SOURCE: OMDA Oil and Gas, Inc.

December 11, 2007 12:21 ET

OMDA Oil and Gas, Inc. Offers Update on Lanza Deposition

HOUSTON, TX--(Marketwire - December 11, 2007) - OMDA Oil and Gas, Inc. (PINKSHEETS: OMOG) would like to take this opportunity to update all shareholders on current legal matters.

OMDA's legal team has retained the services of local counsel in Louisiana to assist in the companion suit to its current Harris County lawsuit. This matter is now pending in the Caddo Parish, Louisiana District Court and directly concerns the recovery of OMDA's oil and gas assets in the state of Louisiana. Joe Lanza's deposition was originally scheduled in this Caddo Parish action for early December, but has been rescheduled for Monday, January 7, 2008. This was to allow time for Lanza's present Louisiana counsel to withdraw. During the deposition, the OMDA legal team expects to question Lanza regarding the disposition of OMDA Management's oil and gas assets. In addition, the legal team anticipates that Lanza's testimony will be used in various dispositive motions, including a motion for summary judgment, which will be filed in both the Caddo Parish and Harris County actions.

OMDA has also now intervened in litigation pending in Anderson County, Texas, between Lanza and Tennessee Land & Mineral Corporation. This litigation is in regards to the ownership of the Concord Dome properties and Tennessee Land & Mineral's right to drill. OMDA's goal in intervening is to preserve the issue of ownership of the Concord Dome properties until it can be decided by the Harris County court. The company will offer updates on this issue as they become available.

"I am pleased to offer this update on the current Lanza situation," stated Adam Barnett, Chairman. "Management fully appreciates the significant expense of this legal endeavor and the impact it has had on our shareholders and our daily operations. Even though it has been an arduous road, we do believe that we are making significant headway in our pursuits against former management. Furthermore, it is important that our investors and shareholders realize that we are steadfast in our resolve to see this four year conflict to a successful conclusion which includes the return of all of OMDA's rightful assets to the company."

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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