Odyssey Reaches TD on Harold Karges Well

Odyssey Petroleum reports that the drilling of the Harold Karges 18 -13 1A was completed to the total targeted depth of 11,500 feet, at 4:00 pm CST on August 16, 2007. Odyssey's production personnel initiated operations for the logging, evaluation, and completion of the well at 2:00 am CST this morning. It is anticipated that logging and coring will be completed for evaluation over the weekend with the placing production casing in the drilled hole and installation of other production facilities expected to be complete within the next ten days. The Harold Karges #1 well logged numerous, significant oil and gas zones to 11,500 feet and it is anticipated that the logs for the Harold Karges 18 - 13 1A well will also encounter some of these zones. It is anticipated that the well will enable Odyssey to immediately access and produce the multiple shallower oil and gas zones found in the #1 well to 11,500 ft - all formations that would not otherwise be produced until many years in the future. See ODE's June 12, 2007 press release for more information reference the potential of this new well.

The Company intends to continue to provide a weekly update as the well completion progresses.