ODE Odyssey Petroleum Corp.

Odyssey Petroleum Corp. (TSX VENTURE:ODE)(FRANKFURT:YQN) has made a final
application to the TSX Venture Exchange and is waiting for its acceptance for
reinstatement to trading. Upon confirmation from the Exchange that ODE may
resume trading, as announced in ODE's Press Release dated January 21, 2011 the
Company intends to continue preparation of required documentation to consolidate
its share capital on a 20:1 basis, and to change its name to Petrichor Energy
Inc., subject to receipt of regulatory acceptance. A further News Release will
be disseminated once regulatory approval has been received and an Effective Date
has been set.


At the Annual and Special General Meeting of the Company held on October 15,
2010, in addition to the proposed consolidation, shareholders approved by
special resolution a proposed plan of reorganization of the Company's
Mississippi subsidiary, Odyssey Petroleum Corp. (U.S.) ("the Debtor") under
Chapter 11 of the U.S. Bankruptcy Code. Further to our September 17, 2010 Press
Release, Iroquois Capital Opportunity Fund ("IOC") has retracted its offer to
acquire the shares of the Debtor and ODE's lock up agreement with IOC expired in
January 2011, allowing the Company to solicit other offers.


The Company has agreed to market its directly owned oil and gas assets jointly
with the sale of the Debtor's assets and has engaged Burks Oil & Gas Properties,
Inc. of Houston, Texas to assist with the sale of the combined assets.


The Debtor continues to operate under Chapter 11 creditor protection under the
guidance of its chief restructuring officer, Charles Deutchman, while the sales
effort continues. The marketing and bidding program is expected to take
approximately two months to complete, and then must be approved by the court.
Several prospective purchasers have been identified and it is expected that IOC
will also be making a revised offer.


ODYSSEY PETROLEUM CORP.

Joe DeVries, Chief Executive Officer

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