Odyssey Petroleum Corp.: News Release

  Odyssey Petroleum Corp. (TSX VENTURE: ODE)(FRANKFURT: YQN) ("Odyssey") announces that Odyssey Petroleum Corp. US its wholly owned Mississippi subsidiary has filed under Chapter 11 of the United States Bankruptcy Code for protection from its creditors, in order to give the Company the time to work through its present financial difficulties. Odyssey is currently in negotiations with several parties to obtain funding to move the Company forward, as well as 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]