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Bid starting to stack at 5 and ask is thin.
Only one left at 5
Four MMs now on the bid. Time to move it up. Better get in now.
NEWS IS OUT! Retiring another 12 million shares!
OMDA Oil and Gas, Inc. to Retire 12 Million Common Shares and Reduce Its Outstanding Shares by Nearly 5%
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6:02 AM ET 6/1/10 | Marketwire
OMDA Oil and Gas, Inc. (PINKSHEETS: OOAG) announces the retirement of 12 million common shares of its stock, representing nearly 5% of the entire company's outstanding shares. The retired shares were originally issued to a third party in the latter part of 2008 as part of an agreement to arrange financing for OMDA. Since those financing efforts were never completed, OMDA and the third party funding agent have mutually agreed to void the transaction and return 12 million shares.
OMDA has chosen to retire those shares and reduce the company's outstanding share count. Upon completion of this transaction OMDA's new outstanding share count will be 230,631,100. While this share retirement increases the difference between the new outstanding share count and the recently reduced 250 million authorized shares, OMDA is still unable to issue new shares by virtue of the cancellation of last week's preferred shares formerly held by management. Any new share issuance would require a proxy vote by a majority of OMDA shareholders. The company is currently reviewing other ways to make further retirements of stock.
"Since getting our long legal battle behind us, one of our top priorities has been to put our shareholders in a stronger position to benefit from OMDA's progress," stated OMDA Oil and Gas President Adam Barnett. "As I have said before, our shareholders have stuck by us for years as we were forced to make some very tough and unpopular decisions that were necessary in order to keep the company going during the lawsuit. This most recent retirement of shares is part of that continuous effort to radically transform the company's share structure and restore shareholder confidence. I will continue to assess other similar opportunities as they present themselves."
Mr. Barnett also said, "Over the past several weeks our board of directors has been very busy evaluating various developments and some prospective initiatives. Further updates on some of these projects are imminent. I hope to provide more information later this week."
.05 break coming.
I agree. Picked some up yesterday and will buy more on a pullback. Will move easy on volume.
CTCC looks ready to make a move here. Spread closing nicely.
Nice volume surge into the close with big buys coming in.
Volume really picking up now! This went to over 3 on the last big run when shorts had to cover. Hold on!
ABK Short Squeeeeeeeeze happening on news!
Short Squeeeeeeeeeeze!
Short covering has begun.
Shorts may start covering here at last.
Should be a very good day for ABK. StockTA.com shows next resistance level at 2.95!
BUNM Broker shows 88.3 M OS. Anyone know?
3 X 4.
Bid uptick
A 5 million block just hit the ask a few minutes ago. We are going up from here.
A lot of big blocks are now hitting the ask
MMs shook it HARD. Must of needed shares.LOL Not shaking me.
Don't know if I've ever seen such good news with this low of a market cap. Still holding all and looks like good bid support.
Should start moving back up from here, IMO.
Great close today guys. Extremely strong into the close.
Your very welcome. I'm liking the bid support building at .01 and GLTY.
.01 X .011 with 4 at .011
Bottom is in and ready for the next leg up on level II. Thanks flippers, got a lot more and my buys never showed, imagine that. LOL
SVSE Bids building with good volume. 50 DMA already crossed.
SVSE Volume alert.
.065 X .08
Good morning EDEXers. With the new year, would like to see some volume and buying pressure here.
The CMF and MACD both looking better and accumulation is building IMO. GLTA
When Tom laid out the three options for commercial gas to generate income, has anyone noticed that one of the directors may have the connections to make option 2 viable considering Mr. Fowler is the founder and president of Andeler Corp., an electric utility co.?
"2nd option would be to use a portable gas turbine to generate electricity for sale to an intrastate power line less than 5 miles away. The loss of energy in the conversion is more than made up because of a higher price for electricity."
From the EDEX Ibox:
Clayton Fowler - Director Mr. Fowler, of Lubbock, Texas, is the founder and president of Andeler Corp., an electric utility co. that provides power to residential, commercial and multi-family housing in Texas.
The three potential pay zones is enough for me without the speculative numbers. I was buying some shares in the teens on our last run just on the speculation of getting Mesa started and now that we are looking at three zones, it's well worth the dime to find out how big it is, IMO.
We all want a sure thing and if we all knew for sure that we were sitting on an enormous pay zone that would absolutely guarantee us a few thousand percent return, we'd probably be taking out mortgages on our houses and buying up the float.LOL I got my shares and I'm willing to wait and find out just how big.
I do believe we have a much better than average chance of getting in on a once in a lifetime opportunity. With what we already know, the present share price is ridiculous now that we have something to hang our hats on, IMO, GLTA
I am also amazed. They could have sold on the first pr when the bid was at .11 and makes no sense to be selling now.
Hard to believe the opportunity still exist for getting in under .10. They dropped the ask to .09 for a about 10 seconds.
Sounds like Tom has a good poker hand with aces in the hole. LOL
Glad to have you back also Badge. It's been a rough ride and I'm sure we will still see some bumps along the way.
We keep on, we'll have the whole team back together again. LOL
Glad to have you back in. It will require some patience as you know but IMO worth the wait.
Also worth noting here is the fact that Tom has always been very conservative with the PRs and may feel like the cat that has swallowed the Canary for all we know.
From his previous PRs, it's my guess he's not about to state an overly optimistic PR until he gets full confirmation. We may have a lot more here than any could have imagined. I know I never expected them to be looking at three potential pay zones and I plan on waiting on results.
I see nothing in the pr that refers to Oct. 7. IMO, the pr simply states they are looking at three potential pay zones with the possibility of more payzones within the Mesa acreage.
Only two timelines were stated from what I see, the first being the results of the completion rig in the first quarter of 07 and the next separate drill date in mid 07.
IMO, the reward far exceeds the risk as we have the potential of hitting some significant pay with three potential zones from one well. JMHO, GLTA
Sounds like we could have three potential pay zones if confirmed.
Although we don't exactly have buyers knocking down the door to get in, I am encouraged by the lack of selling this morning. The bid is now up to .09 and still not seeing anyone heading for the exits. Looks promising going forward, for the moment at least. GLTA