Odyssey Petroleum Corp.

Odyssey Petroleum Corp.

January 25, 2008 07:00 ET

Odyssey Petroleum Corp.: Drilling Commences in Pelahatchie Field, Mississippi

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 25, 2008) - Odyssey Petroleum Corp. (TSX VENTURE:ODE)(FRANKFURT:YQN) (the "Company" "Odyssey" or "ODE") is pleased to announce that drilling operations on the Max and Martha Gill well #1 (see the Company's news release of January 7, 2008 for further information) in Pelahatchie Field, Rankin County, Mississippi have commenced.

It is anticipated that the well will take three weeks to drill to a projected depth of 11,500 ft. Drilling is being conducted under a turnkey drilling contract, with the driller obligated to drill and set 3,800 ft surface casing, and then drill a 7 7/8's inch hole to 11,500 ft. When total depth is reached, Odyssey's production personnel will take over operations for the logging, evaluation, and completion of the well. Placing production casing in the drilled hole and installation of other production facilities is expected to be complete within ten days of the drilling of the well.

The Company intends to provide a weekly update as drilling progresses.

Odyssey has entered into a participation agreement with TransAmerican Energy Inc. ("TAE") pursuant to which TAE has a right to earn a 50% working interest (36% net revenue interest) in the Max and Martha Gill well. TAE has paid Odyssey the sum of US$942,000, being the turnkey drilling costs of this well to casing point. All other costs for completion of this well are the responsibility of Odyssey (as operator).

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.


Joe DeVries, C.E.O.

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 aany forward-looking statement.

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

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