OMDA Oil and Gas, Inc. Announces Ruling on Partial Summary Judgment in Lawsuit vs. Lanza and Black Dragon
Press Release
Source: OMDA Oil and Gas, Inc.
On Thursday August 20, 2009, 8:37 am EDT
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HOUSTON--(BUSINESS WIRE)--OMDA Oil and Gas, Inc. (Pink Sheets: OOAG - News) is very pleased to announce a ruling on the company’s Motion for Partial Summary Judgment in the case of OMDA Oil and Gas Inc. v. Lanza et al and Black Dragon Resource Companies Inc. (Pink Sheets: BDGR - News)
On Friday August 14, 2009, the District Court of Harris County, Texas ruled in favor of OMDA in its Motion for Partial Summary Judgment on three of the four specific issues written in the motion. These issues dealt with ownership matters concerning OMDA Oil and Gas and its subsidiaries. Specifically, the judge found: 1. OMDA Oil & Gas Management, Inc. and OMDA Oil & Gas Services, Inc. were incorporated as subsidiaries of OMDA Oil and Gas, Inc.; 2. As of September 9, 2003, OMDA Oil and Gas, Inc. was the parent company of OMDA Oil & Gas Management, Inc. and OMDA Oil and Gas Services, Inc.; and 3. OMDA Oil and Gas, Inc. is still the parent company of OMDA Oil & Gas Management, Inc. and OMDA Oil & Gas Services, Inc.
“We could not be more pleased with the outcome of this ruling,” said Adam Barnett, Chairman of OMDA Oil and Gas. “This ruling was extremely important to our case in that it clarified several key legal issues concerning OMDA’s ownership, which we have contended all along. It now opens the door for us to continue the fight for the return of many of OMDA’s assets and lost revenues.” Mr. Barnett continued, “While this is not yet the end of our long legal battle, this victory certainly does pave the way for a very positive resolution for our company and its many shareholders.”
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. Current acreage interests include a 15% working interest in 800 acres in Shelby County, TX and 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.
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, statements relating to the future anticipated direction of the Oil and Gas Industry, plans for expansion, various business development activities, planned capital expenditures, future funding resources, anticipated sales growth and potential contracts. 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.Rich Inza, Investor Relations, 877-441 OMDA(6632)IR@omogoil.comwww.omogoil.com
