SOURCE: Omda Oil and Gas Inc.

November 30, 2006 07:00 ET

OMDA Oil and Gas, Inc. Announces Settlement in Young Oil Lawsuit

HOUSTON, TX -- (MARKET WIRE) -- November 30, 2006 -- OMDA Oil and Gas, Inc. (PINKSHEETS: OMOG) announces that it has reached a settlement agreement in the Young Oil lawsuit on terms that are satisfactory to all parties.

"I am pleased to have this lawsuit behind us now," stated Chairman, Adam Barnett. "This settlement will allow the company to concentrate on operations and growth. It will also allow us to focus our litigation efforts exclusively on the Lanza et al case. As always, we will report to our shareholders as additional developments arise."

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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