Odyssey Petroleum Corp.: Arbitration Decision Announced

  Odyssey Petroleum Corp. (TSX VENTURE: ODE)(FRANKFURT: YQN) ("Odyssey" or the "Company") announces that a dispute which arose in fiscal 2008 (see Odyssey December 31, 2008 year end financials that were SEDAR filed June 4, 2009) involving a contract between Odyssey and a drilling contractor for the drilling of 12 wells over a two year period has now been heard by a panel of arbitrators and an award granted.

The drilling contractor was seeking damages in excess of US$5,000,000, representing what it contended were the profits lost by not drilling any wells for Odyssey under the contract. Odyssey contended that the contract was based on Odyssey's ability to raise the necessary funds, as well as the ability of the drilling contractor to furnish a satisfactory rig and competent drilling personnel. Odyssey also contended, among other things, that (a) the contract did not require Odyssey to use the drilling contractor if sufficient funds were not raised and if it felt that the rig and equipment were not suitable for Odyssey's specifications; and (b) the contract expired on its own terms.

The arbitrators ruled in favour of the drilling contractor, reasoning that Odyssey did drill four wells with another contractor during the two year period and could have utilized the claimant drilling contractor instead. The arbitrators awarded the claimant US$1,060,252, reasoning that this would have been the claimant's profit in drilling the four wells.

While Odyssey and its management, directors and attorneys disagree with and are disappointed in the award, Odyssey is currently deciding the best course of action to resolve this situation, and is also in negotiation with several parties to obtain funding to move the Company forward and deal with its present liabilities, contingent or otherwise.

ON BEHALF OF THE BOARD

Whitney Pansano, President & COO

Forward-Looking Statements:

Statements in this release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors identified in ODE's periodic filings with Canadian and European Securities Regulators. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. ODE does not assume the obligation to update any forward-looking statement.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contacts: Odyssey Petroleum Corp. Whitney Pansano President & COO [phone] [phone] (FAX) [e-mail]