JOHANNESBURG, South Africa, July 23 /PRNewswire-FirstCall/ -- Odyssey Oil & Gas, Inc. (OTC:OOGI) (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. DATASOURCE: Odyssey Oil & Gas, Inc. CONTACT: Odyssey Oil & Gas, Inc., +27(11) 807-1446 Web site: http://www.odysseyoil.net/

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