SOURCE: OMDA Oil and Gas, Inc.

June 18, 2008 08:00 ET

OMDA Oil and Gas, Inc. Files a Motion for Partial Summary Judgment in the Lanza Case

HOUSTON, TX--(Marketwire - June 18, 2008) - OMDA Oil and Gas, Inc. (PINKSHEETS: OOAG) would like to take this opportunity to announce updates on the Lanza case.

In the Harris County lawsuit against Joseph A. Lanza, et al, OMDA has asserted a cause of action under the Texas Declaratory Judgment Act that asks the court to declare the rights of the parties in relation to the companies OMDA Oil & Gas Management, Inc. and OMDA Oil & Gas Services, Inc. OMDA contends that both of those companies were formed as subsidiaries of OMDA, and that any assets that belonged to them as of the September 2003 date when current management assumed control of OMDA from Lanza rightfully belong to OMDA. Lanza contends that those companies were never subsidiaries of OMDA, and that OMDA never owned their assets.

OMDA has now filed a motion for partial summary judgment that asks the Court to rule, as a matter of law, that: (1) OMDA Oil & Gas Management, Inc. and OMDA Oil & Gas Services, Inc. were set up as subsidiaries of OMDA; (2) that as of September 9, 2003, the date that Adam Barnett acquired control of OMDA, OMDA was, and still is, the parent company of those two subsidiaries; and (3) OMDA, as the parent company of those subsidiaries, is the rightful owner of any and all assets that were on those subsidiaries' books as of that September 2003 date, including the oil and gas properties in both Texas and Louisiana, and any proceeds from those properties.

OMDA will ask the Court to hold an oral hearing on this motion, which hopefully will be held sometime in the next month or so. Management will keep you posted on the outcome of any such hearing.

"We are making significant headway in this lengthy legal process," stated Chairman Adam Barnett. "This progress is a result of a lot of time, effort, and diligence on the part of our legal team. We continue to remain confident in our stance in this case, and we will continue to provide further updates in the near 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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