Odyssey Petroleum Corp.

Odyssey Petroleum Corp.

April 16, 2008 12:46 ET

Odyssey Reports Drilling Update & Revenue Milestone

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 16, 2008) - Odyssey Petroleum Corp. (TSX VENTURE:ODE)(FRANKFURT:YQN) reports today that March 2008 oil sales grossed over US$1,000,000 - a milestone for the Company.

Drilling is progressing on our new well in Pelahatchie field. The well has reached total depth of 10,700 feet this morning, with targeted depth at 11,500 feet. The J. Cox 18-10 #1 well was spudded 10 days ago. Surface casing was set at 3800 feet, and drilling with 7 7/8's bit has continued to this depth. If progress continues as anticipated, the well should reach total depth within the next few days and will be logged for evaluation.

Odyssey further reports that the Karges 18-7 #1 well has had production tubing delivered to the restored location this morning, and has a completion rig scheduled to commence completion of the well by Monday, April 21, while the recently drilled Max Gill well has had a pumping unit installed, production equipment installed and will begin production this week.

The additional production from the new wells in Pelahatchie is expected to significantly increase production and revenues, with some of the oil sales now yielding over $100 per barrel.

The Company will continue to update shareholders on progress next week.

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'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.

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.


Whitney Pansano, C.O.O. and President

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

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