Petrolympic Ltd. announced the results of the production test of the Chittim Ranch 80 #2V Well located in Maverick County, Texas, USA, in which the company owns 80.25% working interest with net revenue interest of 60.1875%. Oil-Lympia Oil & Gas Inc., an indirect subsidiary of the company, is the operator for the well. During the last week of January, Mesa Southern Well Servicing, LP tested the well and confirmed the production rates at 24-32 bbls per day. The oil was produced from the Lower Edwards Formation. Preparation is being made by the company to setup a pump and battery in place to put the well into production. The company has also determined that salt water was mixed in, and will need to be disposed in order to produce the oil from the well. The company is currently working to secure the appropriate equipment and conduct the necessary engineering to commence production in due course. Analogous wells in the area had cumulative production of ~22,000 bbls from the Lower Edwards Formation. Petrolympic plans to produce the oil from this reservoir for its maximum economic value and subsequently move up the pipe and test other zones encountered during the drilling.

Petrolympic Ltd. announced that it has entered into certain financing arrangement (loan) for the purposes of funding exploration on the Chittim Ranch property and increasing its working capital, whereby the company will borrow up to $200,000 (principal) from Mendel Ekstein, the Chief Executive Officer and the President of the company (lender), for a term of 12 months, which principal will bear no interest (but will bear interest at a rate of 30% per annum in the case of a default). In connection with the loan, Petrolympic has entered into a promissory note and other agreements and executed certain documents, including entering into a share pledge agreement with the lender, providing for the pledge by the company to the lender of shares in the capital of Petrolympia Inc. and Petrolympic USA Inc., upon the terms and conditions set out in the share pledge agreement.

Petrolympic Ltd., Annual General Meeting, Feb 21, 2013., at 10:00 US Eastern Standard Time. Location: offices of Fogler, Rubinoff LLP, 77 King Street West. Agenda: To receive the consolidated financial statements of the corporation for the fiscal year ended December 31, 2011 together with the reports of the auditor's thereon; to elect directors of the corporation; to appoint auditors and to authorize the directors to fix the auditors' remuneration; to consider stock option plan; and to transact such other business as may properly come before the Meeting or any adjournment thereof.