OMDA Oil and Gas, Inc. Has Retained a CPA Auditing Firm to Bring the Company to Fully Audited Status
HOUSTON, TX -- (Marketwire)
05/25/10
OMDA Oil and Gas, Inc. (PINKSHEETS: OOAG) is pleased to announce that it has retained the CPA firm of De Joya & Griffith and Company LLC www.dejoyagriffith.com to audit the company's financials. De Joya & Griffith were selected for several reasons including their specialization in public company audits and their expertise with the oil and gas industry. Initial retainer fees have already been paid in cash, as will all subsequent payments. OMDA will not be using stock of any kind to pay for these auditing services, or any other future services rendered. OMDA is operating on a cash basis and is unable to issue new stock without a proxy and a majority vote of its shareholders.
OMDA has made previous attempts over the years to be properly audited, including hiring and paying another CPA firm at one time, but several factors together with the recently resolved lawsuit have severely hindered those efforts. Among those factors were incomplete and/or nonexistent information which was never turned over to OMDA from previous management. Until the resolution of the lawsuit OMDA's books were essentially impossible to properly audit.
"This is a monumental announcement for OMDA and for all of our shareholders," stated Adam Barnett, Chairman and President of OMDA Oil and Gas. "For several years it has been our objective to become a fully audited company and now we are able to take this big step towards realizing that goal. With the lawsuit behind us and a clear picture of OMDA's true assets we are finally able to undertake this task." Mr. Barnett also said, "Among the criterion I had in mind when selecting an auditing firm, it was important that they agree to provide weekly status updates on the progress of the audit in order for me to pass that on to our shareholders. Each shareholder has a stake in the company and I want them to be fully informed every step of the way. We expect this audit to be completed by year end or sooner, at which time we anticipate being able to transition off of the Pink Sheets and onto the Bulletin Board."
OMDA management has also reiterated its promise to release a more detailed Concord Dome update within the next few days. When asked about this project, Mr. Barnett commented, "There are many stages of compiling the massive amount of information for a detailed and accurate Concord Dome update. The first stage will be released this week. Many more substantial updates will follow and include reports, revenue numbers, timeframe for paying back investors, etc. and will be forthcoming before mid-June. With the various partners we have in these wells gathering complete and detailed information is very complex and time consuming, but I want to ensure that we answer every possible question about what we own and the history of that ownership. The history of the prospect is very extensive. Drilling has taken place many times during our ownership of the program and production has been on and off and has endured many changes over the last seven years. The thorough and extensive report on Concorde will include a detailed history, and will leave no stone unturned." Mr. Barnett also said, "I want to thank each of our shareholders and express my appreciation for their patience during this long process. We are committed to making OMDA a strong and transparent company in every way possible."
About De Joya Griffith & Company, LLC
De Joya Griffith & Company, LLC, a full service accounting firm based in Henderson, Nevada offers a wide range of audit, tax and business services that include preparation of audited financial statements, tax compliance, and various consulting services for individuals and business entities.
De Joya Griffith & Company specializes in serving both public companies under the Securities and Exchange Commission rules as well as privately held companies. Professional affiliations with organizations like Russell Bedford International and the American Institute of Certified Public Accountants (AICPA) allow the Firm to provide a wide range of services utilizing international, local and global resources.
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.
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.
Investor Relations
877-441 OMDA(6632)
IR@omogoil.com
www.omogoil.com
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