Odyssey Petroleum Corp.: Corporate Update

   Odyssey Petroleum Corp. (TSX VENTURE: ODE)(FRANKFURT: YQN) announces the resignation of Whitney Pansano as President, Chief Operating Officer and a director of the Company. Odyssey thanks Mr. Pansano for his service to Company over the past six years. Joe DeVries, the current CEO of the Company, has been appointed as President. For clarification, the directors and officers of Odyssey are now comprised as follows:

Joe DeVries, CEO, President and director

Richard Barnett, CFO and Secretary

Jurgen Wolf, director

Richard Switzer, director

Ali Al Hazeem, director

Reinstatement Application to TSX Venture Exchange:

On January 12, 2011, the B.C. Securities Commission issued Revocations of the Cease Trade Order and Management Cease Trade Orders issued, as Odyssey is now up-to-date with its continuous disclosure filings (see News Release dated December 24, 2010). The Company has made application to the TSX Venture Exchange for reinstatement for trading, and anticipates resumption of trading shortly.

Proposed Consolidation and Name Change:

Regarding the proposed name change and consolidation announced in the Company's News Release dated September 17, 2010, the Company received approval from shareholders at the Annual General Meeting held October 15, 2010, and is currently in the process of preparing the required documentation to consolidate its share capital on a 20:1 basis, and to change its name to Petrichor Energy Inc., subject to receipt of regulatory acceptance. A further News Release will be disseminated once regulatory approval has been received and an Effective Date has been set.

Website Down for Upgrading:

The Company's website has been shut down for updating. ODE expects to have the website back up and running in the next two weeks.

ODYSSEY PETROLEUM CORP.

Joe DeVries, Chief Executive Officer

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. Joe DeVries Chief Executive Officer [phone] [phone] (FAX)