Odyssey Acquires ALG Western Oil

JOHANNESBURG, South Africa, July 23 /PRNewswire-FirstCall/ -- Odyssey Oil
& Gas, Inc. (OTC Bulletin Board: OOGI) is pleased to announce the acquisition
of ALG Western Oil (Pty) Ltd. a South African based company that has the
technology to produce bio-fuels from Algae.
This acquisition on June 16th, 2008 is part of the company's strategy of
diversifying into alternate energy resources.
The advantage of using algae is that the bio mass doubles every 24 hours
and does not deplete any of the world's food resources. In addition the
process utilizes carbon dioxide which in turn, through photosynthesis,
produces oxygen as a byproduct. Once the oil has been extracted, the remaining
bio mass is used in the pharmaceutical industry as a component in the
manufacture of many vitamins.
Lufthansa, Europe's second biggest airline, stated that the Company
intends to use jet fuel that is as much as 10% bio-fuel by 2020. Lufthansa
wants to use bio-fuel made from non-food sources such as algae.
ALG Western Oil has a Letter of Intent with Xstrata Alloys, a subsidiary
of Xstrata Plc (LSE: XTA.L), as the preferred developer for the Xstrata Alloys
Bio-Fuels Project. The objective of the project is to establish a commercial
facility that will utilize the carbon dioxide produced by its smelters to
produce bio-fuels.
"With this acquisition the Company has positioned itself at the leading
edge of the bio-fuels industry and is still within the long term strategy of
developing and exploiting alternative energy resources," Arthur Johnson,
President.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning
of the "safe harbor" provisions of the Private Securities Litigation Reform
Act of 1995. All statements other than statements of historical facts,
included or incorporated by reference herein relating to management's current
expectations of future financial performance, continued growth, changes in
economic conditions or capital markets, and changes in customer usage patterns
and preferences are forward-looking statements within the meaning of Section
27A of the Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934.
Words or phrases such as "anticipates," "may," "will," "should,"
"believes," "estimates," "expects," "intends," "plans," "predicts,"
"projects," "targets," "will likely result," "will continue" or similar
expressions identify forward-looking statements. Forward-looking statements
involve risks and uncertainties which could cause actual results or outcomes
to differ materially from those expressed. We caution that while we make such
statements in good faith and believe such statements are based on reasonable
assumptions, including without limitation, management's examination of
historical operating trends, data contained in records and other data
available from third parties, we cannot assure you that our projections will
be achieved.
SOURCE Odyssey Oil & Gas, Inc.

Odyssey Oil & Gas, Inc., +27(11) 807-1446