SOURCE: Omda Oil and Gas Inc.

March 09, 2007 10:58 ET

OMDA Oil and Gas, Inc. Announces Update on Company Financials

HOUSTON, TX -- (MARKET WIRE) -- March 9, 2007 -- OMDA Oil and Gas, Inc. (PINKSHEETS: OMOG) is pleased to announce that it has completed its yearly financial statements, and has filed up-to-date tax returns. All returns and statements were sent to the current board of directors for their review and comments, and every board member has signed off on them with their approval.

As stated in previous press releases and newsletters, this task was especially difficult due to all of the missing and incomplete records. A team of data keepers, bookkeepers, accountants, consultants, and legal experts was assembled for this arduous task, and has been hard at work on this project over the last year. OMDA Oil and Gas is still a non-reporting pink sheet company, and under the current SEC requirements is not required to make any public financial disclosures; however, the company felt that it was important to let the investors know that these matters are now current and up to date. An SEC audit is the next action necessary to fully and properly complete the financials in order for OMDA to move to the next level.

"Although this is considered a milestone for our company, it is just another step on the path that will lead OMDA to its full potential," stated Chairman Adam Barnett. "I want to thank each and every investor for their patience during our continued growth, and more importantly for their consistent support. I hope this news clarifies any questions or concerns anyone may have had about the company's financial records. We will continue to give updates on these matters when they present themselves in the future."

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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