  Exotic penta-quark baryon with strangeness +1, \Theta^+, is studied in the
QCD sum rule approach. We derive sum rules for the positive and negative parity
baryon states with J=1/2 and I=0. It is found that the standard values of the
QCD condensates predict a negative parity \Theta^+ of mass \simeq 1.5 GeV,
while no positive parity state is found. We stress the roles of chiral-odd
condensates in determining the parity and mass of \Theta^+.
