Odyssey’s Third Well Drilled in Pelahatchie Field Has Estimated 200 Feet of Oil
VANCOUVER, BRITISH COLUMBIA–( EMWNews – April 1, 2008) – Odyssey Petroleum Corp. (TSX VENTURE:ODE)(FRANKFURT:YQN) reports today that it has drilled the Harold Karges 18-7 #1 well located in Section 18 of Pelahatchie Field, Rankin County, Mississippi to a total depth of 11,500 ft., and has cemented production casing to total depth.
According to Odyssey’s geologist and petroleum engineers, the well encountered over 200 ft. cumulative of possible oil accumulation in twenty zones. Many of the zones had in excess of 15 to 20 ft. of oil, including the much targeted 11,300 ft. Hosston zone which contains an estimated 25 ft. of oil in this well.
Management is pleased with the development wells it has drilled in the field. The Karges 18-7 is the third successful well drilled in the field in the past six months. All of the wells have found numerous productive zones.
With the outstanding results logged in the Karges 18-7 well, the Company plans to move the drilling rig to the J. Cox 18-10 #1 location, approximately 807 ft. south of this well, and commence drilling of this well immediately. Further information will be forthcoming.
Under the terms of an agreement between the Company and TransAmerican Energy Inc. and agreements with other working interest participants, TransAmerican and certain other participants paid 100% of the cost of drilling the Harold Karges 18-7 No. 1 well and the J. Cox 18-10 #1 to acquire a combined 50% working interest and (36% net revenue interest), while Odyssey will complete the new wells for production and serve as operator. TransAmerican and Odyssey recently drilled and completed the successful Max and Martha Gill well approximately one mile north, in Section 7.
The Pelahatchie Field is located in east-central Rankin county, Mississippi, near the geographic centre of the State, approximately 20 miles east of Jackson. The Field was discovered in 1962 by American PetroFina with production from the Mooringsport sand at 9,800 feet using early gravity and seismic technology. Production was eventually established in the Field from fourteen additional zones to 11,400 ft., and from the deep Norphlet formation at 17,000 ft.
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. Odyssey Petroleum Corp.’s website is www.odysseypetroleum.com. For investor information, call (604) 718-2800 or fax (604) 718-2808.
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.
ON BEHALF OF THE BOARD
Whitney Pansano, C.O.O. and President
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
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