Odyssey Petroleum Corp.
TSX VENTURE : ODE
FRANKFURT : YQN

Odyssey Petroleum Corp.

November 04, 2009 06:00 ET

Odyssey Petroleum Enters Into Agreement for Financing the Recompletion of Twelve Non-Producing Wells

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 4, 2009) - Odyssey Petroleum Corp. (TSX VENTURE:ODE)(FRANKFURT:YQN) (the "Company" or "ODE") announces that it has entered into an agreement with Southeastern Oil and Gas, LLC ("Southeastern"), which provides for an estimated US$4,000,000 expenditures to be made on twelve mutually selected non producing, closed in wells on ODE's properties in Mississippi. Under the terms of the contract, Southeastern has agreed to spend 100% of the funds necessary to re-enter, evaluate, and if warranted, do the necessary remedial work to recomplete and equip the wells for production. An estimated US$250,000 to $400,000 will be required per well in order to drill out plugs where in place, complete cementing remedial work, run cased hole logs, perforate, test, and equip the wells with new pumping units and production tubing.

Upon completion of each well to the tanks, Odyssey will retain a 12.5% overriding royalty interest (free of any cost) until such time that Southeastern has recouped 100% of its risked capital per well. After 100% payout, Odyssey may elect, at its own option, to convert the overriding royalty interest to 33 1/3% working interest in each well. Additionally, Southeastern will pay Odyssey US$25,000 upon the commencement of each well.

Odyssey welcomes this investment, as recompleting and equipping these non-producing wells may add substantially to Odyssey's income without expenditure of its own funds, thus allowing Odyssey to concentrate its efforts on raising new funds for new developmental drilling. Odyssey will remain operator of the wells and will help supervise operations. Southeastern intends to commence operations within the next 30 days, and commit to completing one well at least each ninety days.

Stock Options

The Company further announces that the exercise price of stock options granted September 23, 2009 to purchase a total of 4,000,000 common shares, as announced in a News Release dated September 23, 2009, has been increased to $0.10 per share, being the minimum exercise price allowed in accordance with polices of the TSX Venture Exchange, and not $0.05 per share as previously announced.

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'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

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.

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