Penny Stock Wallbusters

[Jitterbug]

OMDA Oil and Gas, Inc. (PINKSHEETS: OOAG) would like to provide an update on the progress of its ongoing discussions for a potential joint venture with a biodiesel company.

For the past several months, OMDA's President and Chairman Adam Barnett along with the board of directors have been conducting extensive due diligence on the prospect of acquiring a sizeable interest in a fully operational and producing biodiesel company. OMDA's stake in the company would likely be significant, with an option to increase its position over time; including the option to take a controlling interest at OMDA's discretion. OMDA is weighing its options as to whether it will create a new subsidiary or use an existing one to complete this joint venture should they decide to proceed. If the final decision is made to go forward with this plan, the transaction will be completed entirely on a cash basis.

The biodiesel company owns a fully operational production facility located abroad. The facility utilizes state of the art technology to develop renewable energy with a specific focus on biodiesel fuels. Biodiesel fuels are emerging as a viable alternative to traditional fossil fuels and reduce the negative environmental impact of conventional energy sources.

"One of our objectives is to diversify our company and look for big growth opportunities with alternative forms of energy," stated OMDA President and Chairman Adam Barnett. "Clean and renewable forms of energy will play a major role in our industry and we hope to capitalize on that. Although we have not finalized our commitment just yet, this particular opportunity looks quite promising and we hope to arrive at a definitive conclusion very soon. We are also exploring some other joint venture opportunities and acquisitions, but right now biodiesel seems like it may be the best value for us at this time. We are in the final stages of our due diligence and expect to make our final decision in very short order. Once we do we will inform our shareholders immediately."

Mr. Barnett also commented on an unrelated topic and said the following, "I was hoping to announce another development this week that we expect will be monumental for OMDA. Unfortunately, our due diligence on this project was not completed in time as we are still waiting on some necessary information. I expect to be able to provide that announcement sometime next week."