Creating shareholder wealth through the discovery and revitalization of commercial oil and gas field

1
Creating shareholder wealth through the
discovery and revitalization of commercial oil
and gas fields.INVESTOR PRESENTATIONOCTOBER
2007
2
Disclaimer

• Certain information regarding Odyssey Petroleum
  Ltd., including managements assessment of future
  plans and operations, may constitute forward
  looking statements under applicable securities
  law and necessarily involve risks, including
  risks associated with oil and gas exploration,
  production, marketing and transportation such as
  loss of market, volatility of prices, currency
  fluctuations, imprecision of reserve estimates,
  environmental risks, competition from other
  producers and ability to access sufficient
  capital from internal and external sources as a
  consequence, actual results may differ materially
  from those anticipated in the forward-looking
  statements. The offer is subject to normal
  commercial risk that the offer may not be
  completed on the terms negotiated or at all.

3
Executive Summary

• Odyssey is an independent oil and gas exploration
  company focused on developing significant natural
  gas and oil reserves in North America, primarily
  in Mississippi and Louisiana.
• By being selective and applying the latest
  geophysical and geological technologies to reduce
  the risks associated with oil and gas
  exploration, Odyssey plans to grow its base of
  operations with prudent risk management. We see
  substantial potential in low risk prospects such
  as our Puckett, Pelahatchie, Verba, Barber Creek
  and Iowa projects.
• As the major oil companies continue to divest
  themselves of their non-core properties, Odyssey
  believes there will be significant opportunities
  to acquire prospects where we can exploit low
  risk, missed pay and behind pipe reserves.

4
2006 Highlights

• Completed all acquisitions announced in 2005
• Implemented workover programs in existing field
• Increased gross production to 427 BOE from 356
  BOEs per day (38,450 BOEs in 4th quarter from
  32,100 BOEs in 3rd quarter 2006)
• Increased annual gross revenue from 2.65m (2005)
  to 7.8m (2006)

5
Investment Proposal

• Seeking financing of 7.5mm to consolidate
  acquisition debt and proceed with drilling and
  development plan for Q3 Q4 of 2007
• Focus on infill proven underdeveloped locations
• Drill complete three new wells prior to end of
  Q4
• Re-work and complete four re-entry wells prior to
  end of Q4
• Initiate second phase development plan in Q4 from
  cash flow

6
Strategies and Targets

• Odyssey Petroleum Ltd. (ODE-V) plans to
• Focus on petroleum and natural gas exploration
  prospects in our core areas.
• Grow reserve base through drilling
• Moderate depth (12,500 ft.)
• Multi-zone objectives
• Near known pools or areas that are geologically
  understood
• Focus on new long life reserves (20-25 years)
  with access to pipelines and production
  infrastructure.
• Continue to assemble additional prospects in new
  core areas utilizing the skills of our
  experienced management team.
• Our target for 2007 is to
• Exit 2007 at 1170 BOE/day
• Generate gross income of 16mm
• Generate cash flows of 10.9mm

7
Odyssey Mississippi Oil Gas Production
8
Our Properties
Odyssey has interests in five oil and gas
projects that are in various stages of production
and development in Mississippi and Louisiana.

• Odyssey Properties

9
Pelahatchie Field, Mississippi 100 Ownership

• Located in Rankin County, Mississippi.
• 4,000 acres, includes 8 wells and a salt-water
  disposal well.
• Preliminary information indicates the seven
  producing oil wells have the potential of
  producing 20-75 barrels of oil per day.
• With moderate workover production this can be
  increased to 25-150 barrels per day.
• The long term potential could be 1,500 to 3,000
  barrels of oil per day with all wells
  operational.
• There are also other significant development
  opportunities at this potentially large field.
• Michael Tierney, Certified Petroleum Engineer,
  believes that an estimated 100,000,000 barrels
  (equivalent) could be produced using primary
  secondary and tertiary production methods.

10
Current drilling at Pelahatchie
11
Pelachatchie Field Highlights

• Pelahatchie Field Rankin County, Mississippi
• In excess of 50,000,000 (BOE) proved and probable
  reserves.
• Multiple productive zones 7500 ft to 17,000 ft
  subsurface.
• On shore
• Most infrastructures in place
• 8 producing wells
• Acquisition and development cost less than 2.00
  per barrel.
• 2,900,000,000 future revenues possible.

12
Pelahatchie Field Reserves
13
Pelahatchie Field Economic Potential

• NET Economic Potential (Post Development cost)
• Total Gross Value 2,951,500,000

14
Pelahatchie Field Development Costs/Returns

• Grand Total 40 wells for 136,500,000 to
  yield revenues of over 2,900,000,000
• Using 40.00 per bl oil and 5.00 mcf gas

15
Pelachatchie Field Summary

• Pelahatchie Field offers a unique opportunity to
  develop proved undeveloped oil and gas reserves.
• Independent field studies indicate that an
  estimated 50,000,000 barrels (equivalent) can be
  produced using primary production methods, which
  could yield over 2,900,000,000 product value in
  todays market.
• Secondary and tertiary methods employed later
  could probably double the amount of reserves
  recovered.
• Although drilling all of the wells now projected
  in the field could take a capital expenditure of
  over 130,000,000, one must factor in cash flow.
  After establishment of 2000 barrels of oil per
  day, for example, a net cash flow of almost
  2,000,000 per month will be generated. It is
  probable that most of the development of the
  field will be accomplished from the cash flow
  generated from the initial wells drilled,
  especially the deep wells.
• In an industry where it is normal to pay 8 to
  10 per barrel for proved reserves, then incur
  development cost, this project can be totally
  developed at a cost of between 1 and 2 per
  barrel.

16
Puckett Field Overview 82.5 Ownership

• Previous operators' efforts in the area have been
  limited mainly to the shallower formations.
• Management believes that deeper, unexploited
  formations could contain additional oil and gas
  reserves.
• The Puckett Field property straddles Rankin and
  Smith Counties, Mississippi, in the Northeast
  part of the Mississippi Interior Salt Basin.
• The Field currently has twenty-five wells and
  two salt water disposal wells, which include 14
  operating oil producing wells.

17
Puckett Field, Mississippi

• Rankin Smith Counties
• 25 well oil and gas field 14 wells currently
  producing
• Has produced 9 million barrels of oil and 8
  billion cubic feet gas
• Estimated future recovery 5 million barrels of
  oil and 5 million cubic feet gas
• 38 producing zones
• Blue sky potential new deeper drilling can add
  significant additional reserves
• 200,000,000 future revenues possible

18
Verba Field, Mississippi

• Twelve wells, including seven which are presently
  fully equipped oil wells producing a combined
  3,500 4,000 barrels per month, and five orphan
  wells which have the potential to be re-worked
  for more production.
• The Verba Field interests also include two
  operational salt water disposal wells and mineral
  leasehold rights to the majority of the known
  productive limits of the Field extending over
  approximately 1,500 gross acres to all depths.
• According to production records maintained by
  the Mississippi Oil Gas Boards, the Verba
  Field has thus far produced 2,046,772 barrels of
  oil from eight formations through December 2003.
• The Verba Field is ideally situated within 50
  miles of the Companys core operations at
  Puckett, Mississippi.

19
Barber Creek Field, Scott County, Mississippi

• Eight wells were drilled which defined the
  productive Smackover Formation structure at a
  depth of approximately 14,500ft. Three wells were
  productive, all of which are included in this
  purchase.
• Mississippi Oil and Gas Board records indicate
  that 1,287,378 barrels of oil have been produced.
  
• In a Report dated September 27, 2005 prepared for
  the vendor by Clark Nerren, Petroleum Geologist,
  he estimated that there were 2,608,700 barrels of
  recoverable oil on the acquired properties.
• He also stated that recent geology indicates that
  a new well can be drilled on the property in a
  superior position to the three producing wells
  and in all probability recover appreciable new
  oil reserves.
• Comprising approximately 850 acres, Barber Creek
  Field is located approximately 35 miles east of
  Jackson, Mississippi, and only 12 miles north of
  the Companys core properties in Pelahatchie and
  Puckett Fields, Mississippi.

20
Iowa Field, Louisiana 70 Interest

• The Iowa Field is located in Jefferson County,
  about 20 miles east of Lake Charles, Louisiana.
  The Iowa Field was discovered in the 1930's and
  was developed by major companies such as Shell
  and Amoco. To date the Field has produced over
  475 billion cubic feet of gas and over 10,000,000
  barrels of condensate and/or oil.
• Upon the recommendation of our geologist, Odyssey
  has pursuant to its earn-in commitment, drilled a
  deep well to test the formation at approximately
  10,000 feet, referred to as the FY-NOD B Sand.
  Based on geological review of the reservoir, the
  Company is seeking to encounter up to 200 feet of
  productive formation with a potential for up to
  15 billion feet of gas reserves. This particular
  reservoir has a history in the Field of yielding
  initial and sustained production rates of 6 to 12
  million cubic feet of gas per day together with
  200 barrels of condensate per day.
• Geological evidence, together with 3-D seismic
  data, indicates that a well drilled to
  approximately 10,200 feet, offset approximately
  200 feet from the existing producing wells,
  should encounter up to six producing intervals
  from 8150 feet to 10,100 feet that could contain
  cumulatively an estimated 20 billion cubic feet
  of gas and 500,000 barrels of oil and/or
  condensate.

21
Iowa Field (continued)

• Iowa Field 70 Jefferson Davis Parish,
  Louisiana
• 70 working interest in the Fred Denison 1 2
• 3-D seismic supported
• Proven and probable reserves 20 BCF gas
  500,000 oil/condensate
• Typical production rates in objectives and 8-12
  mmcfpd
• Five additional drilling opportunities on the
  acreage
• 200,000,000 future revenues possible
• Odyssey is currently negotiating an increased
  working interest in further development of the
  field

22
2007 Proforma Cash Flow CapEx Budget

• To come

23
Management and Directors

• Whitney Pansano, President, COO, Director
• 30 years oil and gas experience
• Former President of a public Savings and Loan
  Company
• Founder of a privately owned chain of mortgage
  finance companies operating in LA, Miss, and
  Tenn.
• Also a Director of Altima Resources Ltd.
• Joe DeVries, CEO, Director
• 20 years of experience financing public companies
• Instrumental in the reorganization Altima
  Resources and TransAmerican Energy.
• Also a Director of Altima Resources Ltd.
• Tom Needham, C.A., CFO, Secretary  
• 20 years experience working with resource
  companies in the public sector, nationally and
  internationally
• Background as a C.A. (U.K.) provides him with all
  the necessary tools of financial management for
  reporting operating results, liaison with
  financial institutions, and compliance with
  todays complex regulatory reporting
  requirements. 
• Worked with resource companies operating in the
  US, Brazil, Guana, Venezuela, South Korea and
  Europe, with capital and operating budgets
  ranging from 50M to 100M
• He is a CFO and Secretary to the board of Altima
  Resources Ltd. (TSX-Venture ARH)

24
Management and Directors (continued)

• Drew Maness, B.Sc., P.Eng., Vice President U.S.
  Operations
• Over 20 years experience in the oil and gas
  industry, including gathering production,
  maintenance of all surface equipment, training
  and supervising of field personnel, managing
  artificial lift systems including plunger lift
  applications
• He supervises work-over programs and prioritizes
  well planning schedules.
• Rick Switzer, P. Geol., Director
• 35 years of oil and gas experience with Texaco,
  Amoco Canada, Skelly Oil Canada, Mesa Petroleum,
  Northstar Resources and MLC Oil Gas
• Co-founder, director and SVP of Northstar
  Resources
• Member of American Assoc. of Petroleum Geologists
  and the Alberta Association of Professional
  Geologists, Geophysicists and Engineers
• President and CEO of Altima Resources Ltd.,
  ltDirector of Precision Enterprisesgt and past
  director of MLC Oil Gas
• Gilbert Talafuse, P. Geol., Director
• 30 years of oil and gas experience with
  Tennessee Gas, TransTexas Gas and independent
  ventures.
• Recently successful in the drilling of Yegua
  wells in Texas and Louisiana.
• Also a Director of TransAmerican Energy Inc.

25
Management and Directors (continued)

• Gus B. Sanders, M.S., B.Sc., P.Eng., Completion
  Engineer
• Gus has diverse experience including reservoir
  engineering, economic evaluation, prospect
  evaluation, production engineering, workover
  planning and supervision
• Supervision of production operations, and
  secondary and enhanced recovery project
  development in Texas, Louisiana, Mississippi,
  Alabama, Virginia and Michigan.
• Jurgen Wolf, Director
• 15 years of oil and gas experience.
• Past president and director of US Oil and Gas
  Resources and past director of Flow Energy Inc.
• Also a Director of TransAmerican Energy Inc and
  Altima Resources Ltd.
• ADVISOR
• Dr. R.C. (Bob) Mummery, P.Geol.
• Has 30 plus years in the Oil Gas Exploration
  Industry.
• Is the founder and principal of Almandine
  Resources, Inc. an Oil Gas Consulting Company.
• And currently a Director of Unbridled Energy
  Corp. (TSX.V UNE) and Altima Resources Ltd.
  (TSX.V ARH)    

26
Share Structure

• Trading Symbol TSX.V ODE
• Current Share Capital
• Issued Outstanding 147,175,137
• Stock Options 26,176,448
• Warrants NIL
• Fully Diluted 173,351,585

27
Conclusion

• Odysseys management believes that the company
  can successfully develop the five properties
  outlined above, and plans to continue seeking
  promising development properties to add to its
  portfolio. Current production should offset some
  of the development costs and provide cash flow
  that will likely limit the downside to the
  companys share price.
• Management continues to build a strong team from
  which they can draw upon a deep pool of
  experience. The company is taking a measured
  approach toward exploration, aimed at maximizing
  the return per exploration dollar spent, while
  using cash flow from production to mitigate
  dilution to existing shareholders.
• Should the company succeed in increasing its
  indicated reserves or production levels as
  projected, there could be a significant upside
  move in the companys market capitalization.

28
Investment Proposal

• Experienced exploration team with proven track
  record.
• Focus on petroleum and natural gas exploration
  prospects in our core areas.
• Grow reserve base through drilling
• Moderate Depth (to 12,500 ft.)
• Multi zone Objectives
• Near known pools or areas that are
  geologically understood
• Focus on new long life reserves (20 25 years)
  with access to pipelines and production
  infrastructure.
• Continue to assemble additional prospects in new
  core areas utilizing the skills of our
  experienced management team.
• Our target for 2007
• Exit at 1170 BOE/day
• Generate gross income of 16.17 mm
• Generate cash flow of 10.9 mm

29
Corporate Information

• Corporate Office
• Box 4, Suite 303
• 595 Howe Street
• Vancouver, BC Canada V6C 2T5
• T 604-718-2800
• F 604-718-2808
• Investor Relations
• Joe DeVries
• T 604-718-2800 ext. 24
• Auditors
• DuMoulin Black LLP
• 10th Floor
• 595 Howe Street
• Vancouver, BC Canada V6C 2T5

Operations Office Suite 400, 2424 4th Street,
SW Calgary, Alberta, Canada T2S 2T4 T
403-265-9962 Legal Council DuMoulin Black
LLP 10th Floor, 595 Howe Street Vancouver, BC
Canada V6C 2T5 Adams and Reese LLP Suite
350, 111 East Capitol StreetJackson,
Mississippi 39201 T 601-353-3234 Engineering
Firm Fletcher Lewis Engineering, Inc. Penn
Park Office Center 5001 N Pennsylvania
300 Oklahoma City, Oklahoma 73112