Odyssey: Drilling at Pelahatchie 'Progressing Well'

Odyssey Petroleum Corp. reported that the drilling of the Harold Karges 18-7 #1 in Pelahatchie Field, Rankin County, Mississippi is progressing well. As of this morning, drilling had proceeded past 2,000 feet. At 3,900 feet, the Company plans to set 8 5/8th surface casing and cement it in. Then we will continue drilling to the projected depth of 11,500 feet, to access and develop numerous formations found to be productive in the field.

Drilling is expected to take approximately 21 days. When total depth is reached, Odyssey's production personnel will assume operations for the logging, evaluation, and completion of the well. Placing production casing in the drilled hole and installation of other production facilities is expected to be complete within 10 days of drilling of the well.

The Company intends to continue to provide a weekly update as drilling progresses.

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