Odyssey is currently focused on improving production and cash flow from a number of its wells and believes that exploration drilling in these highly prolific areas will continue to rapidly increase its production and reserves. In the first quarter of 2008 revenues increased production to approximately $12.5 million in revenues on an annualized basis.
Currently, Odyssey has an interest in five oil and gas projects at various stages of production and development. To date the company has spent approximately $37 million dollars acquiring these interests and has a current rate of production of 400+ barrels of oil equivalent per day. The company also owns infrastructure valued at $20 million.
Odyssey’s short term goal is to produce 1,000 barrels of oil equivalent per day. This production goal would position the company at the next recognition level when analysts and fund managers typically start to take serious interest in following a junior oil and gas company. When the 1,000 barrel production is achieved, the gross revenue to Odyssey would be approximately $47 million per annum calculated at $131 per barrel.
The company also has extensive reserve studies completed by Fletcher Lewis of Oklahoma as well as over 30 years of geological data and historical information about the area.
Odyssey Petroleum and our President and COO, Whitney Pansano are members of America's Independent Petroleum Association of America and listed in the 2008 - 2209 membership directory.
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