SOURCE: OMDA Oil and Gas, Inc.

July 20, 2006 08:00 ET

OMDA Oil and Gas, Inc. Announces Lock-Up Agreement Signed With Chairman Adam Barnett

HOUSTON, TX -- (MARKET WIRE) -- July 20, 2006 -- OMDA Oil and Gas, Inc. (PINKSHEETS: OMOG), announces that it has entered into a lock-up agreement with its Chairman, Adam Barnett.

Mr. Barnett has officially signed a lock-up agreement regarding all his personally owned and controlled shares of OMDA Oil & Gas, Inc. This agreement states that he may not "offer, sell, contract to sell, transfer, assign, contract to assign, gift, grant any option, warrant to purchase, or right to acquire; announce the intention to sell, pledge, exchange, contract to exchange, or otherwise dispose or contract to dispose of any of the Shares on the open market or in a transaction or series of transactions which will result in the Shares being available for sale on the open market." This agreement is effective until May 31st 2007.

Adam Barnett, Chairman, stated, "I decided to enter into this agreement in an effort to be as open with the shareholders as possible. I have recently begun announcing my share purchases and this is a continuation of that type of communication." Barnett went on to say, "Due to the fact that I have not exercised my right to sell 1% of my company stock since the beginning of the year and that I also do not wish to sell any shares in the immediate future, this lock-up arrangement seemed to make perfect sense for the company and for me personally."

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, as well as 100% gross interest in an undeveloped 1,116 acre, horizontal play in the Panola Field, Panola County, 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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