ODYSSEY GOLD LTD — Capital/Financing Update 2005

Dec 20, 2005

December 21, 2005

PROGRESS REPORT ON KENILWORTH RAILROAD #1 AND #2 WELL COMPLETIONS.

Carpenter Pacific Resources Limited (ASX:CPC) as operator is pleased to advise that the fracture stimulation of the Kenilworth Railroad #1 and #2 wells has been successfully completed. At present both wells are undergoing clean up and flow back of the frac fluid. Initial indications from the wells as they are cleaning up are encouraging. It is anticipated that a sustainable flow rate of gas from the wells should be determined in mid January 2006 at which time the results will be announced to the ASX.

These are the first two of a planned 15 well drilling and completion program in the company's 63.75% owned Helper Project.

The Helper Project comprises approximately 5,000 acres located along the northern edge of the Helper Field in the same Ferron CBM trend as the substantial Drunkards Wash CBM Field in Utah, USA. Drunkards Wash is the largest producing gas field in Utah, currently averaging 5.4 Bcf per month.

Gas in place (GIP) for the Ferron coals and sands is estimated to be 3.0 Bcf to 3.7 Bcf for each 160 acre spacing. Recovery factors are historically estimated at a rate of 50% for initial production. Since 1997, wells in the Helper Field have achieved an average production rate of 304,000 cubic ft/day with wells typically reaching peak production within three years and then gradually declining.

If commercial flow rates are achieved, an agreement with Anadarko Petroleum Corporation is in place to sell gas through its existing infrastructure.

Participating working interests in the Helper Project are:

Carpenter Pacific Resources Limited (ASX: CPC, CPCO) 63.75%
Odyssey Energy Limited (ASX: ODY)	15.00%
Pegasi Energy	10.625%
Private interests	10.625%

Carpenter Pacific Resources is aggressively pursuing a low risk strategy to increase reserves and production of non-conventional natural gas in the onshore USA. The company plans to develop low cost reserves by exploiting mature reserves and finding new reserves in existing producing areas. Favorable industry fundamentals, including record high natural gas prices, advances in drilling, completion and fracture stimulation techniques, coupled with ready access to infrastructure have allowed the company to pursue several attractive investment opportunities. The company currently has in its portfolio an inventory of two to three years of drilling opportunities, which if successful could create a substantial reserve base.

For further information contact:

North American Contact:	Mr Jeff Clarke Managing Director & CEO Ph: +0011 214 244 7690 Email: jclarke@marionenergy.com
Australian Contact:	Mr Peter Collery Executive Director and Company Secretary Ph: 03 8862 6466 Email: peter@carpenterpacific.com.au