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OMDA Oil and Gas, Inc. Announces Cancellation of Debt; Agreement Regarding Cancellation of Debt Has Been Reached with Significant Creditor
May 06, 2004 08:30:00 AM ET
OMDA Oil and Gas, Inc., an oil and gas production company (OTC.PK:OMOG), today announced that it has reached an agreement with one of its significant creditors to cancel $400,000 of debt. The debt was incurred by the Company in connection with the stock repurchase of 100,000,000 shares of common stock consummated earlier this year.
"This is one more positive step in our efforts to build long-term value for our stockholders," said Adam Barnett, Chairman of the Company. "As we continue to explore ways to maximize stockholder value, one integral part of our strategy, which we have stressed with each step in the restructuring plan, is that the Company has no present intention to effect a recapitalization, whether through a reverse stock split or otherwise. We further intend to preserve the current trend of reducing the number of issued and outstanding shares of the Company's common stock through cancellations and repurchases."
As the Company continues to move forward with other aspects of its restructuring plan, important new developments will be reported to stockholders via updates to the Company's Web site at www.omogoil.com and through future press releases.
For more information regarding the current outstanding shares of capital stock of the Company, please contact the Company's stock transfer agent, Signature Stock Transfer, Inc. at 972.612.4120.
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.
About OMDA Oil and Gas, Inc.
OMDA Oil and Gas, Inc. is an oil and gas production and lease acquisition company. Currently the Company owns participation interests in 355 oil and gas wells in Louisiana and Texas.
For more information, please contact:
Adam Barnett, Chairman
8306 Mills Drive
P.O. Box 674
Miami, Florida 33183-4838
Tel.: 305-609-2345
Email: omoilandgas@aol.com
Web site: www.omogoil.com
Contact Information: OMDA Oil and Gas, Inc. Adam Barnett, 305-609-2345 omoilandgas@aol.com www.omogoil.com
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