OMDA Oil and Gas, Inc. Announces Recent Management Meeting
February 26 2009 - 7:00AM
Marketwired
OMDA Oil and Gas, Inc. (PINKSHEETS: OOAG) is pleased to announce
that management has recently met in order to discuss several
important upcoming company issues.
After many months of solely focusing on the lawsuit against
former management, OMDA is beginning to turn much of its daily
operational outlook toward forging new relationships and generating
fresh ideas for its future. As mentioned in last week's press
release, the company is in the process of sculpting a path to
expansion and growth for the next several years. This week's
management meeting, with all board members present, covered a wide
range of topics and ideas that the company wishes to share with its
investors.
First, the upcoming trial in the Lanza et al case was discussed
at length. This trial is still scheduled for May 4, 2009, and all
pending depositions are proceeding as planned and are set to be
completed in a timely manner. The company has been working hard
with its legal staff in preparations and strategies, as well as
establishing an implementation plan for recovered assets. The
company remains firmly confident in its legal position and is
looking forward to the long-awaited and hard sought successful
resolution of this lawsuit.
Secondly, this meeting confirmed that OMDA is dedicated in
moving forward with its new market developments. OMDA is actively
seeking to broaden its scope of business and is pursuing new
partners, acquisitions, and other natural resource markets to
penetrate. As previously mentioned, management is currently
involved in due diligence and the examination of financial numbers
on several potential ventures. In addition to already targeted
partnerships, board members are actively contacting new prospective
alliances on a daily basis. Management also discussed a possible
name change for the company. OMDA will take the necessary steps to
create the appropriate corporate identity. If a name change is
decided upon, it will be a name that will accurately reflect the
true current and future direction of OMDA and all of its business
endeavors.
The lawsuit against Lanza et al and company growth were key time
components of this meeting; however, corporate governance was also
identified as a fundamental and equal element in OMDA's future
success. In order to increase public confidence for their past and
future investments into the company, management has discussed the
need to lower OMDA's authorized share count to under 300,000,000.
Management believes that this authorized share level, coupled with
a strong justifiable share price, will adequately allow for future
acquisition needs. OMDA expects to report more information on this
issue in the near term.
"Our meeting was extremely productive and will be one of many
more strategic planning sessions in the coming months," stated Adam
Barnett, Chairman of OMDA. "Besides what the company anticipates in
receiving in the Lanza et al lawsuit this summer, we are in the
process of constructing a strong foundation in diversity of assets
and partnerships. I am enthusiastic about our future and all of our
potential upcoming projects. We will keep all shareholders informed
as developments take shape and are finalized."
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
1-877-441-OMDA(6632) IR@omogoil.com www.omogoil.com
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