Miss. oil company Odyssey files for protection - MSNewsNow.com - Jackson, MS

Miss. oil company Odyssey files for protection

Posted: Updated:

PUCKETT, Miss. (AP) - Odyssey Petroleum Corporation 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 says in a statement this week 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 23rd in U.S. Bankruptcy Court in the Southern District of Mississippi.

©2010 WLBT. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

  • Most Popular StoriesMost Read

  • Friday, May 24 2013 8:30 PM EDT2013-05-25 00:30:42 GMT
    Yesterday we first told you about two parents of Boyd Elementary school students, who say their children were sexually assaulted by another student. The parents were furious that no action had been taken
    Thursday we first told you about two parents of Boyd Elementary school students, who say their children were sexually assaulted by another student. The parents were furious that no action had been taken on their cases. Today more parents are speaking out about their children also falling victims.

  • Friday, May 24 2013 6:04 PM EDT2013-05-24 22:04:01 GMT
    Friday morning, Paul Williams told viewers it would be beautiful, summerlike Mississippi day. That was his last forecast for WLBT. Paul is leaving to become the Chief Meteorologist at the ABC affiliate
    Friday morning, Paul Williams told viewers it would be beautiful, summerlike Mississippi day. That was his last forecast for WLBT. Paul is leaving to become the Chief Meteorologist at the ABC affiliate in Memphis.

  • Friday, May 24 2013 7:17 PM EDT2013-05-24 23:17:09 GMT
    A wreck involving a Hinds County Deputy happened on Highway 80 in Brandon, Friday afternoon. The female deputy's cruiser collided with another car.      The front bumper of the cruiser was barely hanging
    A wreck involving a Hinds County Deputy happened on Highway 80 in Brandon, Friday afternoon. The female deputy's cruiser collided with another car.
    •