SOURCE: OMDA Oil and Gas, Inc.

May 18, 2010 07:00 ET

OMDA Oil and Gas, Inc. Announces Future Plans and Updates

HOUSTON, TX--(Marketwire - May 18, 2010) -  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.

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