Future Revenue and Current Reserves

• Potential future revenue is $921.4 million – based on forecasted prices and expenses, NPV 10*
• Proven, probable and possible reserves of more than 34.9 million barrels of oil and 94.9 million MCF of gas
• This data is based on Odyssey Petroleum’s published NI 51-101 produced by Fletcher Lewis Engineering Inc. and dated January 1, 2009
  *Net present value discounted at 10%

Puckett Field, Rankin & Smith Counties, Mississippi

• Potential future revenue of $200 million
  
• 25 well oil and gas field, 14 wells currently producing
  
• Estimated future recovery: five million barrels of oil and five million cubic feet of gas, 38 producing zones
• Blue sky potential – new deeper drilling can add significant additional reserves

Pelahatchie Field, Rankin County, Mississippi

• Multiple productive zones 7500 ft to 17,000 ft. subsurface and 4,300 acres
  
• Most infrastructure in place, nine wells producing
  
• Acquisition/development cost under $2 per barrel

The Verba Field, Mississippi

• 12 wells, including seven which are presently fully-equipped oil wells producing 3600 – 4400 barrels per month,  and three orphan wells with added potential
  
• Two operational salt water disposal wells and mineral leasehold rights to the majority of the known productive limits extending over approx. 1,500 gross acres
  
• Located 50 miles from the Company’s core operations, Verba produced 2M barrels of oil from eight formations

Barber Creek Field, Scott County, Mississippi

• Smackover Formation includes three productive wells
  
• 1.2M barrels of oil have been produced in the past
  
• Report estimates 2.6M barrels of recoverable oil
  
• Geology indicates a new well can be drilled in a superior position to the three producing wells, and should recover appreciable new oil reserves
  
• Comprising approximately 850 acres, Barber Creek Field is located 35 miles east of Jackson, Mississippi, only 12 miles north of the Company’s core operations

Morton Field, Mississippi

• Morton Field located in southwestern Scott County, Mississippi
• Field discovered in early 1959 when Shell Oil Company drilled an 11,000 ft. Cotton Valley test
• Discovery had ten feet of Eutaw oil sand, which was completed and flowed 156 barrels of 35-degree gravity oil per day through a ¼ inch choke
• Since 1959, twenty wells have been drilled on the structure of which eight wells produced approximately 500,000 barrels of oil
• The Morton structure has produced approximately 300,000 barrels of oil from the Eutaw, Haynesville and Washita-Fredericksburg oil pools
• Geological evidence exists indicating that an estimated 500,000 barrels of oil could be obtained from new drilling in the field

Branding and Website by Nextphase Strategy