ODE Odyssey Petroleum Corp.

Odyssey Petroleum Corp. (the "Company") (TSX VENTURE:ODE)(FRANKFURT:YQN)
announces further to its Default Notice disseminated on April 28, 2010 that it
has not yet been able to finalize its annual audited financial statements for
the year ended December 31, 2009 (the "Annual Financial Statements"). In
addition, the Company has not yet received the requested Management Cease Trade
Order from Canadian securities regulators, as disclosed in the April 28, 2010
News Release. Accordingly, the Notice of Default as set out in that News Release
remains unchanged.


The Company's wholly owned subsidiary, Odyssey Petroleum Corp. (US), has now
secured court approval for post petition financing in an amount not to exceed
U.S.$300,000 prior to a final hearing, where the Company proposes that the
financing be increased to U.S.$1,000,000. The "Debtor In Possession" financing
is a revolving Line of Credit, and is being provided by Iroquois Capital
Opportunity Fund, LP, a Delaware limited partnership.


The Company expects its Annual Financial Statements to be completed by June 7,
2010 and filed on or about June 9, 2010. Upon completion and filing of the
Annual Financial Statements, the Company will file its first quarter interim
financials for the period ended March 31, 2010, which are due to be filed by May
31, 2010.


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 28, 2010.

ODYSSEY PETROLEUM CORP.

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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