James Ware Baxter Schoenfeld Llp

We have been advised that journalists and other readers should disregard the news release "Former Petrocapital Resources PLC Chairman Emmanuel Olympitis Focus of Substantial Complaint to the U.K.

LONDON, May 27, 2010 - In the continuing story concerning the board room dispute at PetroCapital Resources Plc, which has resulted in the resignation of the founder and most of the board of that company, a notification to the PLUS market regulators and a delisting of the shares of the company, a High Court claim was filed today against another exiting director and chairman Manoli Olympitis, as well as the company itself, for defamation, intimidation, breach of contract and malicious falsehood brought by its former COO and shareholder, Axel von Schubert.