OMDA Oil and Gas, Inc. Provides Legal Update and Announces Mediation Date
December 16 2009 - 6:00AM
Marketwired
OMDA Oil and Gas, Inc. (PINKSHEETS: OOAG) would like to take this
opportunity to provide a legal update on the status of the
company's lawsuit against former management. The judge in the case
of OMDA Oil and Gas vs. Lanza and Black Dragon has ordered numerous
defendant depositions and a second mediation in Dallas, Texas on
January 28, 2010. The appointed mediator is a highly qualified and
experienced former judge and arbitrator. In the event the case does
not settle in mediation, a trial date has been set for later in
2010.
On August 14, 2009, the judge granted partial summary judgment
in favor of OMDA regarding specific issues dealing with ownership
matters concerning OMDA Oil and Gas and its subsidiaries.
Specifically, the rulings declared OMDA Management and OMDA
Services were and are still subsidiaries of OMDA Oil and Gas, Inc.
OMDA prevailing in this ruling helped to clarify several key legal
issues in this case.
"We are extremely pleased with the progress in this matter,"
stated OMDA Chairman, Adam Barnett. "After such a long legal battle
we can now see a bright light at the end of the tunnel. We are very
encouraged by the recent legal rulings, and the opportunity for our
legal team to further depose the defendants. With firm dates in
place, we will finally be able to bring this case to a successful
resolution."
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 workover 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.
Contact: OMDA Oil and Gas, Inc. Investor Relations 877-441 OMDA
(6632) IR@omogoil.com www.omogoil.com
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