OMDA Oil and Gas, Inc. Announces Future Plans and Updates
February 19 2009 - 7:00AM
Marketwired
OMDA Oil and Gas, Inc. (PINKSHEETS: OOAG) is pleased to announce
recent shareholder updates and future projects and plans.
As reported in January, OMDA's long legal battle with former
management may be nearing an end. With this news on the horizon,
the company is turning its attention to some new and existing
projects, as well as exploring alternative business ventures.
One of the many decisions management is addressing regards the
Panola County Property. OMDA is currently in discussions with
several entities concerning this property and is weighing the
benefits of commencing drilling operations on the site versus
selling the interest to another company. The recent fluctuations in
the price of oil and the costs associated with drilling operations
have created conditions in which drilling may not be the clear-cut
best choice. At the moment, OMDA is keeping its options open as it
studies the matter closely. Management will be carefully assessing
the situation over the coming weeks in order to decide on a plan of
action which will best serve the interests of its shareholders.
Management is also directing its attention toward its ownership
in the Concord Dome lease. Recently, a new operating permit was
granted for this site. This permit will allow some of the wells to
go into operation as soon as possible. OMDA is guaranteed a working
interest in the 12 wells on the property. This interest is set
between a minimum of 7.5% and a maximum of 37.5%. OMDA will begin
receiving revenues once initial investments have been recouped.
As OMDA's current well projects continue to take shape, the
company is looking for new leases and potential partnerships.
Management is in the process of researching several companies,
properties, and acquisitions. OMDA, while maintaining its primary
focus on oil and gas, is looking to establish new business
enterprises in other natural resource markets. Several potential
joint ventures have been targeted and negotiations have commenced.
Expanding the company's current business plan will permit OMDA to
diversify its revenue streams and not be tied solely to the
instability of oil prices. This expansion will also allow OMDA to
retain key personnel that would offer additional expertise to the
current board of directors and management team. The company will
make further announcements once current discussions are
finalized.
"I am pleased to be discussing OMDA's future with our
shareholders," stated Adam Barnett, Chairman of OMDA. "We are very
eager to turn the page on all of the legal matters we have had to
address over the past few years. We are now in a position to
concentrate our attention to the business of oil and gas production
and other possible projects. I look forward to sharing more news
and updates about these endeavors as they develop."
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
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