SOURCE: OMDA Oil and Gas, Inc.

December 16, 2009 07:00 ET

OMDA Oil and Gas, Inc. Provides Legal Update and Announces Mediation Date

HOUSTON, TX--(Marketwire - December 16, 2009) - OMDA Oil and Gas, Inc. (PINKSHEETS: OOAG) would like to take this opportunity to provide a legal update on the status of the company's lawsuit against former management. The judge in the case of OMDA Oil and Gas vs. Lanza and Black Dragon has ordered numerous defendant depositions and a second mediation in Dallas, Texas on January 28, 2010. The appointed mediator is a highly qualified and experienced former judge and arbitrator. In the event the case does not settle in mediation, a trial date has been set for later in 2010.

On August 14, 2009, the judge granted partial summary judgment in favor of OMDA regarding specific issues dealing with ownership matters concerning OMDA Oil and Gas and its subsidiaries. Specifically, the rulings declared OMDA Management and OMDA Services were and are still subsidiaries of OMDA Oil and Gas, Inc. OMDA prevailing in this ruling helped to clarify several key legal issues in this case.

"We are extremely pleased with the progress in this matter," stated OMDA Chairman, Adam Barnett. "After such a long legal battle we can now see a bright light at the end of the tunnel. We are very encouraged by the recent legal rulings, and the opportunity for our legal team to further depose the defendants. With firm dates in place, we will finally be able to bring this case to a successful resolution."

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 workover 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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