Petrolympic Announces Expected Delay in Filing Annual Financial Statements
15:08 EDT Thursday, May 01, 2008

As a result of this delay, Petrolympic management has asked the Ontario Securities Commission, the British Columbia Securities Commission, the Alberta Securities Commission and the Autorite des marches financiers to put in place a management cease trade order (the "MCTO") covering all persons who are directors, officers or insiders of the Company or who have been directors, officers or insiders of the Company during the period that the financial statements are being prepared. Pursuant to the Policy, if the Company's annual financial statements and related annual filings are not filed by June 30, 2008, one or all of the Ontario Securities Commission, the British Columbia Securities Commission, the Alberta Securities Commission or the Autorite des marches financiers may impose an issuer cease trade order against Petrolympic. The Company does not believe that it will be affected by this aspect of the Policy because it anticipates that it will be in a position to file its annual financial statements and related annual filings by June 30, 2008. The MCTO will remain in place until two full business days following receipt by the commissions of all filings that the Company is required to make pursuant to applicable Canadian securities laws

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