OMDA Oil and Gas provides updates and future projects and plans.

As reported in January, OMDA's long legal battle with former management may be nearing an end. With this news on the horizon, the company is turning its attention to some new and existing projects, as well as exploring alternative business ventures.

One of the many decisions management is addressing regards the Panola County Property. OMDA is currently in discussions with several entities concerning this property and is weighing the benefits of commencing drilling operations on the site versus selling the interest to another company. The recent fluctuations in the price of oil and the costs associated with drilling operations have created conditions in which drilling may not be the clear-cut best choice. At the moment, OMDA is keeping its options open as it studies the matter closely. Management will be carefully assessing the situation over the coming weeks in order to decide on a plan of action which will best serve the interests of its shareholders.

Management is also directing its attention toward its ownership in the Concord Dome lease. Recently, a new operating permit was granted for this site. This permit will allow some of the wells to go into operation as soon as possible. OMDA is guaranteed a working interest in the 12 wells on the property. This interest is set between a minimum of 7.5% and a maximum of 37.5%. OMDA will begin receiving revenues once initial investments have been recouped.

"I am pleased to be discussing OMDA's future with our shareholders," stated Adam Barnett, Chairman of OMDA. "We are very eager to turn the page on all of the legal matters we have had to address over the past few years. We are now in a position to concentrate our attention to the business of oil and gas production and other possible projects. I look forward to sharing more news and updates about these endeavors as they develop."

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