06/07/2001- J O I N T N E W S R E L E A S E

[Franko10 ™]

CONSOLIDATED ODYSSEY EXPLORATION INC.&
GOLDEN ARCH RESOURCES LTD.

CDNX Trading Symbol: ODE O.T.C./pink sheets: GARC-F
CDNX Trading Symbol: GAI

J O I N T N E W S R E L E A S E June 7, 2001

Consolidated Odyssey Exploration Inc. (“Odyssey”) and Golden Arch Resources Ltd. (Golden Arch) jointly announce they have reached an understanding pursuant to which Odyssey will have the right to participate in the drilling and development of up to five Barnett Shale wells located in Jack County, Texas and thereby acquire a 5% working interest in each well from Golden Arch which itself has the right to acquire a 25% working interest in the wells to be drilled (see below).

In order to earn a 5% working interest, Odyssey must pay Golden Arch US$25,000 for each well it wishes to participate in. In addition, upon successful drilling, completion and production of a minimum of 100,000 MCF per day from each well, Odyssey is required to issue 100,000 common shares in its capital stock to Golden Arch. In order to secure its participation in this program, Odyssey has agreed to advance a refundable deposit of CDN$35,000 to Golden Arch as its initial contribution to the program. Advance of any further funds and the issuance of the shares in Odyssey is subject to execution of a formal agreement, closing of the private placement referred to below and acceptance by the Canadian Venture Exchange.

The Barnett Shale field is located approximately 40 miles northwest of Forth Worth, Texas, ranges in depth from 6,000 to 8,000 feet, and averages 550 feet of pay. Based on a 1998 forecast prepared by the U.S. Geological Survey, this extensive gas accumulation was estimated to have an overall 10 trillion cubic feet of recoverable reserves, equivalent of a 1.67 billion barrel oil field. The use of light sand fracture technology - forcing massive amounts of water carrying small amounts of sand into the formation - is driving
the development rush in the Barnett. This new technology reduced total well costs by 20%, and more importantly, made it possible to expand the limits of the Barnett Shale field. Barnett Shale production was first established int eh Newark East Field in Wise and Denton counties, where it grew from less than one billion cubic feet of gas from 25 wells in 1985 to 19.2 billion cubic feet from 306 wells in 1995. During the pas five years, production has more than doubled to 189 million cubic feet of Natural Gas per day from
over 500 wells. Current expected recoveries amount to only 8% of the actual gas in place.

The operator of the project is The Cumming Company, Inc. (“CCI”) of Fort Worth, Texas which operates several other recently completed Barnett Shale wells in the vicinity, including the recently completed #7 Wimberly. CCI considered the #7 Wimberly to be a significant shale discovery and within the next weeks the participants will commence drilling two offset wells to further develop the Wimberly acreage. Gold Arch currently holds a 4% working interest in the #7 Wimberly. Contingent to the success of the next two wells, the participants are preparing for a 25 well development program for the newly discovered field.

In addition, Odyssey announces that it has negotiated a private placement totalling CDN$125,000 by the issuance of 500,000 units at CDN$0.25 per unit in order to finance its respective portion of the exploration program to earn its 5% working interest. Each unit will consist of one common share and one share purchase warrant entitling the holder to purchase one additional share at a price of CDN$0.33 per share for a period of two years. A finder’s fee of 7.5% is payable by Odyssey in shares on CDN$100,000 of
the private placement. The private placement and payment of the finder’s fee are subject to closing of the formal participation agreement referred to above and acceptance by the Canadian Venture Exchange.

ON BEHALF OF THE BOARD OF CONSOLIDATED ODYSSEY
“John Thornton” John Thornton,
Director

ON BEHALF OF THE BOARD OF GOLDEN ARCH RESOURCES LTD.
“Richard J. Watson”<br>Richard J. Watson, President

THE CANADIAN VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.