ODE Odyssey Petroleum Corp.

Odyssey Petroleum Corp. (TSX VENTURE: ODE)(FRANKFURT: YQN) ("Odyssey" or the "Company") announces that it has reached an agreement with TransAmerican Energy Inc. (TSX VENTURE: TAE), pursuant to which TransAmerican has agreed to sell all of its Mississippi oil and gas assets (the "Assets") to Odyssey (who is the operator of the Assets), in consideration for the assumption by the Company of $3,017,300 debt owing by TransAmerican to Trafalgar Capital Specialized Investment Fund, FIS ("Trafalgar"), a secured lender (the "Debt Obligation").

The Company has further agreed that it will invest not less than US$600,000 in required work to be conducted in respect of the Assets. The Company has also agreed to assign to Trafalgar 25% of gross revenue to pay down the assumed debt, after deducting royalties and taxes only, but before deducting operating costs, from the acquired Assets, and further agreed to fix the Euro/US dollar exchange rate based on the exchange rate as at July 31, 2009, which will be used to convert the assumed indebtedness from Cdn$3,017,300 to US$2,743,000, which will be the total amount due, without penalties, interest or bonuses. In the event that the Euro strengthens significantly against the US Dollar during the term of the Debt Obligation, an adjustment on payments or redemptions will be made.

Once the transfer and assignment has occurred, Odyssey will grant a general security agreement and specific mortgages in favour of Trafalgar, charging all of Odyssey's right, title and interest in and to the acquired Assets.

Further, in regard to a prior debt obligation of $1,500,000 between Odyssey and Trafalgar entered into on October 27, 2007, Trafalgar has agreed to an extension to the original repayment schedule with all principal and interest now to be repaid by October 31, 2010.

ON BEHALF OF THE BOARD

Whitney Pansano, President

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contacts: Odyssey Petroleum Corp. Whitney Pansano President (604) 718-2800 (604) 718-2808 (FAX) pubco@odysseyexplorations.com