OMDA Oil and Gas, Inc. Provides a Legal Update Concerning the Lanza et al. Case
April 07 2009 - 9:20AM
Marketwired
OMDA Oil and Gas, Inc. (PINKSHEETS: OOAG) would like to take this
opportunity to provide an update on its ongoing lawsuit against
former management.
At a recent status conference on March 23, in Harris County,
Texas, the judge in the case of OMDA v. Lanza et al., determined
that a ruling date will be set within two weeks concerning the
motion for partial summary judgment. As stated in the June 18th
press release, this summary judgment would establish 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. The judge indicated that in the
event that any further evidence is needed in this matter, he would
give the parties a week's notice to come before him and present
further arguments.
The May 4th trial date has been postponed and is expected to be
reset shortly after the judge renders his decision in this
matter.
"We are extremely pleased this motion will be ruled upon very
soon," stated Adam Barnett, Chairman of OMDA. "This ruling could
likely signify the beginning of the end of our long and hard fought
legal battle. The outcome of this summary judgment proceeding will
determine long fought ownership rights, and will greatly aid in the
concluding disclosure process before the final trial. We are
anxious to put the lawsuit behind us once and for all, and to put
one hundred percent of our focus on growing our oil and gas
business, as well as expanding into other profitable ventures."
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 877-441
OMDA(6632) IR@omogoil.com www.omogoil.com
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