Montreal, Canada (ots/PRNewswire) -
- All Dollar Amounts are Expressed in Canadian Dollars
Petrolympic Ltd. ("Petrolympic" or the "Company") (TSX VENTURE:
PCQ.V) is pleased to announce that it has entered into a binding
letter of agreement (the "Agreement") with Ressource & Energie
Squatex inc. ("Squatex") pursuant to which Petrolympic will acquire
a 30% legal and beneficial interest in 36 exploration permits
totaling 672,438 hectares in the St. Lawrence Lowlands, Bas
St-Laurent and Gaspe Peninsula in Quebec (the "Transaction").
Upon signing of the Agreement, Petrolympic made an initial
payment of $500,000 to Squatex in order to cover certain outstanding
payments on the permits.
In order to complete the acquisition of the interest in the
Squatex properties, Petrolympic is required to make additional cash
payments of $1,000,000 on June 30, 2008 and $1,000,000 on July 31,
2008, with $1.8 million of such funds to be used for exploration of
the properties and $200,000 made available to Squatex for its
working capital. If Petrolympic does not make these payments for any
reason, it will convert the initial $500,000 payment to an 8% equity
interest in Squatex.
The Transaction remains subject to Petrolympic's satisfactory due
Prior to completion of the Transaction, Petrolympic holds more
than 113,906 hectares (281,468 acres) of oil and gas exploration
permits in the Appalachian Basin of Quebec that include holdings in
the Gaspe Peninsula and in the southern part of the St. Lawrence
Lowlands. The Gaspe block of exploration permits totals 40,885
hectares located between Rimouski and Matane in the Province of
Quebec immediately southwest of Lake Matapedia. The St. Lawrence
Lowlands Block of exploration permits is located on the south shore
of the St. Lawrence directly south of Valleyfield less than 30
kilometers southwest of Montreal in the Province of Quebec.
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 TSX Venture Exchange Inc. has not reviewed and does not
accept responsibility for the adequacy and accuracy of this release.
For further information: Mendel Ekstein, Petrolympic Ltd.,
ots Originaltext: Petrolympic Ltd.
Im Internet recherchierbar: http://www.presseportal.ch
For further information: Mendel Ekstein, Petrolympic Ltd., Email: