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Message: Default Status Report; Pursuant to National Policy "12-203"

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Default Status Report; Pursuant to National Policy "12-203"

posted on May 30, 09 01:37AM

May 29, 2009

Odyssey Petroleum Corp.: Default Status Report; Pursuant to National Policy "12-203"

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 29, 2009) - Odyssey Petroleum Corp. (the "Company") (TSX VENTURE:ODE) announces further to its Default Status Report disseminated on May 15, 2009 that the auditors have not finalized the audit of the audited financial statements for the year ended December 31, 2008 (the "Statements"). The Company believed that the Statements would have been filed May 22, 2009, as set out in the 1st Default Status Report. However, the Company now has been advised that the audit should be completed in the week ending June 5, 2009. Accordingly, the Notice of Default as set out in the May 4, 2009 News Release remains unchanged. Upon completion and filing of the Statements, the Company will file its first quarter interim financial statements for the period ended March 31, 2009, which are due to be filed by June 1, 2009.

The Company intends to satisfy the provisions of 12-203 by continuing to file 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.

DATED May 29, 2009

ODYSSEY PETROLEUM CORP.

Joe DeVries, Chief Executive Officer

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