OMDA Oil and Gas, Inc. (OOAG)

[cjstocksup]

OOAG Power PR out !!!OMDA Oil and Gas, Inc. to Retire 12 Million Common Shares and Reduce Its Outstanding Shares by Nearly 5%

HOUSTON, TX -- (Marketwire)
06/01/10
OMDA Oil and Gas, Inc. (PINKSHEETS: OOAG) announces the retirement of 12 million common shares of its stock, representing nearly 5% of the entire company's outstanding shares. The retired shares were originally issued to a third party in the latter part of 2008 as part of an agreement to arrange financing for OMDA. Since those financing efforts were never completed, OMDA and the third party funding agent have mutually agreed to void the transaction and return 12 million shares.

OMDA has chosen to retire those shares and reduce the company's outstanding share count. Upon completion of this transaction OMDA's new outstanding share count will be 230,631,100. While this share retirement increases the difference between the new outstanding share count and the recently reduced 250 million authorized shares, OMDA is still unable to issue new shares by virtue of the cancellation of last week's preferred shares formerly held by management. Any new share issuance would require a proxy vote by a majority of OMDA shareholders. The company is currently reviewing other ways to make further retirements of stock.

"Since getting our long legal battle behind us, one of our top priorities has been to put our shareholders in a stronger position to benefit from OMDA's progress," stated OMDA Oil and Gas President Adam Barnett. "As I have said before, our shareholders have stuck by us for years as we were forced to make some very tough and unpopular decisions that were necessary in order to keep the company going during the lawsuit. This most recent retirement of shares is part of that continuous effort to radically transform the company's share structure and restore shareholder confidence. I will continue to assess other similar opportunities as they present themselves."

Mr. Barnett also said, "Over the past several weeks our board of directors has been very busy evaluating various developments and some prospective initiatives. Further updates on some of these projects are imminent. I hope to provide more information later this week