OMDA Oil and Gas, Inc. Announces Future Plans and Updates
May 18 2010 - 7:00AM
Marketwired
OMDA Oil and Gas, Inc. (PINKSHEETS: OOAG) would like to provide an
update on its current operations and future plans.
OMDA Oil and Gas, Inc. currently owns an outright 20% working
interest in 150 producing wells in Caddo Parrish, Louisiana. The
company has divested itself of the other wells it had previously
owned that were not producing or that were not considered to be an
asset to the company. The amount of revenue collected from these
producing wells will be announced in future updates. As the price
of oil increases, or as the overall production from the wells
grows, the company may look to sell some or all of these interests
to a qualified buyer for cash. The company would then look to
reinvest that money into other lucrative oil production plays
outside of the state of Louisiana, preferably closer to OMDA
headquarters in the state of Texas. In the meantime with these 150
producing wells the company will support its growth and possibly
take the opportunity to acquire more in the area once they are
producing and verified. The company will be providing pictures and
video of these wells on its website as soon as possible.
OMDA also owns a minimum of 37.5% in a 12 well work over play in
the Concorde Dome Field in Andersen County, TX. This field is
currently producing oil daily and OMDA expects to receive revenues
from this project sometime next year. At present time the revenues
being generated are being used to pay back investors. Once they are
paid the revenues will then roll up to OMDA. The quicker production
increases and/or the price of oil rises, the sooner OMDA will begin
to receive payments. The Texas Railroad Commission recently has
granted OMDA's operator a new permit on this field. Plans are to
have additional wells put into operation as soon as possible.
Updates, pictures, and production figures will be forthcoming on
the company web site for this project also.
The company also owns an interest in the Panola County oil
property which is detailed on the company web site,
www.omogoil.com/new/projects.php. One of the many decisions
management is addressing about its future regards the Panola County
Property. OMDA has held discussions in the past 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 at a sizable profit. 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.
The company is aware that it currently does not have complete
and current financial information on its stock on
www.pinksheets.com. OMDA is presently working to rectify that
situation. All current information has already been submitted and
the company is waiting for it to be updated and to be reflected on
their site. OMDA has also begun the process to bring their status
on www.pinksheets.com to "Current."
The company also wishes to clarify any possible confusion that
may have arisen from yesterday's press release regarding the number
of outstanding shares. OMDA's current outstanding share count is
242,631,100 as stated in the press release and no shares have been
issued since January 2009. The company website had not been
properly updated and until recently was showing an older share
count which may have also been reflected on other websites, and
with the company's IR firm. OMDA regrets any confusion caused by
this oversight. The corrections have been made and all information
regarding share count and last issue date can be verified with the
company transfer agent.
As was announced yesterday the authorized shares are being
lowered to 250,000,000. OMDA expects to grow and operate the
company with cash currently on hand as well as future cash received
from the sale of assets at a profit, and/or from production.
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.
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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