Brimm Shareholders Approve Acquisition of Odyssey Turkmenistan, and New Board of Directors.

VANCOUVER, BRITISH COLUMBIA--(BUSINESS WIRE)--Jan. 16, 1997-- Brimm Energy Corporation (NASDAQ:BRIMF) (the "Company") announce that at an extraordinary meeting of its shareholders, the shareholders overwhelmingly approved the acquisition of Odyssey Turkmenistan Inc. ("OTI") and the terms of a US$10.7 million convertible debenture financing, to fund the Company's projects, which closed Jan. 15, 1997. Under the terms of the acquisition of OTI, approximately 11.6 million common shares will be issued.

The Company and Odyssey International Petroleum Inc. ("Odyssey") have agreed to cancel the previously announced Option Agreement of Dec. 16, 1996. The Option Agreement gave Odyssey the opportunity to have additional common shares of the company issued to it in cosideration for participation in international exploration and development projects that could have been acquired by Odyssey. As a result of the cancellation of the Option Agreement, the Company will no longer be required to issue up to an additional 88.4 million common shares.

In conjunction with the new corporate developments, the shareholders have approved a name change of the Company to Odyssey Petroleum Corporation. The Company's head office will be relocated to Calgary, Alberta, Canada, effective Jan. 27, 1997.

To guide the Company as it expands into the international petroleum exploration and production business, the new Board of Directors and senior management, subject to completion of final agreements, will consist of the following individuals:

Peter L. Holstein (54), a current director of Brimm Energy, will become Chairman of the Board. Formerly an Executive Vice President of Arakis Energy Corporation, and President of Arakis Energy International, where he was responsible for project finance, political risk insurance, new ventures and securing industry partners for Arakis' Sudan concession, Holstein has over 30 years of experience in advising and financing international petroleum companies.

David R. Robinson (33), President and Chief Executive Officer and Director. A geologist who has spent 11 years working in both the investment business and the petroleum industry, Robinson was previously an Executive Vice President of Arakis Energy Corporation where he was responsible for all aspects of corporate finance, and played a key role in financing the exploration and development of Arakis' Sudan concession.

Carl J. Burnett (68), Director. An engineer, and President of Burnett Associates Oil and Gas Consultants, Burnett held numerous positions within Mobil Oil, including Chairman of Mobil North Sea, Mobil Nigeria and Mobil Libya. In addition, Burnett held senior positions with ARAMCO in Saudi Arabia.

Gilles Koch (37), Director. The Chairman of Zurich-based investment advisor, Global Asset Products AG. Koch specializes in the financing of start-up companies, primarily in the energy and hi-tech sectors. Koch and his clients were instrumental in the refinancing of Arakis Energy Corporation during 1996.

Daniel J. Brimm (45), Director, Entrepreneur. Formerly President of Brimm Energy Corporation, Brimm will manage the ethanol business of Brimm Energy Inc., a wholly-owned subsidiary of Odyssey Petroleum.

Trevor Gibbs (54), Director, chartered accountant, formerly Acting Vice President, Finance of Brimm Energy Corporation, will be providing financial services to the Company.

David W. Harrison (33), Executive Vice President. Formerly Vice President, Corporate Relations for Arakis Energy Corporation, Harrison was responsible for regulatory affairs, corporate communications, and shareholder relations at Arakis Energy for its approximately 21,000 shareholders.

The Company has appointed the legal firm of Cummings Blackett Bretzloff Todesco as general counsel. Cummings Blackett Bretzloff Todesco specialize in international petroleum law.

With the completion of the acquisition of OTI, Brimm Energy, through OTI, will acquire a 10 percent interest in the Joint Venture which is exploring and developing Block II in Turkmenistan. Block II includes two producing oil and gas fields known as Lam and Zhdanov. The Lam field is located in the Caspian Sea approximately 40 km off the coast of Turkmenistan in water depths between 20 and 30 metres. The Lam field was discovered in 1972 and first commenced production in 1978. The Zhdanov field is located in the Caspian Sea to the north-east of the Lam field some 20 km offshore in water depths of 10 to 20 metres. The Zhdanov field was discovered in 1968 and production commenced in 1972.

The participants in the Joint Venture are the Turkmenistan state-owned oil company, Chelekenneft, Larmag Energy Corporation and Dragon Oil PLC.

The term of the Joint Venture Agreement is for 25 years extendible by agreement of the board of the Joint Venture for an additional 10 years. The Joint Venture is currently producing approximately 5400 bopd from Block II. The reserves for Block II have been independently estimated to range between approximately 125 million and 340 million barrels of proved and probable recoverable. The Joint Venture will continue to explore and develop Block II, with a goal of reaching a minimum of 80,000 bopd of production within the next 24 to 36 months.

It is the intention of the Company to acquire minority working interests in a number of highly prospective international petroleum projects. The projects currently under review are presently concentrated in the Former Soviet Union and Africa and the Company also intends to seek projects elsewhere. The Company plans to further expand its Board of Directors and senior management.

CONTACT: Odyssey Petroleum Corporation

David Harrison, 403/ 607-5900

1-800-280-2746