OMDA Oil and Gas, Inc. (OOAG)

[Qork]

HOUSTON, TX--(Marketwire - 05/27/10) - OMDA Oil and Gas, Inc. (Pinksheets:OOAG - News) wishes to offer the first in a series of updates on the Concord Dome project. Due diligence on this prospect is ongoing with data being collected from several sources. OMDA is releasing the information as it is being received. Further updates are expected to be reported to the company over the next few weeks which will be released to the public.

The Concord Dome is a reference to an area of about 160 acres in Anderson County, Texas with 18 leases housing a number of existing and currently producing oil wells. Third party reports estimate the long term potential of the existing wells on Concord Dome to yield over 1 million barrels of oil. Surrounding the Concord Dome is a vast area of land in the hundreds of acres which may be available for acquisition by OMDA, and is projected to have as abundant an oil supply as Concord Dome itself.

Accurate revenue projections data is still being compiled but preliminary estimates at current oil prices could place OMDA's revenue share over time in the tens of millions of dollars. The company will provide a more detailed breakdown as those reports come in.

Overall production to date has been below reasonable expectations due to several factors. One of those factors was the capping of some of the lesser producing wells in order to make better use of available resources and place focus on the greater producing ones. Perhaps the biggest issue which hampered production was the former lawsuit. With the lawsuit having reached a resolution, production on the existing wells can now be accelerated and increased significantly.

Within the next several weeks OMDA plans on sending one or more members of its management team onsite to meet with the company's drilling partners, tour the facilities, walk every lease and get a firsthand look at the progress to date, as well plans for future drilling. During that visit, detailed pictures and video will be taken of the property, wells, equipment, tank batteries, etc. and placed on the company's website as promised for the benefit of all current and prospective shareholders.

OMDA expects to release the next Concord Dome Update within 7 to 10 days. In that stage 2 report the company will provide more detailed information and a more specific breakdown, including engineering report findings which are forthcoming and will be passed on to the public.

"Concord Dome is a very important and potentially very profitable project for OMDA for many years to come," said Adam Barnett, Chairman and President of OMDA Oil and Gas Inc. "Over the next couple of weeks as we continue to gather and release more details, our shareholders will get a more complete picture of the prospect and a much better understanding of its long term potential. Up until now this prospect has not been drilled to anywhere near its potential. Our plans are to work closely with our partners and get the maximum production we can from Concord Dome for the next decade and beyond. We are also considering acquiring some of the surrounding acreage in order to continue to bring more wells online and ultimately harvest much more oil than just the 1,000,000 barrels that are recoverable right now."

In another development, OMDA Oil & Gas, Inc. and its Board of Directors are exploring a Joint Venture opportunity that they feel will be very lucrative and provide an additional revenue stream for the company. This would be an all cash deal. The company should have enough research and negotiations accomplished to share an extensive update on this opportunity next week.

OMDA is also announcing that the reduction of the authorized shares from 10 billion to 250 million has been completed. The new authorized shares limit is now in force and has been submitted to http://www.pinksheets.com/ to be posted to OMDA's company information section.

Mr. Barnett commented, "Once the lawsuit was resolved the first order of business was to completely change the company's share structure. After lowering the authorized shares and canceling the preferred shares we have not only given our shareholders a direct say-so in all major decisions, but we have also put them into a position to receive benefit much more as the company moves forward with oil and gas production."

About OMDA Oil and Gas, Inc.