SOURCE: OMDA Oil and Gas, Inc.

February 26, 2009 07:00 ET

OMDA Oil and Gas, Inc. Announces Recent Management Meeting

HOUSTON, TX--(Marketwire - February 26, 2009) - OMDA Oil and Gas, Inc. (PINKSHEETS: OOAG) is pleased to announce that management has recently met in order to discuss several important upcoming company issues.

After many months of solely focusing on the lawsuit against former management, OMDA is beginning to turn much of its daily operational outlook toward forging new relationships and generating fresh ideas for its future. As mentioned in last week's press release, the company is in the process of sculpting a path to expansion and growth for the next several years. This week's management meeting, with all board members present, covered a wide range of topics and ideas that the company wishes to share with its investors.

First, the upcoming trial in the Lanza et al case was discussed at length. This trial is still scheduled for May 4, 2009, and all pending depositions are proceeding as planned and are set to be completed in a timely manner. The company has been working hard with its legal staff in preparations and strategies, as well as establishing an implementation plan for recovered assets. The company remains firmly confident in its legal position and is looking forward to the long-awaited and hard sought successful resolution of this lawsuit.

Secondly, this meeting confirmed that OMDA is dedicated in moving forward with its new market developments. OMDA is actively seeking to broaden its scope of business and is pursuing new partners, acquisitions, and other natural resource markets to penetrate. As previously mentioned, management is currently involved in due diligence and the examination of financial numbers on several potential ventures. In addition to already targeted partnerships, board members are actively contacting new prospective alliances on a daily basis. Management also discussed a possible name change for the company. OMDA will take the necessary steps to create the appropriate corporate identity. If a name change is decided upon, it will be a name that will accurately reflect the true current and future direction of OMDA and all of its business endeavors.

The lawsuit against Lanza et al and company growth were key time components of this meeting; however, corporate governance was also identified as a fundamental and equal element in OMDA's future success. In order to increase public confidence for their past and future investments into the company, management has discussed the need to lower OMDA's authorized share count to under 300,000,000. Management believes that this authorized share level, coupled with a strong justifiable share price, will adequately allow for future acquisition needs. OMDA expects to report more information on this issue in the near term.

"Our meeting was extremely productive and will be one of many more strategic planning sessions in the coming months," stated Adam Barnett, Chairman of OMDA. "Besides what the company anticipates in receiving in the Lanza et al lawsuit this summer, we are in the process of constructing a strong foundation in diversity of assets and partnerships. I am enthusiastic about our future and all of our potential upcoming projects. We will keep all shareholders informed as developments take shape and are finalized."

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.

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