SOURCE: OMDA Oil and Gas, Inc.

February 15, 2007 12:22 ET

OMDA Oil and Gas, Inc. Is Awarded Partial Summary Judgment in Lanza Case

HOUSTON, TX -- (MARKET WIRE) -- February 15, 2007 -- OMDA Oil and Gas, Inc. (PINKSHEETS: OMOG) has been officially granted a partial summary judgment in the Lanza et al case.

Judge Benton of the Harris County District Court granted OMDA's Motion for Partial Summary Judgment. The Court entered an order ruling that the Class D Series Preferred Stock issued to certain individuals was invalid. Judge Benton asked the parties to come to an agreement regarding the amount of attorneys' fees that should be paid to OMDA by certain defendants following the receipt of this favorable ruling under Texas's Declaratory Judgment Act. If an agreement on the amount of fees cannot be reached, the Court indicated that it would entertain further motions related to the fee issue.

Adam Barnett, Chairman, stated, "I am very pleased to announce to our shareholders that we are moving forward in our legal efforts against former management. Our legal team has worked very hard over the last few years, and we continue to make progress. I plan to have further updates soon as we continue our discovery process."

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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