SOURCE: OMDA Oil and Gas, Inc.

May 01, 2008 07:00 ET

OMDA Oil and Gas, Inc. Announces Update on Lanza Deposition

HOUSTON, TX--(Marketwire - May 1, 2008) - OMDA Oil and Gas, Inc. (PINKSHEETS: OOAG) would like to take this opportunity to update all shareholders on current legal proceedings.

On March 13, 2008, the lawyers in the Harris County litigation completed the deposition of attorney DeWayne Varnadore, which had been started on January 25, 2008. Mr. Varnadore is the attorney who represented OMDA for a period of time beginning in the fall of 2001 and who incorporated OMDA Oil & Gas Management, Inc., OMDA Oil & Gas Services, Inc. and SHWJ Oil & Gas Co., Inc.

Additionally, OMDA's attorneys took the deposition of Joe Lanza in a separate lawsuit that is pending in Caddo Parish, Louisiana. The attorneys were pleased with the testimony in both depositions, and believe the depositions strengthened OMDA's legal position in both actions. The attorneys anticipate additional discovery in both cases in the upcoming few months.

"I am happy to share this news with all of OMDA's shareholders and investors," stated Adam Barnett, Chairman. "Management is pleased with the progress of this case, and the direction it is taking. This has been a long endeavor for OMDA, management, and its shareholders, and the completion of these depositions brings us one step closer to a resolution. I will keep all shareholders informed as we continue to make legal headway in this case."

About OMDA Oil and Gas, Inc.

OMDA Oil and Gas, Inc. and its wholly owned subsidiaries, OMDA Oil & Gas Management, Inc., 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.

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