OMDA Oil and Gas, Inc. Files a Motion for Partial Summary Judgment in the Lanza Case
June 18 2008 - 8:00AM
Marketwired
HOUSTON, TX would like to take this opportunity to announce
updates on the Lanza case.
In the Harris County lawsuit against Joseph A. Lanza, et al,
OMDA has asserted a cause of action under the Texas Declaratory
Judgment Act that asks the court to declare the rights of the
parties in relation to the companies OMDA Oil & Gas Management,
Inc. and OMDA Oil & Gas Services, Inc. OMDA contends that both
of those companies were formed as subsidiaries of OMDA, and that
any assets that belonged to them as of the September 2003 date when
current management assumed control of OMDA from Lanza rightfully
belong to OMDA. Lanza contends that those companies were never
subsidiaries of OMDA, and that OMDA never owned their assets.
OMDA has now filed a motion for partial summary judgment that
asks the Court to rule, as a matter of law, that: (1) OMDA Oil
& Gas Management, Inc. and OMDA Oil & Gas Services, Inc.
were set up as subsidiaries of OMDA; (2) that as of September 9,
2003, the date that Adam Barnett acquired control of OMDA, OMDA
was, and still is, the parent company of those two subsidiaries;
and (3) OMDA, as the parent company of those subsidiaries, is the
rightful owner of any and all assets that were on those
subsidiaries' books as of that September 2003 date, including the
oil and gas properties in both Texas and Louisiana, and any
proceeds from those properties.
OMDA will ask the Court to hold an oral hearing on this motion,
which hopefully will be held sometime in the next month or so.
Management will keep you posted on the outcome of any such
hearing.
"We are making significant headway in this lengthy legal
process," stated Chairman Adam Barnett. "This progress is a result
of a lot of time, effort, and diligence on the part of our legal
team. We continue to remain confident in our stance in this case,
and we will continue to provide further updates in the near
future."
About OMDA Oil and Gas, Inc.
OMDA Oil and Gas, Inc. and its wholly owned subsidiaries, OMDA
Oil & Gas Management, Inc. and Texas OMDA Drilling &
Operating, Inc. and OMDA Oil & Gas, Inc. (Texas), are in the
business of oil and gas production and lease acquisition. Currently
the Company owns average participation interests approaching 47%,
in 355 producing and non-producing oil and gas wells in Louisiana
and Texas. Current acreage interests include a 15% working interest
in 800 acres in Shelby County, TX and a Carried back-in working
interest of at least 7.5% up to 37.5% in a 12 well work over play
in the Concorde Dome Field in Andersen County, TX.
This release includes forward-looking statements made pursuant
to the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995 that involve risks and uncertainties including,
but not limited to, statements relating to the future anticipated
direction of the Oil and Gas Industry, plans for expansion, various
business development activities, planned capital expenditures,
future funding resources, anticipated sales growth and potential
contracts. The Company is not obligated to revise or update any
forward-looking statements in order to reflect events or
circumstances that may arise after the date of this release.
Contact: OMDA Oil and Gas, Inc. Investor Relations 800-621-0113
IR@omogoil.com www.omogoil.com
OMDA Oil and Gas (CE) (USOTC:OOAG)
Historical Stock Chart
From Sep 2024 to Oct 2024
OMDA Oil and Gas (CE) (USOTC:OOAG)
Historical Stock Chart
From Oct 2023 to Oct 2024
