Odyssey Petroleum Corp.
TSX VENTURE : ODE

Odyssey Petroleum Corp.

November 14, 2006 13:00 ET

Odyssey Petroleum's Well in Verba Field Flows 156 Bls Oil Per Day

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 14, 2006) - Odyssey Petroleum Corp. (TSX VENTURE:ODE) (the "Company" or "ODE") is pleased to announce the following update on it's four well re-entry program at Verba Field, Jasper County, Mississippi.

The Company has successfully completed the third of its' four well re-entry program at Verba Field. This well - which was reentered and cleaned out to 10,340 feet, then evaluated with a Baker Atlas pulsed neutron log; revealed ten potential oil zones containing a cumulative sixty feet of possible oil, according to Drew Maness, P.E. and Vice-President U. S. Operations.

Perforated yesterday in the 9800 foot sand, the well flowed on a two hour test at the rate of 156 barrels of oil per day with no water. Flowing pressure was 530 psi on a 8/64th choke. Oil gravity is estimated to be 38 degrees. Production lines are being laid today to a nearby available holding tank battery not currently being used. With these available facilities, production is expected to start within a matter of days.

Purchased in late 2005, Verba Field had previously been averaging approximately 80 to 100 barrels of oil per day from four existing wells, together with produced water (which is reinjected in the field utilizing two company owned salt water disposal wells). Recently, Odyssey announced the successful reentry of two additional new wells in the field which also contained multiple potential productive oil zones. Company production personnel are in the process of installing production equipment, including pumping units, holding tanks, etc. A fourth and final well on this program is scheduled to begin within two weeks when the workover rig will again be available.

Odyssey Petroleum controls the majority of mineral leases in Verba Field which is located in Jasper County, Mississippi. Situated conveniently approximately 50 miles from the company's Mississippi operation's office, the field has produced in excess of 2,000,000 barrels of oil from multiple cretaceous age oil formations since discovery in the late 1960's. Studies conducted by company's management, geologist and engineers conclude that significant oil reserves remain to be produced in the field.

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 $34,500,000 in five majority controlled oil and gas fields located in the States of Louisiana and Mississippi, U.S.A. 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.

ON BEHALF OF THE BOARD

Joe DeVries, Chief Executive Officer

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 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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