BDGR: OMOG OMDA Oil and Gas, Inc. Announces Filing 4th Amended Petition Adding Black Dragon Resources as a Defendant in Its Mulit-Million Dollar Fraud Lawsuit Against Former Management Market Wire - April 28, 2006 7:22 AM (EDT)
HOUSTON, TX, Apr 28, 2006 (MARKET WIRE via COMTEX) -- OMDA Oil and Gas, Inc. (OTC: OMOG) 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.
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
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