Odyssey Petroleum Corp.
TSX VENTURE : ODE
FRANKFURT : YQN

Odyssey Petroleum Corp.

November 01, 2007 13:38 ET

Odyssey Closes $1.5M Convertible Debenture

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 1, 2007) - Odyssey Petroleum Corp. (TSX VENTURE:ODE) (FRANKFURT:YQN) is pleased to announce that on October 31, 2007 the TSX Venture Exchange accepted for filing a $1.5M Convertible Debenture previously announced in ODE's News Release dated October 22, 2007, as
amended October 23, 2007.

Accordingly, on October 31, 2007 the Company issued the $1.5M Convertible Debenture, which matures 30 months from closing. The Debenture is convertible into common shares of the Company at the rate of $0.15 of principal outstanding in the first two years, and at $0.165 for the final six months, with an interest rate of 10% per annum, payable monthly, plus a redemption rate surcharge of 12.5% on the principal amount being redeemed. Refer to the October 22 and 23, 2007 News Releases for further particulars.

Any shares issued on conversion of the Debenture will be subject to a hold period under applicable Canadian securities laws expiring on March 1, 2008, and will be subject to such further restrictions on resale as may apply under applicable foreign securities laws.

The funds were used towards development of the Harold Karges 1A Well, which continues to flow naturally at approximately 100 barrels of oil per day (with no water) from a Hosston zone interval at 11,300ft subsurface on a 14/64ths choke (see ODE News Release dated October 10, 2007).

About Odyssey Petroleum Corp.

Odyssey Petroleum Corp. is a Canadian based junior oil and gas company traded publicly under the symbol ODE on the TSX-V Exchange. The Company holds assets of approximately $37,000,000 in five majority controlled oil and gas fields located in the States of Louisiana and Mississippi, U.S.A. The Company's mission is the discovery and development of economic oil and gas through the exploration of high quality projects located primarily in the Southeastern United States. Odyssey Petroleum Corp.'s website is www.odysseypetroleum.com. For investor information, call (604) 718-2800 or fax (604) 718-2808.

ON BEHALF OF THE BOARD

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.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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