OMDA Oil and Gas, Inc. (OOAG)

[ooag_long]

some of what the company has indicated, this taken w/ the demise of bdgr shareholder value, and it's all in favor of Barnett as being honest, lets not forget that there were people on this board that said that we should overlook the obvious regarding the directors--that is it was OBVIOUS to some who the other two directors were, and eventually that was disclosed in a press release months later proving longs correct.

I don't care to listen to someone that says the they cant tell if the the skates are fast based on the time of the skater, noooo they want to inspect the skates and untill then the record breaking time is invalid

to refresh my memory

Current Share Structure
Outstanding Shares: 222, 631,100 and shrinking! (with many more shares yet to be retired! ( Read latest PR)
Authorized Shares: 250,000,000 as of May 26, 2010
Float(shares): 172,494,041 as of May 18, 2010 (ultamately will roughly be the final outstanding share count!)
Number of Shareholders of Record: 737 as of May 18, 2010
Management and Other Company Information


Company Officers
Adam Barnett, President, Chairman (Director)

David Knecht, Officer (Director)

Mark Barnes, Secretary (Director)

Auditor/Accountant De Joya Griffith & Company, LLC

2580 Anthem Village Drive

Henderson, NV 89052

State of Incorporation DE
Contact Information OMDA Oil and Gas, Inc

8144 Walnut Hill Lane

Suite 1080

Dallas, TX 75231

http://www.omogoil.com

Phone [phone]

Email: [e-mail]




Assets
OMDA Oil and Gas, Inc. currently owns an outright 20% working interest in 150 producing wells in Caddo Parrish, Louisiana.
OMDA also owns a minimum of 37.5% in a 12 well work over play in the Concorde Dome Field in Andersen County, TX. The Texas Railroad Commission recently has granted OMDA's operator a new permit on this field.
The company also owns an interest in the Panola County oil property which is detailed on the company web site, www.omogoil.com/new/projects.php.
The company will be providing pictures and video of these wells on its website as soon as possible. Production figures will be forthcoming on the company web site for this project also
Recent Management Statement TOP BOTTOM UP DOWN
OMDA Oil and Gas, Inc. Announces the Cancellation of All Existing Preferred Shares and Will Provide a Thorough Update on Concord Dome by Next Week

Press Release Source: OMDA Oil and Gas, Inc. On Thursday May 20, 2010, 6:00 am EDT
HOUSTON, TX--(Marketwire - 05/20/10) - Adam Barnett, Chairman and President of OMDA Oil and Gas, Inc. (Pinksheets:OOAG - News), announces that the company has canceled all existing preferred shares of stock in OMDA Oil and Gas, Inc.

Initially these preferred shares were created and issued to Adam Barnett in order to protect the company and its shareholders against the possibility of a hostile takeover. While OMDA was engaged in its recently resolved, lengthy legal battle, it experienced a significant drop in market capitalization over a prolonged period of time. The depressed stock price put OMDA in a position of vulnerability to a hostile takeover which may have jeopardized the company's standing in its lawsuit at that time. Under advice of legal counsel, the company issued preferred shares with special voting rights to its Chairman Adam Barnett, so as to protect the interests of the shareholders. With the company's lawsuit now resolved, Mr. Barnett and the board of directors have unanimously agreed to and signed a resolution to cancel all preferred shares. With this transaction completed OMDA no longer has any preferred shares issued and will no longer retain majority control of the company. Consequently OMDA will now require proxy decisions from its shareholders in order to carry out any major changes to the stock structure including issuance of shares, stock splits, and raising the authorized shares among other actions. The previously announced decision to lower OMDA's authorized share total down to 250 million has already been board approved, signed and is being filed before the weekend.

"As president of OMDA, the biggest responsibility I have is to increase shareholder value," said Adam Barnett. "Our shareholders have stuck with us through many tough and challenging years while the share price was down. Now with the lawsuit behind us I have taken several measures including cancelling these preferred shares in order to instill confidence in our existing and prospective shareholders." Mr. Barnett continued, "Management has no intentions of any future stock issuances of any kind, reverse splits, raising the authorized shares or anything else that could adversely affect the company. That being said, those actions would only be possible with a majority vote from all of our stockholders of record. If the vote from our thousands of shareholders on any voted on issue came back 'no' then it would not and could not be done. We wanted to make a bold statement to our shareholders and send a clear message. By relinquishing majority control, management cannot take any share structure changing actions without the consent of a majority of our shareholders via proxy."

OMDA is also announcing that it expects to provide a thorough update on the Concord Dome project sometime next week.

"We are in the final stages of putting together a detailed report on Concord Dome. This project is very important to OMDA and we expect it will be a significant revenue stream for our company. I look forward to releasing this update in the very near future and to discuss the Concord Dome project with much more detail," stated Adam Barnett.

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)
[e-mail]
http://www.omogoil.com/

Press Release Links
http://finance.yahoo.com/news/OMDA-Oil-and-Gas-Inc-Enters-iw-1709812868.html?x=0&.v=1
http://www.marketwire.com/press-release/OMDA-Oil-and-Gas-Inc-Issues-Updates-on-Several-Key-Issues-1279458.htm
http://www.marketwire.com/press-release/OMDA-Oil-and-Gas-Inc-Issues-a-Follow-Up-Report-on-Concord-Dome-1274741.htm
http://www.marketwire.com/press-release/OMDA-Oil-Gas-Inc-Provides-Several-Key-Updates-Including-Nationwide-Search-Oil-Gas-CEO-1272411.htm
http://www.marketwire.com/press-release/OMDA-Oil-Gas-Inc-Provides-Update-on-Potential-Joint-Venture-With-Biodiesel-Company-1270339.htm
http://www.marketwire.com/press-release/OMDA-Oil-Gas-Inc-Retire-Additional-58-Million-Common-Shares-Further-Reduce-Its-Outstanding-1269525.htm
http://www.marketwire.com/press-release/OMDA-Oil-Gas-Inc-Retire-12-Million-Common-Shares-Reduce-Its-Outstanding-Shares-Nearly-1268694.htm
http://www.marketwire.com/press-release/OMDA-Oil-and-Gas-Inc-Issues-Its-Report-on-Concord-Dome-Lease-Revenues-1267122.htm
http://www.marketwire.com/press-release/OMDA-Oil-Gas-Inc-Has-Retained-CPA-Auditing-Firm-Bring-Company-Fully-Audited-Status-1265522.htm
http://www.marketwire.com/press-release/OMDA-Oil-Gas-Inc-Announces-Cancellation-All-Existing-Preferred-Shares-Will-Provide-Thorough-1263754.htm
http://www.marketwire.com/press-release/OMDA-Oil-and-Gas-Inc-Announces-Future-Plans-and-Updates-1262045.htm
http://www.marketwire.com/press-release/OMDA-Oil-and-Gas-Inc-Has-Reached-a-Mutual-Resolution-in-Its-Lawsuit-1262001.htm
http://www.marketwire.com/press-release/OMDA-Oil-and-Gas-Inc-to-Reduce-the-Authorized-Shares-by-975-1260984.htm
http://www.marketwire.com/press-release/OMDA-Oil-and-Gas-Inc-Provides-Legal-Update-and-Announces-Mediation-Date-1180902.htm