SOURCE: OMDA Oil and Gas, Inc.

October 19, 2010 07:00 ET

OMDA Oil and Gas, Inc. Announces Share Retirement and Further Reduction of Outstanding Shares

HOUSTON, TX--(Marketwire - October 19, 2010) -  OMDA Oil and Gas, Inc. (PINKSHEETS: OOAG) is pleased to announce that it has completed an additional 50 million share retirement and has reduced its outstanding shares by over 22%. The shares were retired for no consideration.

This most recent share retirement has brought OMDA's new outstanding share count down to 172,631,100. To date this year, the company has retired 70 million shares for a total outstanding share reduction of nearly 30%, reduced the authorized shares by 97.5%, and cancelled all existing preferred shares.

OMDA Chairman and President Adam Barnett commented, "Since the resolution of the lawsuit earlier this year we have taken several key steps geared towards restoring and solidifying shareholder confidence and increasing value for our investors. This latest 50 million share retirement is simply a continuation of the commitment we have made to our shareholders."

OMDA also announced that the search for a new CEO is ongoing. The company is seeking an individual with a strong oil and gas background to take over the day to day operations upon completion of the company audit which is currently in progress.

"Retaining a new CEO will be a very important move to help take us into the future," commented Mr. Barnett. "The progress OMDA has made in the last several months has laid the groundwork for us to surge ahead next year and having the right leader at the helm will be one of the most important decisions we will ever make."

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.

Contact Information