Odyssey Petroleum Corp.
TSX VENTURE : ODE

Odyssey Petroleum Corp.

November 17, 2006 14:47 ET

Odyssey Completes Another 100 Barrel Per Day Well

VANCOUVER, BRITISH-COLUMBIA--(CCNMatthews - Nov. 17, 2006) - Odyssey Petroleum Corp. (TSX VENTURE:ODE) is pleased to announce that a new re-completion in an existing well at Pelahatchie Field has tested over 100 barrels of oil per day. Pumping through an 8/64th choke with 250 psi, at 4 strokes per minute, the well produced at the rate of 115 barrels of oil per day with no water on a 24 hour test. Completed from perforations in the 10,700 ft Rodessa formation, the well was put into immediate production.

The previous Pelahatchie well that was re-completed by the Company in September is still averaging production rates of approximately 100 barrels of oil per day. The well is restricted on a 6/64th choke pumping at 4 strokes per minute with no formation water and produces from a 10,500 ft Rodessa formation as reported in a Company news release dated September 5, 2006.

The Pelahatchie Field is located approximately 20 miles east of Jackson, Mississippi and 10 miles from the company's production office situated near Puckett, Mississippi. The company obtained the majority interest in the field in 2005 and is now in the process of implementing its field development plan after the completion of comprehensive studies by the company's management, engineers and geologist. Discovered in 1960, Pelahatchie Field has yielded production from multiple zones - from the shallow Tuscaloosa formation at 7500 ft subsurface to the deep Norphlet formation at 17,000 ft subsurface, where Shell Oil Company (NYSE:RDS.A) produced a well at over 2000 barrels of oil per day together with 2 million cubic feet of gas per day. Proven Developed, Proven Developed Non-Producing, Proven Undeveloped, Probable and Possible Oil and Gas reserves in the Pelahatchie Field have been estimated to exceed 33 million barrels of oil and 94 bcf of gas according to a NI 51-101 evaluation report effective October 1, 2005, which was prepared by Fletcher Lewis Engineering Inc in the form of a Reserve and Economic Report dated October 12, 2005, and reported by the company in it's news release of October 25, 2005.

ON BEHALF OF THE BOARD

Joe DeVries, Chief Executive Officer

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 $35,000,000 in five majority controlled oil and gas fields located in the States of Louisiana and Mississippi.

FORWARD-LOOKING STATEMENTS -- This press release contains forward-looking statements reflecting Odyssey objectives, estimates, expectations and the impact of acquisitions on Odyssey's financial performance. These statements are identified by the use of verbs such as "believe", "anticipate", "estimate", and "expect" as well as by the use of future or conditional tenses. By their very nature, these types of statements involve risks and uncertainty. Consequently, reality may differ materially from Odyssey's projections or expectations.


The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release.

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