Odyssey Petroleum Corp.
TSX VENTURE : ODE
FRANKFURT : YQN

Odyssey Petroleum Corp.

August 20, 2007 08:01 ET

Odyssey Petroleum Corp.: Harold Karges 18-13 1A Well Logs Numerous Pay Zones

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 20, 2007) - Odyssey Petroleum Corp. (TSX VENTURE:ODE)(FRANKFURT:YQN) is pleased to announce that on Friday, August 18, 2007, Odyssey Petroleum Corp. ran Baker Atlas evaluation logs and took sidewall core samples in the Harold Karges 18-13 1A well. A complete suite of sophisticated logs including a Dual Induction Log; Gamma Ray, Density Neutron and Micro Log together with numerous sidewall core samples of the formations confirmed the presence of numerous hydrocarbon filled zones (gas and/or oil) in the well. 5 1/2 inch casing was run in the well and cemented in over the weekend. Production facilities are being erected, with initial test of the first zone scheduled for the week of August 27th.

The first zone to be completed in the well will be the 11,300 ft (3,475m) Hosston formation, which appears to contain 18 to 20 ft (5.5m - 6.15m) of oil and condensate. This zone has been a prolific producing zone in the field, and in offset wells, has yielded initial production rates from 100 barrels of oil per day to over 1000 barrels of oil per day in a number of wells.

Initial Log and core analysis in the Karges 18-13 1A well indicates that the well has encountered many probable productive zones in the Upper and Lower Tuscaloosa, Wash Fred, Rodessa, and Hosston formations. Company geologists and engineers will study the newly acquired data, together with other field historical data in order to calculate reserves and plan future development in the field. From initial evaluations, the numerous productive zones confirmed in this well could justify new field development targeting the shallower pay zones from 6500 ft to 9500 ft (which, to date, have been largely overlooked in the field's development. These same zones have been found to highly prolific about 15 miles away in Odyssey's Puckett field.

At Pelahatchie Field, Odyssey Petroleum controls the majority interest in over 4000 gross acres of mineral rights; and is currently producing nine wells in the field. The Pelahatchie Field has historically produced from multiple zones from 7500 ft to 17,000 ft (2,300m to 5,250m), with some wells in the 17,000 ft (5,250m) Norphlet formation producing at rates over 2,000 barrels of oil per day, together with over 2 million cubic feet of gas per day. All of the oil found thus far in the field has been high gravity, sweet oil which markets for premium prices. 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. For investor information, call (604) 718-2800 or fax (604) 718-2808.

ON BEHALF OF THE BOARD

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