2009-06-12-2009-01-01-2009-01-01

JV to earn 60% interest in 80,000 acres in the Queenston, Lorraine, Utica formations in ON, QC.

Joint-venture partners Petrolympic Ltd., Montreal, (CDNX: PCQ) and Ressources et Energie Squatex Inc. have entered into a joint-operating agreement with privately held Calgary-based Canbriam Energy Inc. for C$3.5 million. Canbriam paid $2.45 million to privately held Squatex and $1.05 million to Petrolympic for an option to earn a 60% interest in nearly 80,000 acres in the Queenston, Lorraine and Utica formations. In a joint statement, Petrolympic president and chief executive officer Mendel Ekstein and Squatex president Jean-Claude Caron said, "We are excited to have attracted Canbriam's established team of professionals to help Squatex and Petrolympic expedite our progress in the Queenston, Lorraine and Utica formations. It is a strong statement made by a knowledgeable partner on the potential of our properties." Petrolympic has a 30% interest in all of the properties held by the existing joint venture, which comprise 1.6 million acres in the St. Lawrence Lowlands, Bas St. Laurent and Gaspe Peninsula. According to the agreement, Canbriam will be responsible for all drilling costs.