Odyssey Petroleum Corp.

Odyssey Petroleum Corp.

December 22, 2009 13:41 ET

Odyssey Petroleum Enters into Agreement for Financing the Recompletion of Twelve Non-producing Wells

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 22, 2009) - Odyssey Petroleum Corp. (TSX VENTURE:ODE)(FRANKFURT:YQN) (the "Company" or "ODE") announces further to its News Release of November 4, 2009 that Southeastern Oil and Gas, LLC ("Southeastern") has advanced the initial funds to initiate re-entry, evaluation and attempt to reestablish production of the F. J. Laughlin Unit well in the Company's Puckett field in Mississippi. This well, which last produced in 1994 from a gas zone, is the first well of the proposed twelve well development plan. 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 well for production.

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. Odyssey will remain operator of the wells and will help supervise operations.

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.


"Whitney Pansano"

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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