Odyssey Petroleum Corp.

Odyssey Petroleum Corp.

August 17, 2007 10:15 ET

Odyssey Petroleum Corp.: Harold Karges 18-13 1A Reaches Targeted Depth

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 17, 2007) - Odyssey Petroleum Corp. (TSX VENTURE:ODE) (FRANKFURT:YQN) is pleased to announce that the drilling of the Harold Karges 18 -13 1A was completed to the total targeted depth of 11,500 feet, at 4:00 pm CST on August 16, 2007. Odyssey's production personnel initiated operations for the logging, evaluation, and completion of the well at 2:00 am CST this morning. It is anticipated that logging and coring will be completed for evaluation over the weekend with the placing production casing in the drilled hole and installation of other production facilities expected to be complete within the next ten days. The Harold Karges #1 well logged numerous, significant oil and gas zones to 11,500 feet and it is anticipated that the logs for the Harold Karges 18 - 13 1A well will also encounter some of these zones. It is anticipated that the well will enable Odyssey to immediately access and produce the multiple shallower oil and gas zones found in the #1 well to 11,500 ft - all formations that would not otherwise be produced until many years in the future. See ODE's June 12, 2007 press release for more information reference the potential of this new well.

The Company intends to continue to provide a weekly update as the well completion 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.


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.

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