OMDA Oil and Gas Inc. Issues Updates on Several Key IssuesFont size: A | A | A6:00 AM ET 6/22/10 | Marketwire
OMDA Oil and Gas, Inc. (PINKSHEETS: OOAG) through its President and Chairman Adam Barnett is providing status updates on several key and pending issues which are currently ongoing.
Recently the company announced that it would begin a nationwide search for an experienced oil and gas executive to fill the position of CEO and take over OMDA's day to day operations. The company has been speaking to advertising representatives with the Wall Street Journal and will soon begin running an ad in the newspaper's online and print editions, as well as other WSJ affiliated online networks. OMDA is also considering several reputable oil and gas publications and will make a final decision shortly as to which other publication/s would be the best option in addition to the WSJ.
Last month OMDA announced that it had retained the CPA firm of Dejoya & Griffith and Company LLC www.dejoyagriffith.com to complete a detailed financial audit of OMDA's books and bring the company to a fully audited status. The audit is successfully underway and is currently in the beginning stages. For the past several weeks OMDA has been working closely with the auditors, providing all requested documents to make OMDA Oil and Gas, OTC Bulletin Board qualified. The audit will be a time consuming and tedious process which upon completion will provide shareholders and prospective investors with a new level of transparency. OMDA will continue to update on the progress of the audit as various milestones are completed.
The Concord Dome prospect was one of the assets in dispute for the past six and half years that was part of the recently resolved lawsuit. Operations on Concord Dome are continuing as usual as the wells continue to produce daily and generate revenue. Due to the complexity of the oil well leases in question, some small legal entanglements have arisen that were leftover from the lawsuit. OMDA's attorneys are working to clear up these final legal details and expect to have it completed very soon so the company can resume receiving updates. OMDA President Adam Barnett said, "Ownership of the wells is no longer in dispute. The delays are simply attributed to the complexity of the oil well leases. Anyone that has ever purchased a home knows how much paperwork is involved in a simple real estate transaction. The paperwork and legal documentation involved in oil well leases is far more extensive. Once we clear this hurdle we will be able to give the shareholders a crystal clear picture of those assets."
OMDA has been running its operations on a strict cash basis. The company has not issued stock of any kind since very early 2009 and has not raised any money in over 18 months. OMDA's President and Chairman Adam Barnett, has not received any form of compensation in over two years. Mr. Barnett stated, "It is very important that we run the company in a fiscally responsible manner. Over the past year we have had several opportunities to raise funds using similar methods as we have previously but each time we chose to stand pat and operate in the most frugal manner possible. Increasing shareholder value is our top priority. Our company has made huge strides in recent months and we are determined to stay the course and continue to do everything possible to build OMDA into a long term serious player in the industry." Mr. Barnett also stated, "In the short term, one of our principle objectives is to bring OMDA to a Current Status on the Pink OTC Market Tiers. We have been in contact with Pink Sheets and are currently working to meet the necessary requirements."
OMDA also announced that due diligence on the prospective biodiesel joint venture is ongoing. The company will continue to update its progress as warranted.
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