2009-09-24-2009-09-02

To buy all MS assets in Rankin Co., MS.

Odyssey Petroleum Corp., Vancouver, (Toronto Venture: ODE) plans to acquire all of the Mississippi oil and gas assets from TransAmerican Energy Inc., (Toronto Venture: TAE) for C$3.02 million. Odyssey will pay for the deal by assuming debt owed by TransAmerican to secured lender Trafalgar Capital Specialized Investment Fund FIS. TransAmerican's Mississippi assets include assets in the Morton, West Pickens and Pelahatchie fields in Rankin County, including a 50% working interest (36% net revenue interest) in the Max & Martha Gill # 1 well and a 25% working interest (18% net revenue interest) in the Harold Karges 18-7 #1 well and the J Cox 18-10 #1 well. Odyssey will also invest no less than US$600,000 in required work to be conducted in respect of the assets. Odyssey will assign to Trafalgar 25% of gross revenue to pay down the assumed debt, after deducting royalties and taxes only, but before deducting operating costs, from the acquired assets. It will also fix the Euro/U.S. dollar exchange rate based on the exchange rate as at July 31 which will be used to convert the assumed indebtedness from C$3.02 million to US$2.7 million. Odyssey will then grant a general security agreement and specific mortgages in favor of Trafalgar, charging all of Odyssey's right, title and interest in and to the acquired assets. Pro forma, TransAmerican will retain its oil and gas assets in Texas, Louisiana, Oklahoma and Alberta.