ODE Odyssey Petroleum Corp.

Odyssey Petroleum Corp. (TSX VENTURE:ODE)(FRANKFURT:YQN) (the "Company") is
filing this Notice of Default pursuant to National Policy 12-203 Cease Trade
Orders for Continuous Disclosure Defaults ("12-203") in respect of the Company's
expected inability to file its annual audited financial statements for the year
ended December 31, 2009 (the "Annual Financial Statements") by the deadline of
April 30, 2010 as required by National Instrument 51-102 Continuous Disclosure
Obligations. In connection with the Company's inability to file the Annual
Financial Statements on time, the Company has applied to applicable Canadian
securities regulators requesting that a management cease trade order (which
restricts trading in the Company's securities by the Company's insiders) be
issued as opposed to an issuer cease trade order (which restricts all trading in
the Company's securities).


The Company is unable to file the Annual Financial Statements on time due to the
cumulative effect of the following factors:




1.  The Company's auditors have advised the Company that they do not expect
    to be able to complete the audit by the filing date. 
2.  The Company's U.S. subsidiary (the "Subsidiary"), which operates all of
    the Company's wells, filed a Chapter 11 Bankruptcy Case Filing on April
    23, 2010 in the United States Bankruptcy Court in the Southern District
    of Mississippi (see ODE News Release dated April 27, 2010). This has
    resulted in a necessity to undertake significantly increased audit
    procedures and confirmations. Until this filing, we had expected that
    the audit and the required statements would have been completed and
    filed on time. The Company anticipates that the duration of its default
    in filing its Annual Financial Statements will be less than 30 days.



The Company intends to remedy the default by taking the following steps:



1.  The Company has provided the auditors with the completed accounting
    records and draft financial statements and is diligently working with
    the auditors to complete the audit. 
2.  The field work of the Subsidiary is currently underway, and is completed
    for the parent Company. 
3.  The Company has sufficient accounting staff to assist as necessary. 



Pursuant to 12-203, applicable Canadian securities commissions or regulators may
impose an issuer cease trade order against the Company if the Annual Financial
Statements are not filed by June 30, 2010, being the date that is two months
following the date of the filing deadline for the Annual Financial Statements.
In addition, an issuer cease trade order may be imposed sooner if the Company
fails to file Default Status Reports on time in accordance with 12-203. 


There is no assurance that the Company's application to applicable Canadian
securities regulators will be accepted. If the securities regulators do not
accept the Company's application for a management cease trade order, they may
impose an issuer cease trade order against the Company.


The Company intends to satisfy the provisions of 12-203 by filing a bi-weekly
Default Status Report containing the information prescribed by 12-203, as long
as the Company remains in default of the financial statement filing requirement.


The Company is not currently subject to any insolvency proceedings. If the
Company provides any information to any of its creditors during the period in
which it is in default of filing the Annual Financial Statements, the Company
confirms that it will also file material change reports on SEDAR containing such
information.


Note that any financial information contained in this announcement has been
prepared by management of the Company and is unaudited.


ODYSSEY PETROLEUM CORP.

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.

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