Petrolympic Ltd. says that drilling of the Massé No 2 Well is in progress and substantial oil and gas shows have been documented. The well is drilled on the Massé area on its joint venture property in the Lower St. Lawrence area (the "Property") located in the Appalachian Basin of Quebec, in partnership with Squatex Energy and Resources Inc. (Squatex), the operator on the Property.

The presence of oil associated to porous horizons and natural fracture networks in the Massé No 2 Well casts a new and positive light on the potential of the area actively explored by the partnership. A patient and comprehensive exploration program resulted in a reinterpretation of the existing data and, more importantly, the gathering of additional subsurface information including the drilling of fourteen core holes, six of them having oil or gas shows.

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