PUCKETT — Odyssey Petroleum Corp. U.S. says it has filed for Chapter 11 bankruptcy protection, hoping for a break from creditors while it sorts out financial difficulties.
The company owes almost $2 million to its largest creditors, including more than $1 million for an arbitration award and about $129,000 to the Internal Revenue Service.
Odyssey said in a statement that it’s negotiating with several parties to obtain new funding, though it did not release any details.
Odyssey is a wholly owned subsidiary of a Canadian company that engages in the acquisition, exploration, and development of oil and gas properties. The company owns five fields in Mississippi, including ones in Rankin, Smith and Scott counties.
The case was filed April 23 in U.S. Bankruptcy Court in the Southern District of Mississippi.