SOURCE: OMDA Oil and Gas, Inc.

October 13, 2006 08:00 ET

OMDA Oil and Gas, Inc. Offers Legal Update for Shareholders

Company Also Offers Update on Investor Relations Department

HOUSTON, TX -- (MARKET WIRE) -- October 13, 2006 -- OMDA Oil and Gas, Inc. (PINKSHEETS: OMOG) offers legal update in the case of OMDA Oil & Gas V. Lanza et al.

Back in April 2006, OMDA Oil and Gas, Inc. (OMOG) announced that it had approved and filed a 4th amended pleading adding Black Dragon Resources (Black Dragon) as a defendant to its initial suit filed in March 2005. Since this time, Lanza and the other defendants have had to acquire new legal counsel. Black Dragon and Lanza's new counsel were granted a continuance in order to familiarize themselves with the case. The original trial date was set for November of 2006. The new trial date is now set for September of 2007.

"I felt it was important to keep the shareholders current on the legal proceedings of this case," commented Adam Barnett, Chairman. "We are moving full steam ahead with this lawsuit, and the acquisition of new legal counsel by the defendant(s) has made us more confident than ever. The granted continuance should be viewed as an overall positive for our case; due to the fact that we will have more time to investigate and collect evidence on Black Dragon and the other defendants. We also plan to continue our depositions next month."

Investor Relations Department

OMDA's full investor communication service department has been in place for nearly two years. The company has been, and is still fully committed to investor relations and shareholder communications; however, these services can be quite expensive. In the past, shareholders had voiced their opinions that all financial resources should go toward new company assets and ongoing litigations, and that investor relations should be kept at a minimum. OMDA decided to adopt these suggestions and scaled back this department for the past thirty days; however, due to overwhelming shareholder demand, we are pleased to announce that we will be reinstating our full investor communications services as of today.

Barnett stated, "Due to the fact that investor relations was simply only able to relay public information, it has often been argued that the company should not spend any money right now on this service (i.e. live responses, web development, 800 numbers, etc). In response to this, we did try a bare-bones approach to this service over the last month. The popularity of our investor relations department was reaffirmed immediately by a myriad of shareholder complaints. This service is now back up and functioning as it once was, and it will continue to be an active part of OMDA Oil and Gas, Inc. in the future."

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 Information