improve the collaboration and the cooperation with the local
stakeholders so as to achieve social acceptability faster.

The preparation of these regulations capitalizes on a series of in-depth
reviews undertaken by the government of Quebec over the past few years
and it reflects a very modern view of the industry best practices. The
regulations aim at facilitating and accelerating the exploration and
production of hydrocarbons in Quebec while enforcing very high
industrial and professional standards for the safety of environment,
persons and properties.

A period of forty-five days is allowed for comments and recommendations
from the civil society, during which Petrolympic will carefully review
the draft regulations and provide feed-backs to the government if
appropriate. The government will then be able to implement the
regulations, thus triggering the enactment of the Hydrocarbons Law. In
parallel, the Ministry of Environment of Quebec is pursuing the review
and update of its current regulation on water protection, a section of
which providing complementary regulation to oil and natural gas
industrial activities.

Petrolympic CEO Mendel Ekstein commented: "As Petrolympic is moving
forward to develop its diversified assets in Quebec, it is reassuring to
see that we can grow and evolve in an environment defined by a set of
modern and sensible laws and regulations. We are looking forward to
collaborate with the government to put these regulations in practice in
a very near future."

Management is confident that developing local hydrocarbon resources is a
positive step for the Province, as it will balance Quebec's energy
portfolio and strengthen its economy, while reducing the energy import
deficit. Petrolympic is fully committed to securing and maintaining the
social license and local support for its operations. Petrolympic seeks
the orderly and responsible commercial development of its Quebec oil and
gas exploration licenses, within the framework of the new Act and the
new regulations.

About Petrolympic Ltd.

Petrolympic is a Canadian junior oil and gas company actively exploring
for premium crude oil and natural gas in North America. The Company
holds an interest in a total of 752,933 hectares (1,860,533 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 consist of a 30%
interest in 216,933 hectares (536,051 acres) through a joint venture, a
12% interest in 8,000 hectares (19,768 acres) through the Farmout
Agreement, and a 100% interest in 56,152 hectares (138,754 acres)
located over the Lowlands shallow carbonates platform on the south shore
of the St. Lawrence River, less than 30 kilometers 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 Lower St. Lawrence regions, including a 30%
interest in 431,160 hectares (1,065,415 acres) through a joint venture
and a 100% interest in a block of exploration permits totaling 40,688
hectares (100,542 acres) located between Rimouski and Matane prospective
for hydrothermal dolomite hosted light oil. The Company has also an oil
production asset in the prolific Maverick Basin of Texas, USA.

Forward-Looking Statements


This news release may contain forward-looking statements and
information based on current expectations. These statements should not
be read as guarantees of future performance or results. Such statements
involve known and unknown risks, uncertainties and other factors that
may cause actual results, performance or achievements to be materially
different from those implied by such statements. Such statements include
submission of the relevant documentation within the required timeframe
and to the satisfaction of the relevant regulators, completing the
acquisition of the applicable real estate and raising sufficient
financing to complete the Company's business strategy. There is no
certainty that any of these events will occur. Although such statements
are based on management's reasonable assumptions, there can be no
assurance that such assumptions will prove to be correct. We assume no
responsibility to update or revise them to reflect new events or

Company's securities have not been registered under the U.S.
Securities Act of 1933, as amended (the "U.S. Securities Act").

Additionally, there are known and unknown risk factors which could
cause the Company's actual results, performance or achievements to be
materially different from any future results, performance or
achievements expressed or implied by the forward-looking information
contained herein. All forward-looking information herein is qualified in
its entirety by this cautionary statement, and the Company disclaims any
obligation to revise or update any such forward-looking information or
to publicly announce the result of any revisions to any of the
forward-looking information contained herein to reflect future results,
events or developments, except as required by law.

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