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Gold/Mining/Energy : KERM'S KORNER
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To: Kerm Yerman who wrote (11575)7/2/1998 10:11:00 PM
From: Herb Duncan  Read Replies (1) of 15196
 
CORP / Odyssey Announces NASDAQ Notification

NASDAQ SYMBOL: OILYF

JULY 2, 1998



CALGARY, ALBERTA--ODYSSEY PETROLEUM CORPORATION (NASDAQ:OILYF)
("Odyssey" or the "Company") advises that the Company has been
notified that the Company is in technical violation of Nasdaq's
listing maintenance requirements. The deficiency is due to the
Company's common shares trading for 30 consecutive days at less
than US$1 per share. The Company has a period of 90 days to
remedy this deficiency.

The directors and management of the Company are reviewing the
alternatives available to the Company and will provide further
information as it becomes available.

Odyssey is a Canadian-based energy resource company with a 50%
working interest in three onshore exploration blocks in Egypt,
Qantara, El Mansoura and Siwa. Operations have begun and
Odyssey's highest near-term priority is to bring Qantara
production onstream in 1999.

Odyssey is also engaged in the production and distribution of
ethanol in the western United States.

This release contains "forward looking statements" within the
meaning of Section 21E of the Securities and Exchange Act of 1934,
as amended. Although the Company believes that the expectations
reflected in such forward looking statements are reasonable, it
can give no assurance that such expectations will prove to have
been correct. Important facts that may cause actual results to
differ (the "Cautionary Statements") include but are not
necessarily limited to, political and economic stability of the
countries in which the Company intends to operate, the
availability of commercially viable projects in which the Company
may participate, or the Company's ability to obtain adequate
financing. All subsequent written and oral forward looking
statements attributed to the Company or persons acting on its
behalf regarding the subject matter hereof are expressly qualified
in their entirety by the Cautionary Statements.

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