SOURCE: OMDA Oil and Gas, Inc.

September 23, 2010 06:00 ET

OMDA Oil and Gas, Inc. Addresses Incorporation Issues and Discusses Future Plans and Announces Being Upgraded to Limited Tier on Pink Sheets

HOUSTON, TX--(Marketwire - September 23, 2010) - OMDA Oil and Gas, Inc. (PINKSHEETS: OOAG) would like to address an administrative issue pertaining to its incorporation with the state of Delaware.

Recently, OMDA Oil and Gas's corporate filings in the state of Delaware inadvertently lapsed due to an administrative oversight in failing to timely file and pay its annual franchise taxes. Upon discovering this omission, OMDA immediately took action to pay all past due taxes, and reinstate the corporation, which it has successfully done. While reinstating its status in Delaware the company discovered that when the corporation lapsed, a third party took the name OMDA Oil and Gas Inc., and incorporated under that name. In order for OMDA to become current with Delaware, the Company was required to be reinstated under the new name, (OMDA Inc.). The reinstatement was successfully completed although the original name was lost. The actual company was not affected and remains completely intact. OMDA Inc. brings with it all of the history, resolutions, share structure changes and corporate governance, etc it had in place under the name OMDA Oil and Gas Inc. The Company's audit, which is underway, is also not affected in any manner by this situation.

"Upon discovering this filing lapse, we took action to correct the situation immediately," stated Adam Barnett, OMDA President and Chairman. "This was an error on our part that while it causes us some degree of embarrassment, will not have any negative impact on our shareholders whatsoever. We are now fully compliant with the state of Delaware, and our shareholders have absolutely nothing at all to worry about. I want to take this occasion to apologize for any confusion or inconvenience this situation may have caused. We are taking measures to assure something like this will never repeat itself."

OMDA also announced that as of September 22, 2010, the company was upgraded to the Limited Information level on the Pink Sheets OTC Market Tiers classification system. "Moving up through the tiers on Pink Sheets is a significant step forward for our company," said Mr. Barnett. "By no means is this our final objective. Our goal continues to be to reach fully reporting status and to move off of the Pink Sheets. This move, however, is a nice recognition of the steady progress we have been making over the past several months. It is important to note that the published financials do not yet take into account the resolution of the lawsuit or the very valuable assets and production that were involved in that resolution.

About OMDA Inc.

OMDA 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. 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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