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[december]

*OMOG News**

OMDA Oil and Gas, Inc. Negotiates to Sell Panola County Lease
Thursday February 16, 1:29 pm ET

HOUSTON, TX--(MARKET WIRE)--Feb 16, 2006 -- OMDA Oil and Gas, Inc.
(Other OTC:OMOG.PK - News) is pleased to announce that it is
negotiating with a fully reporting bulletin board company to acquire
OMDA's Panola County Lease. OMDA currently owns a 100% working
interest in this 1,116-acre horizontal play in Panola County, TX.
This was one of OMDA's first lease purchases under new management,
and it was acquired when oil and gas prices were significantly lower.

The terms of this proposed agreement may include a stock payment to
OMDA, as well as a cash dividend distributed directly to the
shareholders of record of OMDA Oil and Gas, Inc. Further details
will be released over the next few weeks as the terms are finalized.

Adam Barnett, Chairman, stated, "OMDA Oil and Gas, Inc. looks
forward to completing this transaction. I have stated many times
that our company was extremely fortunate to acquire most of our
assets prior to oil and gas prices making their big moves upward. We
were able to purchase the Panola lease for $100,000, and we feel
that this property is worth much more than that amount now based on
current market valuation. Through these types of acquisitions and
agreements, the company and our shareholders will reap the benefits
of our asset appreciation."

More information on both OMDA's Oil and Gas projects and legal
actions can be found at the Company's website, http://www.omogoil.com

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. Currently the Company owns average
participation interests approaching 47% in 355 producing and non-
producing oil and gas wells in Louisiana and Texas, as well as 100%
gross interest in an undeveloped 1,116-acre horizontal play in the
Panola Field, Panola County, Texas. Current acreage interests
include a 15% working interest in 800 acres in Shelby County, TX and
a Carried back-in working interest of at least 7.5% up to 37.5% in a
12 well work over play in the Concorde Dome Field in Andersen
County, TX, and is currently partnered up with Young Oil Corp, the
largest Oil and Gas producer in Tennessee on 46,000 acres in North
Central Tennessee, with an initial 20% interest in a six well
program and a first right of refusal on any other prospects on the
Young leases.

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:
Contact:
OMDA Oil and Gas, Inc.
Investor Relations
800-621-0113
[e-mail]
http://www.omogoil.com