Odyssey Petroleum Corp.
TSX VENTURE : ODE

Odyssey Petroleum Corp.

May 15, 2009 19:28 ET

Odyssey Petroleum Corp.: 1st Default Status Report Pursuant to National Policy 12-203

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 15, 2009) - Odyssey Petroleum Corp. (the "Company") (TSX VENTURE:ODE) announces further to its Notice of Default disseminated on May 4, 2009 that it is nearing completion of its annual audited financial statements for the year ended December 31, 2008 (the "Annual Financial Statements"), which should have been filed by April 30, 2009 as required by National Instrument 51-102 Continuous Disclosure Obligations. Although the Company anticipates filing the Annual Financial Statements to be completed by May 22, 2009, the Notice of Default as set out in the May 4, 2009 News Release currently remains unchanged.

The Company intends to satisfy the provisions of 12-203 by filing a bi-weekly Default Status Report containing the information prescribed by 12-203, as long as the Company remains in default of the financial statement filing requirement.

The Company is not currently subject to any insolvency proceedings. If the Company provides any information to any of its creditors during the period in which it is in default of filing the Annual Financial Statements, the Company confirms that it will also file material change reports on SEDAR containing such information.

Odyssey Petroleum Corp.

Joe DeVries, Chief Executive Officer

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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