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Gold/Mining/Energy : KERM'S KORNER -- Ignore unavailable to you. Want to Upgrade?

To: Arnie who wrote (9373)	3/2/1998 9:25:00 PM
From: Herb Duncan	Respond to of 15196

CORP / Odyssey Petroleum Appoints President & CEO NASDAQ SYMBOL: OILYF MARCH 2, 1998 CALGARY, ALBERTA--ODYSSEY PETROLEUM CORPORATION (NASDAQ: OILYF) ("Odyssey" or the "Company") is pleased to announce the appointment of Allan M. R. MacRae as President and Chief Executive Officer, and as a Director, effective March 1, 1998. Mr. MacRae, a professional engineer, has 27 years experience in the oil and gas, engineering and management consulting businesses. From 1996 to 1998, Mr. MacRae worked with a major U.S.-based multi-national on international oilfield acquisitions. Mr. MacRae was employed by Canadian Occidental Petroleum Limited from 1984 to 1996, holding management positions in the international, Canadian and oilsands divisions. In international oil and gas, he managed the Turan Petroleum project and acquisitions of oilfields in Kazakstan. In Canadian oil and gas, he managed and directed activities in many areas including exploration, engineering, strategic planning and implementation, acquisitions and dispositions, business analysis, land and joint ventures. Mr. MacRae also managed the owner's interest in the Syncrude project, chaired three owners' committees and held a position on the Management Committee. Odyssey, a Canadian-based energy resource company, was recently awarded concessions for three onshore exploration blocks in Egypt - Siwa, El Mansoura and Qantara. Odyssey and its partner, Merlon Petroleum Corporation ("Merlon"), each holds a 50 percent interest in the concessions. Odyssey and Merlon are in the process of establishing an office in Egypt and, pending final parliamentary ratification, expect to begin operations in mid-1998. The Qantara Block measures 150 km2 and encompasses a well capable of production. The well was production tested in 1982, and flowed at 19.2 MMSCF/d gas and 2730 Bbl/d condensate. Odyssey and Merlon plan to analyze these engineering results, map the existing and associated structures, acquire seismic as needed, and optimize the existing well as soon as possible. Qantara is located 10 km from the Suez-Ismailiya-Port Said 16" gas pipeline. Odyssey is also engaged in the production and distribution of ethanol, primarily in the western United States.