Odyssey Petroleum - Egypt Qantara Concession Reserves Report.CALGARY Calgary (kăl`gərē), city (1991 pop. 710,677), S Alta., Canada, at the confluence of the Bow and Elbow rivers. The largest city in Alberta and the fastest-growing major city in Canada, Calgary is a corporate, transportation, and financial , ALBERTA--(BUSINESS WIRE)--Sept. 1, 1998--Odyssey Petroleum(NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :OILYF) ODYSSEY Odyssey (ŏd`ĭsē): see Homer. Odyssey Homer’s long, narrative poem centered on Odysseus. [Gk. Lit.: Odyssey] See : Epic Odyssey PETROLEUM CORPORATION (NASDAQ:OILYF) ("Odyssey" or the "Company") reports that it has received an Evaluation of the Petroleum and Natural Gas Reserves in the Qantara Concession, Arab Republic of Egypt from Sproule International Limited, Geological ge·ol·o·gy n. pl. ge·ol·o·gies 1. The scientific study of the origin, history, and structure of the earth. 2. The structure of a specific region of the earth's crust. 3. A book on geology. and Petroleum Engineering Consultants. The report confirms management's interpretation of the available data on the Qantara concession and contains the following information: -0-
Category OGIP Sales Gas Sales Unrisked
(Bcf) (Bcf) Liquids NPV @
(MMBbls) 10 Percent
------------------------------------------------------------
Proven 21.8 15.5 2.0 US$5.0 MM
Proven plus Probable 80.8 55.5 7.8 US$17.8 MM
Proven plus Probable
plus Possible 199.1 138.4 19.7 US$38.9 MM
OGIP = Original Gas in Place
The above gas and liquids quantities are total project figures. The Net Present Values (NPV NPV See: Net present value ) represent total Contractor interest net of government share. Odyssey's share of the above Net Present Values is 50 percent. Odyssey currently has 13,425,875 common shares issued and outstanding. This release contains "forward looking statements" within the meaning of Section 21E of the Securities and Exchange Act of 1934, as amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. . Although the Company believes that the expectations reflected in such forward looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Important facts that may cause actual results to differ (the "Cautionary Statements") include but are not necessarily limited to, political and economic stability of the countries in which the Company intends to operate, the availability of commercially viable projects in which the Company may participate, or the Company's ability to obtain adequate financing. All subsequent written and oral forward looking statements attributed to the Company or persons acting on its behalf regarding the subject matter hereof here·of adv. Of this. hereof Adverb Formal or law of or concerning this Adv. 1. hereof - of or concerning this; "the twigs hereof are physic" are expressly qualified in their entirety The whole, in contradistinction to a moiety or part only. When land is conveyed to Husband and Wife, they do not take by moieties, but both are seised of the entirety. by the Cautionary Statements.
CONTACT: Odyssey Petroleum Corp., Calgary
Scott Bridge, 403/205-4700
403/205-4701 (FAX)
scott@odypete.com
http://www.odypete.com
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