Oil and Gas Main (fka OGM)

[Derekz]

Young Oil Corp: BIG NEWS about OMOG's lawsuit:

Young Oil Corp. Says OMDA Oil & Gas, Inc. (OTC Pink Sheets: OMOG) Lawsuit is all About Dry Holes

Wednesday, May 31, 2006 07:01 ET

KNOB LICK, Ky., May 31, 2006 /PRNewswire via COMTEX/ -- The lawsuit recently filed against Young Oil Corporation and others by OMDA Oil & Gas, Inc. (OTC Pink Sheets: OMOG) is nothing more than an attempt by OMDA to get their money back after not getting the results they wanted for some of the wells drilled with Young Oil, a company executive said here today.

"Every oil and gas man knows there are no guarantees in well drilling and you don't get your money back if you drill a dry hole. We will not give their money back and we will vigorously defend this baseless suit," said owner and founder Anthony Young, CEO, of Young Oil Corp.

"We have one of the best commercial well to dry hole ratios in the state of Tennessee. Since 1995, we have drilled literally hundreds of producing wells; however, from time to time, dry holes are a fact of life in the oil and gas business," stated Mr. Young.

State of Tennessee Geologist, Ronald P. Zurawski, said, "In 2004, the overall success rate for all drillers in Tennessee was slightly more than 17%."

"This was a one time shot for OMDA. When we gave them the bad news, they cried foul and wanted their money back. We offered to try to resolve the matter but they declined. They told us they weren't interested in doing so," said Mr. Young.

"The next thing we know, they file a lawsuit in Texas accusing us, among a host of other things, of failing to drill wells, some of which their company representatives actually watched being drilled when they toured the field. They have made so many convoluted and twisted allegations of the facts that I look forward to having the truth come out. These distortions have personally greatly offended me and have caused our company harm. We will aggressively defend this lawsuit and take whatever actions and counterclaims that are available," stated Mr. Young.

"OMDA's history appears to be one of making a practice of being in litigation or in announcing transactions and then canceling them. One really wonders what their real business motivations and objectives are, given their track record," Young noted.

Young Oil Corporation is a privately owned oil and gas exploration and production firm, with operations in Kentucky and Tennessee. Anthony Young personally has twice been awarded Oil Man of the Year for his performance and contributions to the oil and gas industry in the State of Tennessee and has been featured in newspapers, television and radio shows around the world.

SOURCE Young Oil Corporation

Anthony Young of Young Oil Corporation, [phone]

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