Odyssey Petroleum Corp.
TSX VENTURE : ODE
FRANKFURT : YQN

Odyssey Petroleum Corp.

March 11, 2008 12:52 ET

Odyssey Reports Max & Martha Gill #1 Well at Pelatachie in Production

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 11, 2008) - Odyssey Petroleum Corp. (TSX VENTURE:ODE)(FRANKFURT:YQN) advises that it has completed the recently drilled Max & Martha Gill #1 well in Pelahatchie Field in the prolific 11,300 ft. Hosston Formation. Testing with swab rig initially resulted in estimated fluid entry rates exceeding 200 barrels of oil per day, which is the indicated rate that the well could be pumped. Placed on a 12/64s size wellhead choke, the well has been flowing naturally at the rate of 80-115 barrels of oil daily with no formation water indicated and flowing tubing pressure of 100 to 180 psi. Presently the drilling location is having all drilling mats, etc. removed and the site graveled so that a pumping unit can be installed once the well has finished flowing naturally.

Drilled to 11,500 ft. subsurface in Sec 7 T5N R5E, the Gill well encountered numerous potential productive zones beginning at the Tuscaloosa depositions in the 7000 ft. depth through the multiple Hosston formations at in the 11,000 ft. zones. These stacked "pay zones" will now become future offset developmental drilling targets.

The particular zone presently perforated yielded over 340,000 barrels in the 1960's from three adjacent wells to the north and west, and considerable oil from other wells in the field. The oil is high gravity (50 degrees) sweet crude which brings top product prices in the market, presently $90 to $100 per barrel.

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. See also http://www.odysseypetroleum.com/drilling_max_martha_gill.html

For investor information

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