Odyssey Petroleum Corp.
TSX VENTURE : ODE

Odyssey Petroleum Corp.

October 19, 2006 15:06 ET

Odyssey Petroleum Announces Update on September Production

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 19, 2006) - Odyssey Petroleum Corp. (TSX VENTURE:ODE) (the "Company" or "ODE") announces significant progress with its oil and gas development programs in the U.S. The following summarizes activities:

September Operational Update

The Company produced approximately 10,396 gross barrels of oil, and produced approximately 19,061,000 gross cubic feet of gas during September 2006. To take advantage of the current high oil prices, the Company continues to employ two work-over rigs on a full-time basis in order to not only maintain current production but to also target and re-enter other previously abandoned wells in its fields where new production might be acquired. Current oil prices and new technology for locating bypassed oil/gas accumulations makes the re-entry of wells already drilled and cased profitable. With 30 wells currently producing and another 20 or more previously drilled wells scheduled for reentry and work-over, the Company expects to continue to increase its revenue base while holding valuable leases by production on which it plans to drill new wells. Additionally ODE has, in the past two years, developed its own production capabilities. With a staff of approximately 20 employees in the field, the Company staffs one leased work-over rig, employs another contract rig, and does its own roustabout work, hauling, heavy equipment work and gauging of wells.

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 $34,500,000 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.

ON BEHALF OF THE BOARD

Joe DeVries, Chief Executive Officer

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 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.

Contact Information