2010-01-07-2009-11-04

To acquire 66.6% WI in 12 MS wells.

Southeastern Oil and Gas LLC plans to acquire a 66.6% working interest in 12 wells in Mississippi from Odyssey Petroleum Corp., Vancouver, (Toronto Venture: ODE; Frankfurt: YQN) for an estimated US$4 million to rework the wells. Southeastern will spend 100% of the funds necessary to re-enter, evaluate and do necessary remedial work to recomplete and equip the wells for production up to the US$4 million, estimated at US$250,000 to US$400,000 per well. Upon completion, Odyssey will retain a 12.5% overriding royalty interest until Southeastern has recouped 100% of its risked capital per well. After 100% payout, Odyssey may elect to convert the overriding royalty interest to 33 1/3% working interest in each well. Additionally, Southeastern will pay Odyssey US$25,000 upon the commencement of each well.