Odyssey Petroleum Corp.

Odyssey Petroleum Corp.

March 13, 2008 13:23 ET

Odyssey Begins Drilling Another Well in Pelahatchie Field

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 13, 2008) - Odyssey Petroleum Corp. (TSX VENTURE:ODE)(FRANKFURT:YQN) reports that on March 12th it spudded and set conductor pipe to begin drilling a new well in Pelahatchie Field (the "Harold Karges 18-7 #1 Well"). The drilling rig is scheduled to move in, rig up, and commence drilling over the weekend.

Situated south of the recently drilled Harold Karges 1A in Sec 18, T5N, R5E, Rankin County, Mississippi, and slightly northeast of the discovery well drilled in the 1960's by American PetroFina, the well is to be drilled to a depth of 11,500 ft., targeting development of numerous accumulations of oil found in nearby previously drilled wells in the field.

Under the terms of an agreement between the Company and TransAmerican Energy Inc. (TSX VENTURE:TAE) and agreements with other working interest participants, TAE and certain other participants will pay 100% of the cost of drilling the Harold Karges 18-7 #1 Well to acquire a combined 50% working interest, while Odyssey will complete the new well for production and serve as Operator. TAE and ODE recently drilled and completed the successful Max and Martha Gill well approximately one mile north, in Section 7.

The Pelahatchie Field is located in east-central Rankin County, Mississippi near the geographic center of the state, approximately twenty miles east of Jackson, Mississippi. The field was discovered in 1962 by American PetroFina with production from the Mooringsport sand at 9800 ft. using early gravity and seismic technology. Production was eventually established in the field from fourteen additional zones to 11,400 ft., and from the deep Norphlet formation at 17,000 ft.

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. As disclosed in the NI 51-101F2 Report filed December 14, 2006 for the fiscal year ended December 31, 2005, Fletcher Lewis, P.Eng. estimated the net present value of future net revenue (before income taxes, 10% discount rate) of the Company's reserves located in the Smith, Rankin, Jasper and Scott Counties, Mississippi, and Jefferson Davis Parish, Louisiana, to be $978,976,044. 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. See also http://www.odysseypetroleum.com/drilling_max_martha_gill.html.


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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