Mr. Mendel Ekstein reports
PETROLYMPIC REACHES TARGET DEPTH & CONFIRMS POSITIVE SHOWS IN APPRAISAL WELL 80-2V, MAVERICK BASIN, TEXAS, USA
Drilling of Petrolympic Ltd.'s appraisal well 80-2v on the Chittim Ranch property has reached its target depth of 3,980 feet. The well penetrated 7 oil and gas bearing horizons with the initial target horizon for production being the Georgetown where oil and gas showings have also been observed. The Company is encouraged by the positive shows in the Georgetown and other formations.
Petrolympic is currently evaluating Electric logs and side wall cores from drilling. The well is scheduled for completion within the week. The rig is currently running 7" casing to 3,980 feet.
The Chittam Ranch well is being drilled by Petrolympic as part of an earn in agreement with Texas HBP and Shell Western E&P, pursuant to which Petrolympic has the right to earn a 50% working interest (yielding a 37.5% net revenue interest) in the Chittim Ranch property. (For further details, please refer to the Company's press release of May 11, 2011, available at www.petrolympic.com)