SOURCE: OMDA Oil and Gas, Inc.

May 18, 2010 05:00 ET

OMDA Oil and Gas, Inc. Has Reached a Mutual Resolution in Its Lawsuit

HOUSTON, TX--(Marketwire - May 18, 2010) -  OMDA Oil and Gas, Inc. (PINKSHEETS: OOAG) announces that a mutual resolution has been reached of the lawsuit pending in Harris County, Texas, styled OMDA Oil and Gas, Inc. v. Joe A. Lanza, et al. None of the parties admit any liability and the terms of the resolution are confidential.

"After many years our long legal battle has finally been brought to an end," stated Adam Barnett, Chairman of OMDA Oil and Gas Inc. "We are finally in a position to turn the page and put litigation behind us as we now place our focus solely on drilling and oil and gas production while we work to become a contender in the industry. I would also like to express my heartfelt gratitude to each of our valued shareholders that has stood with us during this prolonged legal process. They have paid a significant price for their patience and will now stand to gain as we rebuild OMDA. We will continue to release news and updates to keep our shareholders informed as developments unfold during this transition period."

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.

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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