Tampa, FL — July 24, 2009 – On July 20, 2009, Odyssey Marine Exploration, Inc. (NasdaqCM: OMEX) notified the Nasdaq Stock Market, Inc. that due to the unexpected death of Board member George A. Knutsson, who served on the audit committee, the Company does not comply with the audit committee composition requirement set forth in Listing Rule 5605(c)(2)(A), which requires that the audit committee have at least three members, each of whom meets the independence and other criteria set forth in the rule. On July 21, 2009, Odyssey received a Nasdaq Staff Deficiency Letter notifying the Company that it no longer complies with the audit committee composition requirement for continued listing as set forth in Listing Rule 5605. Nasdaq also confirmed that Odyssey will be allowed a cure period in order to regain compliance as follows: (i) until the earlier of the Company's next annual shareholders' meeting or July 1, 2010; or (ii) if the next annual shareholder's meeting is held before December 28, 2009, then the Company must evidence compliance no later than December 28, 2009. Odyssey intends to regain compliance on or before the deadline by adding a member to the Audit Committee who meets the criteria.

About Odyssey Marine Exploration, Inc.

Odyssey Marine Exploration, Inc. (NasdaqCM: OMEX) is engaged in the exploration of deep-ocean shipwrecks and uses innovative methods and state-of-the-art technology to conduct extensive search and archaeological recovery operations around the world. Odyssey discovered the Civil War era shipwreck of the SS Republic® in 2003 and recovered over 50,000 coins and 14,000 artifacts from the site nearly 1,700 feet deep. In May 2007, the Company announced the historic deep-ocean treasure recovery of over 500,000 silver and gold coins, weighing 17 tons, from a Colonial era site code-named "Black Swan." In February 2009, Odyssey announced the discovery of Balchin's HMS Victory. The Company also has other shipwreck projects in various stages of development around the world.

Odyssey offers various ways to share in the excitement of deep-ocean exploration by making shipwreck treasures and artifacts available to collectors, the general public and students through its webstore, exhibits, books, television, merchandise, and educational programs.

Odyssey's operations are the subject of a Discovery Channel television series titled "Treasure Quest," which is produced by JWM Productions. The 12-episode first season aired in the US and the UK in early 2009 and is scheduled to air worldwide throughout 2009. Production on a second season is underway.

Following previous successful engagements in New Orleans, Tampa, Detroit, and Oklahoma City, Odyssey's SHIPWRECK! Pirates & Treasure is currently on exhibit at Discovery Place in Charlotte, NC . Additional information is available at www.discoveryplace.org.

For details on the Company's activities and its commitment to the preservation of maritime heritage please visit www.shipwreck.net.

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Odyssey Marine Exploration believes the information set forth in this Press Release may include "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. Certain factors that could cause results to differ materially from those projected in the forward-looking statements are set forth in "Risk Factors" in Part I, Item 1A of the Company's Annual Report on Form 10-K for the year ended December 31, 2008, which has been filed with the Securities and Exchange Commission.