Altima Energy Inc V.ARH

Jerry I think it went like this:

[kenbull1]

There was no "corporate take-over", why not just tell it like it is, there was a cease trade order for V.ODE and ODE went bankrupt then secured interm financing and did a 20:1 share consolidation. The "new offices" of Petrichor Energy are the same offices that once sported the name "Odyssey Petroleum". As for the Altima/Unbridled combination I'll leave it to the UNE shareholders to sum up there current status and Mr DeVries' instrumental performance which resulted in ARH being bailed out by it's own shareholders last year rather than "cease to exist."

I'll bet the phone lines are ringing off the hook over at Simco Inc.

Hope that clears things up a bit, by the way the SP went to .04 PRIOR to me writing this.

ODYSSEY PETROLEUM CORP.

Suite 303, 595 Howe Street

Vancouver, B.C. V6C 2T5

Phone: [phone] Fax: [phone]

Odyssey Arranges Financing for U.S. Subsidiary and Proposes Consolidation and Name Change

(September 17, 2010) – Odyssey Petroleum Corp. (FSE: YQN; TSX-V: ODE). Further to our News Release of April

27, 2010 disclosing that ODE’s wholly-owned Mississippi subsidiary, Odyssey Petroleum Corp. (U.S.) (“Odyssey

US”), filed under Chapter 11 of the United States Bankruptcy Code for protection from its creditors, the Company

further announces that it has agreed to a proposed plan of reorganization under the Bankruptcy Code (the “Plan”),

pursuant to which the Company will exchange all its right, title and interest in Odyssey US and all other assets of the

Company and Odyssey US located in Mississippi or related to its assets located in Mississippi in consideration of

US$8,200,000 funding for the Plan.

Iroquois Capital Opportunity Fund (“IOC”) will invest US$6,700,000 in equity and will receive 800 shares of new

common stock in a reorganized Odyssey US as of the effective date. IOC will also provide a US$1,500,000

convertible debenture bearing interest at 12% per annum, convertible into 333 shares of the authorized common

stock of the reorganized Odyssey US. In addition, the reorganized Odyssey US will assume approximately

US$5,835,000 in debt for contracts and unexpired leases, and will pay the Company US$900,000.

The Company will receive 200 shares of new common stock in the reorganized Odyssey US, such that the

Company’s holdings in the reorganized Odyssey US will constitute 20% of such issued common stock in the

reorganized Odyssey US as of the effective date.

The implementation of the Plan will effectively result in the disposition of 80% of the Company’s interest in Odyssey

US. The provisions of Section 301 of the Business Corporations Act (British Columbia) require a company to obtain

shareholder approval by special resolution in the event it sells, leases or otherwise disposes of all or substantially all

of its undertaking. A special resolution is a resolution passed by shareholders owning at least two-thirds of the votes

cast on the resolution. The Company has scheduled an Annual and Special General Meeting to be held on October

15, 2010 (the “AGM”).

The Company has signed a lock up agreement with IOC in support of the proposed Plan, subject to: (a) the

shareholders of the Company approving the Plan at the AGM; (b) the Bankruptcy Court confirming the Plan; and (c)

the receipt by the Company of all required Canadian regulatory and stock exchange approvals.

Proposed Consolidation and Name Change:

The Company further announces that it intends to seek shareholder approval at the AGM to a proposed consolidation

of its share capital on 20 old shares for one new share basis, or such lesser whole number of pre-consolidated

shares that the directors in their discretion may determine, to be implemented by the Company’s Board of Directors in

its discretion. The Company also proposes changing its name to Petrichor Energy Inc., or such other name as may

be approved by the regulatory authorities. The Company intends to disseminate a further News Release in regard to

the consolidation and name change prior to effecting the same.

Update Default