Odyssey Petroleum Corp.

Odyssey Petroleum Corp.

January 30, 2008 12:39 ET

Odyssey Petroleum Corp.: Drilling Progress in Pelahatchie Field

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 30, 2008) - Odyssey Petroleum Corp. (TSX VENTURE:ODE)(FRANKFURT:YQN) is pleased to announce that the drilling of the Max and Martha Gill well #1 in Pelahatchie Field, Rankin County, Mississippi is progressing well (see the Company's news releases of January 7, and 25, 2008 for further information). As of this morning, the first 3,900 feet has been successfully drilled and protective surface casing cemented in the well to total depth. The Company will now continue drilling to the projected depth of 11,500 feet. Please view the Company's website (www.odysseypetroleum.com) for photographs of the Max and Martha Gill well #1.

When total depth is reached, Odyssey's production personnel will assume 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 continue to provide a weekly update as drilling progresses.

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. Odyssey Petroleum Corp.'s website is www.odysseypetroleum.com. For investor information, call (604) 718-2800 or fax (604) 718-2808.


Whitney Pansano, C.O.O. and President

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 any forward-looking statement.

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

Contact Information