Odyssey Petroleum Corp.
TSX VENTURE : ODE
FRANKFURT : YQN

Odyssey Petroleum Corp.

February 10, 2011 18:31 ET

Odyssey Petroleum Corp.: Corporate Update

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 10, 2011) - Odyssey Petroleum Corp. (TSX VENTURE:ODE)(FRANKFURT:YQN) has made a final application to the TSX Venture Exchange and is waiting for its acceptance for reinstatement to trading. Upon confirmation from the Exchange that ODE may resume trading, as announced in ODE's Press Release dated January 21, 2011 the Company intends to continue preparation of required documentation to consolidate its share capital on a 20:1 basis, and to change its name to Petrichor Energy Inc., subject to receipt of regulatory acceptance. A further News Release will be disseminated once regulatory approval has been received and an Effective Date has been set.

At the Annual and Special General Meeting of the Company held on October 15, 2010, in addition to the proposed consolidation, shareholders approved by special resolution a proposed plan of reorganization of the Company's Mississippi subsidiary, Odyssey Petroleum Corp. (U.S.) ("the Debtor") under Chapter 11 of the U.S. Bankruptcy Code. Further to our September 17, 2010 Press Release, Iroquois Capital Opportunity Fund ("IOC") has retracted its offer to acquire the shares of the Debtor and ODE's lock up agreement with IOC expired in January 2011, allowing the Company to solicit other offers.

The Company has agreed to market its directly owned oil and gas assets jointly with the sale of the Debtor's assets and has engaged Burks Oil & Gas Properties, Inc. of Houston, Texas to assist with the sale of the combined assets.

The Debtor continues to operate under Chapter 11 creditor protection under the guidance of its chief restructuring officer, Charles Deutchman, while the sales effort continues. The marketing and bidding program is expected to take approximately two months to complete, and then must be approved by the court. Several prospective purchasers have been identified and it is expected that IOC will also be making a revised offer.

ODYSSEY PETROLEUM CORP.

"Joe DeVries"

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.

Contact Information

  • Odyssey Petroleum Corp.
    Joe DeVries
    Chief Executive Officer
    (604) 718-2800
    (604) 718-2808 (FAX)