Odyssey Petroleum Corp.

Odyssey Petroleum Corp.

August 14, 2007 12:28 ET

Odyssey Petroleum Corp.: Progress Report on Drilling of Karges 1A Well

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 14, 2007) - Odyssey Petroleum Corp. (TSX VENTURE:ODE)(FRANKFURT:YQN) announces that drilling of the Harold Karges 18-13 1A well in Pelahatchie Field continues today with current depth of 10,192 ft at 10:40 A.M. CST this morning. Drilling rate of penetration was averaging 26 to 42 ft per hour at that time. At the current rate of drilling, the well is expected to reach total depth by this Friday, at which time the Company will run Baker Atlas evaluation logs and take sidewall core samples of the various formations encountered.

In our last News Release it was reported that the well had been drilled to 10,186 feet. Subsequent events saw the rate of penetration fall to zero, necessitating pulling the drilling pipe from the hole in order to change the drilling bit. Upon retrieving the drill string from the hole it was discovered that the last fourteen feet of the bottom hole assembly had parted, thus leaving both drill pipe and drill bit ("fish") in the hole. The drilling company then made three attempts over four days to retrieve the fish, all unsuccessful. Following these attempts the drilling company made the decision to set a cement plug over the fish and to drill around it (sidetrack), a common remedy in such situations. Normal drilling operations resumed in the new sidetracked hole early this morning, with sidetrack from 10,062 to present depth of 10,192 ft. Since the contractual agreement with the drilling company is a turnkey contract, the cost of these operations will be absorbed by the drilling contractor, and there is no additional cost to Odyssey.

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.

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