OMOG) OMDA Oil and Gas, Inc. announced today that it has approved and now filed a 4th amended pleading adding
Black Dragon Resources (Black Dragon) as a defendant to its initial suit
filed on March 29th 2005 seeking the declaratory judgment in the district
court of Harris County, Texas, 215 Judicial District. The case was
originally titled: OMDA OIL AND GAS, INC., OMDA OIL AND GAS MANAGEMENT,
INC. AND OMDA OIL AND GAS SERVICES, INC. PLAINTIFFS vs. JOE LANZA, MORGAN
WILBURN, III, AND RICHARD I MICHAEL, TRUSTEE OF "007 TRUST", MONTE
ANDERSON, TOM NEELY AND DAVID TAYLOR, DEFENDANTS.
(OTC:
OMDA has been actively pursuing a settlement in the case since its initial
mediation hearing was held on March 15th 2006. During these discussions,
most issues not directly involving Black Dragon, were successfully
resolved. It has now become apparent; however, that Black Dragon and its
CEO Rick Michaels, along with other defendants related to the Black Dragon
company, have been directly involved in the conspiracy of fraudulent
conversion involving hundreds of oil and gas wells in Louisiana that
rightfully belong to OMDA Oil & Gas, Inc. Although legal counsel for OMDA
OIL & GAS, INC. is highly optimistic that the global settlement, which
covers all parties and aspects, will come to a quick resolution, they now
believe it to be a prudent and wise decision to add Black Dragon as an
additional defendant in the unlikely event that trial becomes required.
The initial action was stated as follows: "PLAINTIFF'S ORIGINAL COMPLAINT
FOR DECLARATORY JUDGMENT AND REQUEST FOR DISCLOSURES", but was subsequently
amended to read: PLAINTIFFS' FIRST AMENDED COMPLAINT FOR BREACH OF
FIDUCIARY DUTY, CANCELLATION OF INSTRUMENTS, CONSPIRACY, CONVERSION,
EMBEZZLEMENT, FRAUD, MISAPPLICATION OF FUNDS, MISREPRESENTATION,
NEGLIGENCE, NEGLIGENT MISREPRESENTATION, SECURITIES FRAUD, THEFT, THEFT OF
CORPORATE OPPORTUNITY, TORTIOUS INTERFERENCE WITH CONTRACT, UNJUST
ENRICHMENT, CLAIM TO INTERPLEADER, AND DECLARATORY JUDGMENT PLAINTIFFS'
FIRST AMENDED COMPLAINT FOR BREACH OF FIDUCIARY DUTY, CANCELLATION OF
INSTRUMENTS, CONSPIRACY, CONVERSION, EMBEZZLEMENT, FRAUD, MISAPPLICATION OF
FUNDS, MISREPRESENTATION, NEGLIGENCE, NEGLIGENT MISREPRESENTATION,
SECURITIES FRAUD, THEFT, TORTIOUS INTERFERENCE WITH CONTRACT, UNJUST
ENRICHMENT, CLAIM TO INTERPLEADER, AND DECLARATORY JUDGMENT.
The Company is seeking return of assets along with actual cash damages to
include but not limited to the following: a) Any and all actual damages of
at least Thirty Six Million Five Hundred Thirty Thousand Two Hundred Sixty
One Dollars and 10/100 cents ($36,530,261.10); b) Exemplary damages as
determined by the trier of fact; c) Declaratory Judgment that Plaintiff,
Omda Oil and Gas, Inc., is the sole shareholder of Omda Oil And Gas
Management, Inc., a Texas Corporation; d) Declaratory Judgment that
Plaintiff, Omda Oil and Gas, Inc., is the sole shareholder of Omda Oil And
Gas Services, Inc., a Texas Corporation; e) Declaratory Judgment that
Plaintiff, Omda Oil and Gas, Inc., is the sole shareholder of SHWJ Oil And
Gas Co., Inc., a Texas Corporation; f) Declaratory Judgment that
Plaintiff, Omda Oil and Gas, Inc., either directly or by and through its
wholly owned subsidiary, Omda Oil And Gas Management, Inc., is the owner of
those certain 314 leases set forth on the consolidated financial statement
submitted to Barnett on or about July 9, 2003.
OMDA has not yet decided to add the most recent pleading to is website, but
should the decision be made to do so, a follow-up press release will give
the address.
Adam Barnett, Chairman, stated, "I realize that any legal undertaking is an
arduous task, and everyone at OMDA has expended much effort in this
endeavor over the last year. I am extremely pleased with our joint
mediation on March 15th 2006, and I do believe it is in the best interest
of our company to resolve these matters through some type of settlement
agreement. Having said this; however, we will only finalize an agreement
that is both extremely beneficial to our shareholders and that takes into
consideration a large amount of the assets that were unjustly taken by
former management. We feel the addition of Black Dragon to the list of
defendants will only help ensure a favorable outcome if we find it
necessary to proceed to trial."
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, as well as well as a 75% working interest in an 1,116
acre, horizontal play in the Panola Field, Panola County, Texas. Current
acreage interests include a Carried back-in working interest of at least
7.5% up to 37.5% in a 12 well work over play in the Concorde Dome Field in
Andersen County, TX, and is currently partnered up with Young Oil Corp.,
the largest Oil and Gas producer in Tennessee on 46,000 acres in North
Central Tennessee, with an initial 20% interest in a six well program and a
first right of refusal on any other prospects on the Young leases.
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, the
impact of competitive products, the ability to meet customer demand, the
ability to manage growth, acquisitions of technology, equipment, or human
resources, the effect of economic and business conditions, and the ability
to attract and retain skilled personnel. 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
800-621-0113
IR@omogoil.com
www.omogoil.com
