Odyssey Petroleum Corp.

Odyssey Petroleum Corp.

October 10, 2007 10:49 ET

Odyssey Petroleum Corp.: Production in Portion of Pelahatchie Field Increases Significantly

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 10, 2007) - Odyssey Petroleum Corp. (TSX VENTURE:ODE)(FRANKFURT:YQN) announces that the newly drilled Harold Karges 1A well continues to flow naturally at approximately 100 barrels of oil per day with no water from a Hosston zone interval at 11,300 ft subsurface. Company production managers are pleased with the results of the well, which is still being produced conservatively with a restricted choke through a 14/64th opening.

The completion in the Harold Karges 1A answered geological questions that tend to confirm the Company's studies, evidencing that the southern portion of Pelahatchie Field offers new developmental opportunities. This well and the initial completion confirms the existence of multiple stacked oil and gas sands which management anticipates will have the ability to increase the Company's production appreciably. Utilizing modern and sophisticated analytical tools, and utilizing new geological interpretations by Company geologists, Odyssey has been successful in converting this section of the field into a major production area during the past year. It is management's belief that this portion of the field may have been overlooked, under evaluated and/or under produced throughout the field's development history. This same scenario exists in many of the Company's properties, which are under study.

More specifically, Odyssey has in the past year not only drilled the new Karges well in the southernmost portion of the field, but has also re-entered and re-completed two additional wells in that area - turning both into economic successes. In the case of the re-entries, both of the wells were drilled years ago, and both had accumulated only modest production during their lives. The re-completion of new zones in the JW Rhodes 18-4 (10,500 zone) and the W.D.Rhodes 1A (10,700 zone) has resulted in gross income of U.S. $1,895,000 in the twelve months ended August 31, 2007. This is more revenue that the two wells together had produced over the prior ten years of production.

At present, the new Karges 1A well appears to be capable of generating an additional $2,500,000 per year at today's product price from one zone. The Karges well, as well as the other two wells mentioned, are all producing from different zones and the Company believes that all have more apparent productive zones behind pipe which can be accessed for later production. Additionally, there is room for more developmental wells to be drilled in this section.

This new development in Pelahatchie Field is the result of successful execution of the Company's business strategy. Odyssey has acquired a number of producing oil and gas fields in Mississippi and Louisiana, reworked and refurbished existing producing facilities, and has conducted studies for development of remaining oil and gas reserves utilizing modern tools and techniques such as those that are now producing results in Pelahatchie Field.

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.


Whitney Pansano, C.O.O. and President

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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