OMDA Oil and Gas, Inc. Provides Several Key Updates Including a Nationwide Search for an Oil and Gas CEO
Press Release Source: OMDA Oil and Gas, Inc. On Tuesday June 8, 2010, 12:01 am
HOUSTON, TX--(Marketwire - 06/08/10) - OMDA Oil and Gas, Inc. (Pinksheets:OOAG - News) would like to provide several updates on the company's recent press releases as well as its new widespread search for a qualified Oil and Gas CEO to lead OMDA into the future. From 2003 until the time of the recent resolution of the lawsuit, OMDA has been run by President and Chairman Adam Barnett and the other members of the board of directors.
Recently OMDA has grown into a much different company with various assets including ownership in many producing oil wells, leases and related resources. The company is also involved in additional drilling projects, joint ventures and acquisitions. With the company in its current position, Mr. Barnett and his management team feel that the time is right to begin a nationwide search for an experienced oil and gas veteran to take over the day to day operations of the company and lead OMDA into the future. The company will begin to place ads this month in several well respected national business journals and oil and gas publications in an effort to secure the right leader with a successful track record to take over as Chief Executive Officer. At that time Mr. Barnett will step down as President while remaining a member of the board of directors, ultimately transitioning to the role of special advisor for the company.
Mr. Barnett stated, "As we are all seeing now, our hard work, determination and 'never give up' attitude has led us back to becoming a valuable company with a bright future ahead. I am committed to finding a special individual with not only extensive oil and gas experience but also a strong business background that will take OMDA to the next level and turn our company into a serious contender in the industry. I will keep the public informed of the progress of our search including the timing of the ads we place and the publications we will be using."
The future CEO's compensation will need to be strictly a cash salary or cash with revenue sharing and bonuses on increased production. The issuance of shares as compensation is not an option without a majority consent of the shareholders. OMDA board of directors is not in favor of issuing any stock for this or any other position in the company.
Mr. Barnett later added, "We have worked very hard to bring OMDA to a strictly cash run operation and I would certainly discourage the shareholders from voting for any stock issuances for director compensation."
OMDA is also in the process of organizing the continuous data that is coming in daily on the Concord Dome project. The company expects to release more information on this project in an update later this week.
The company is also continuing the due diligence process on the recently announced biodiesel joint venture opportunity. It is an extensive and tedious process which requires much time and effort on the part of OMDA management in order to arrive at a final decision. On the subject of this joint venture, Mr. Barnett commented, "This is a very large and potentially rewarding opportunity for OMDA that we feel can have a significant positive impact on our balance sheet. As much as we would like to pull the trigger now, this is not going to happen overnight. We like what we have seen so far very much and have taken trips abroad to get a clear picture of what is before us." Mr. Barnett continued, "One of the most appealing aspects of this possible joint venture is that they have a solid infrastructure in place with production and revenues. We will keep the public informed of our progress as we continue to move closer to a definitive decision on this project."
On another subject, OMDA is confirming that the previously announced share retirement is in process. The company will provide ongoing announcements and website updates on this process as the outstanding share count is reduced. Shareholders can also check the outstanding share count with OMDA's transfer agent.
The task of bringing OMDA to a fully current status on http://www.pinksheets.com/ is underway and has been a main focus over the last few weeks. The company is doing everything that it can to have this completed as soon as possible.
OMDA and its accountants have been working diligently with its newly retained auditors and anticipates updates on the audit process soon.
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: Contact:OMDA Oil and Gas, Inc.Investor Relations877-441 OMDA(6632)IR@omogoil.com http://www.omogoil.com/
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