Petrichor Energy Inc.: Corporate Update

Petrichor Energy Inc. (TSX VENTURE:PTP)(FRANKFURT:YQN) ("Petrichor" or the
"Company") - At the Annual and Special General Meeting of the Company held on
October 15, 2010, shareholders approved by special resolution a plan of
reorganization (the "Plan") of the Company's Mississippi subsidiary, Odyssey
Petroleum Corp. (U.S.) ("the Debtor") under Chapter 11 of the U.S. Bankruptcy
Code. Further to the Company's September 17, 2010 News Release and as disclosed
in the Company's February 10, 2011 News Release, Iroquois Capital Opportunity
Fund ("IOC") retracted its offer to acquire the shares of the Debtor and ODE's
lock up agreement with IOC expired in January 2011, allowing the Company to
solicit other offers.


On May 24, 2011, the US Bankruptcy Court in Mississippi accepted a "stalking
horse bid" from an unrelated party who had offered to purchase certain assets of
the Debtor for US$9,600,000 and certain Mississippi assets owned by the parent
company, Petrichor, for US$1,900,000.


The court ordered that a public auction would be held for the Debtor's assets,
with the stalking horse bid of US$9,600,000 setting the minimum bid price. Two
qualified unrelated bidders were approved by the court, including a designate of
IOC.


On June 10, 2011 the auction resulted in a final bid to purchase the Debtor's
assets, subject to certain conditions, for US$12,000,000, which was accepted by
the court.


The sale of the Debtor's assets has now closed into escrow, with the proceeds to
be administered under the direction of the Bankruptcy Court. The proceeds of the
sale will be utilized to fully pay creditors of the Debtor in the near future,
with all remaining funds to be returned to Petrichor once the plan has been
completed.


The Debtor continues to operate under Chapter 11 creditor protection while the
plan to distribute payments to the creditors continues.


The purchaser is also acquiring certain of Petrichor's assets for US$1,900,000.
The Company will retain an approximate 20% working interest in the Verba,
Mississippi oil and gas field, a 100% working interest in the Barber Creek,
Mississippi oil and gas field, and a 100% interest in the post Chapter 11
Odyssey US.


The Chapter 11 proceedings are currently expected to conclude within the next
three months.


ON BEHALF OF THE BOARD

Richard Barnett, Chief Financial Officer

This news release includes certain forward-looking statements or information.
All statements other than statements of historical fact included in this
release, including without limitation statements regarding the expected
application of sale proceeds and the completion of Chapter 11 proceedings, are
forward-looking statements that involve various risks and uncertainties. There
can be no assurance that such statements will prove to be accurate and actual
results and future events could differ materially from those anticipated in such
statements. Important factors that could cause actual results to differ
materially from the Company's plans or expectations include without limitation
court, regulatory and creditor approvals and other risks detailed herein and
from time to time in the filings made by the Company with securities regulators.
The Company expressly disclaims any intention or obligation to update or revise
any forward-looking statements whether as a result of new information, future
events or otherwise except as otherwise required by applicable securities
legislation.

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