Odyssey Petroleum Corp.: Default Status Report-Pursuant to National Policy "12-203"

  Odyssey Petroleum Corp. (the "Company") (TSX VENTURE: ODE)(FRANKFURT: YQN) announces further to its Default Notice disseminated on April 28, 2010 that it has not yet been able to finalize its annual audited financial statements for the year ended December 31, 2009 (the "Annual Financial Statements"). In addition, the Company has not yet received the requested Management Cease Trade Order from Canadian securities regulators, as disclosed in the April 28, 2010 News Release. Accordingly, the Notice of Default as set out in that News Release remains unchanged.

The Company's wholly owned subsidiary, Odyssey Petroleum Corp. (US), has now secured court approval for post petition financing in an amount not to exceed U.S.$300,000 prior to a final hearing, where the Company proposes that the financing be increased to U.S.$1,000,000. The "Debtor In Possession" financing is a revolving Line of Credit, and is being provided by Iroquois Capital Opportunity Fund, LP, a Delaware limited partnership.

The Company expects its Annual Financial Statements to be completed by June 7, 2010 and filed on or about June 9, 2010. Upon completion and filing of the Annual Financial Statements, the Company will file its first quarter interim financials for the period ended March 31, 2010, which are due to be filed by May 31, 2010.

The Company intends to satisfy the provisions of 12-203 by continuing to file a bi-weekly Default Status Report containing the information prescribed by 12-203, as long as the Company remains in default of the financial statement filing requirement.

DATED May 28, 2010.

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)