Odyssey Petroleum Corp.

Odyssey Petroleum Corp.

June 21, 2010 16:49 ET

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

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 21, 2010) - Odyssey Petroleum Corp. (the "Company") (TSX VENTURE:ODE) announces further to its Default Status Report of June 14, 2010 that it has not yet been able to finalize its annual audited financial statements for the year ended December 31, 2009 (the "Financial Statements"). In connection with the Company's inability to file the Annual Financial Statements on time, the Company applied to applicable Canadian securities regulators requesting that a management cease trade order ("MCTO") (which restricts trading in the Company's securities by the Company's insiders) be issued as opposed to an issuer cease trade order (which restricts all trading in the Company's securities). An MCTO was received from the B.C. Securities Commission on June 18, 2010. 

Based on the auditor's updated projection, the Company expects its Financial Statements to be filed on or about June 28, 2010. Upon completion and filing of the Financial Statements, the Company will file its first quarter interim financials for the period ended March 31, 2010 as soon as possible thereafter, which were due to be filed by May 31, 2010. 

As long as the Company remains in default, it will continue to satisfy the provisions of 12-203 by filing a bi-weekly Default Status Report containing the prescribed information.

DATED this 21st day of June, 2010.


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.

Contact Information

  • Odyssey Petroleum Corp.
    Joe DeVries
    Chief Executive Officer
    (604) 718-2800
    (604) 718-2808 (FAX)