Odyssey Petroleum Corp.
TSX VENTURE : ODE
FRANKFURT : YQN

Odyssey Petroleum Corp.

May 08, 2008 17:26 ET

Odyssey Retains Euro Invest News, Inc. of Geneva, Switzerland as Investor Relations Consultant

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 8, 2008) - Odyssey Petroleum Corp. (TSX VENTURE:ODE)(FRANKFURT:YQN) is pleased to announce that it has retained Euro Invest News, Inc. ("EIN") of Geneva, Switzerland, to assist the Company in raising funds in Europe for expansion and development of Odyssey's oil and gas assets in Mississippi.

EIN has extensive experience in raising capital in the major European financial centres for companies in Europe, U.S. and Canada through its extensive network of retail and institutional investors. EIN's mission is to help companies shape a sound investor relations program by disseminating accurate information and communicating pertinent corporate messages that positively influence the perceptions, attitudes, and actions of the investment community toward its clients. EIN's project management team uses their core expertise to identify, analyze and execute client investor relations strategies for emerging growth companies seeking to broaden their exposure to new investors, ensure timely disclosure of news and information, manage expectations, and cultivate long-term relationships with investment professionals.

Pursuant to a contract dated May 1, 2008 between EIN and the Company (the "Contract") which is subject to acceptance for filing by the TSX Venture Exchange, upon payment of the first official invoice, EIN will commence a detailed Investor Relations campaign for Odyssey. EIN will review all of the Company's marketing and presentation materials and make suggestions for improvements. EIN has agreed to promote the Company, initiate a press and media campaign to increase exposure of the Company, arrange frequent media appearances for key team members of Odyssey with sources such as CNBC Europe, Bloomberg Europe and the financial press, help organize an effective European press release distribution service, and help to build key strategic European alliances to enhance Odyssey's shareholder base and increase the market liquidity. EIN will also assist the Company with the organization of Road Show presentations.

Under the Contract, the Company has agreed to compensate EIN by the payment of a monthly retainer of Cdn$7,500. The Company has also granted options to EIN to purchase a total of 2,000,000 shares at $0.12 per share, which options shall vest in equal quarters over a 12 month period, and be exercisable for a period of five years in accordance with policies of the TSX-V and in accordance with the Company's 20% Stock Option Plan, leaving a balance of 1,026,466 shares available for issuance under that Plan. Other than the Contract and this stock option grant, EIN has no direct or indirect interest in the Company or its securities, and currently has no right to acquire any interest in the Company, and there is no other relationship between the Company and EIN.

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.

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 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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