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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Odyssey Petroleum Corp. | TSXV:ODE | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0 | - |
At the Annual and Special General Meeting of the Company held on October 15, 2010, in addition to the proposed consolidation, shareholders approved by special resolution a proposed plan of reorganization of the Company's Mississippi subsidiary, Odyssey Petroleum Corp. (U.S.) ("the Debtor") under Chapter 11 of the U.S. Bankruptcy Code. Further to our September 17, 2010 Press Release, Iroquois Capital Opportunity Fund ("IOC") has retracted its offer to acquire the shares of the Debtor and ODE's lock up agreement with IOC expired in January 2011, allowing the Company to solicit other offers.
The Company has agreed to market its directly owned oil and gas assets jointly with the sale of the Debtor's assets and has engaged Burks Oil & Gas Properties, Inc. of Houston, Texas to assist with the sale of the combined assets.
The Debtor continues to operate under Chapter 11 creditor protection under the guidance of its chief restructuring officer, Charles Deutchman, while the sales effort continues. The marketing and bidding program is expected to take approximately two months to complete, and then must be approved by the court. Several prospective purchasers have been identified and it is expected that IOC will also be making a revised offer.
ODYSSEY PETROLEUM CORP.
Joe DeVries, Chief Executive Officer
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 (604) 718-2800 (604) 718-2808 (FAX)
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