Adventures of Lolo 3 © 1991 HAL America.
North American release. Game developed in Japan. See the original Famicom version for more information; "Adventures of Lolo II [Model HAL-QL]
Description from the back cover:
The journey continues! The game preferred by the best and the brightest is back with a brand new installment. See if you qualify!
Seventeen levels, one hundred rooms. Play as either Lolo or Lala. Underwater levels with new challenges. Lolo's Grandpa teaches you the tricks of the game. New tactics, techniques and characters.