ODE Odyssey Petroleum Corp.

NOT FOR DISTRIBUTION TO UNITED STATES WIRE SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES


Odyssey Petroleum Corp. (TSX VENTURE:ODE)(FRANKFURT:YQN) (the "Company" or
"ODE") announces that it has negotiated, subject to acceptance by the Exchange,
a private placement for gross proceeds of up to $1,000,000. These funds will be
raised by the Company issuing a total of up to 20,000,000 Units (the "Units") at
a price of $0.05 per Unit, each Unit consisting of one common share and one
share purchase warrant, each warrant entitling the holder thereof to purchase
one additional common share, exercisable for a period of one year from the date
of issuance at a price of $0.10 per share.


Proceeds raised from the private placement will be used towards exploration and
development of the Company's Mississippi oil and gas assets (see ODE News
Release dated September 2, 2009), and for general working capital purposes.


The Company may pay finders' fees in connection with the private placement in
accordance with the rules and policies of the Exchange.


Four of the directors and officers of the Company, together with an associate of
an officer or director of the Company that is a related party, may together
directly and indirectly subscribe for a total of up to 4,000,000 Units, and upon
closing of this private placement, those related parties may therefore acquire
up to an additional 4,000,000 shares in the capital stock of the Company which
will increase their pro rata shareholdings in the Company (the "Related Party
Transaction"). All of the independent directors of the Company, acting in good
faith, have determined that the fair market value of the securities being issued
and the consideration paid is reasonable and, with the value of the Related
Party Transaction being less than 25% of the Company's market capitalization, is
exempt from the formal valuation and minority shareholder approval requirements
of the Ontario Securities Commission's Rule 61-501.


The Company also announces that pursuant to its 20% Stock Option Plan (the
"Plan") it has granted to certain eligible participants options to purchase a
total of 4,000,000 common shares at a price of $0.05 per share, exercisable on
or before September 22, 2011. The options are subject to vesting provisions (25%
on date of grant; 12.5% every quarter thereafter), and any shares issued on
exercise of the options in accordance with those vesting provisions will be
subject to a hold period under applicable Canadian securities laws expiring
January 24, 2010.


The Plan was approved by the Company's Shareholders at its Annual General
Meeting held August 20, 2007, and was accepted for filing by the TSX Venture
Exchange on January 28, 2008. Although the Company received shareholder approval
at its Annual General Meeting held August 18, 2008 to increase the Plan (the
"2008 Plan"), it has not yet submitted that increased 2008 Plan to the Exchange.


After this grant, a balance of 409,466 shares remain available for issuance
under the Plan, unless the Company submits the 2008 Plan to the TSX-V for
acceptance, which would then provide that a balance of 3,294,299 shares remain
available.


About Odyssey Petroleum Corp. - Odyssey Petroleum Corp. is a Canadian based
junior oil and gas company traded publicly under the symbol ODE on the TSX-V
Exchange. The Company's mission is the discovery and development of economic oil
and gas through the exploration of high quality projects located primarily in
the Southeastern United States.


ON BEHALF OF THE BOARD

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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