OMDA Oil & Gas - parties to lawsuit attend mediation meeting
As previously announced, OMDA Oil & Gas, Inc. has been involved in an ongoing lawsuit against former management. The original suit, filed March 29th 2005 , sought the return of significant assets including numerous producing and non-producing wells, as well as actual monetary damages.
Adam Barnett and legal counsel from the firm Zimmerman, Axelrad, Meyer, Stern & Wise attended a mediation hearing yesterday, March 14th. This mediation was an attempt to settle the above referenced lawsuit before the trial date next month.
Adam Barnett, Chairman, stated, “ I could not be more pleased that this lawsuit is now reaching the settlement stage. I was very happy with the mediation yesterday and the fine job that our legal counsel did in representing us throughout the proceeding.” Barnett went on to say, “ While I can not comment on the fine points concerning the events yesterday, I feel confident that the shareholders of OMDA Oil & Gas, Inc. will be very pleased with the outcome. I hope to have all finalized paperwork resulting from the mediation soon, and I look very forward to announcing all details in a formal press release in the weeks to come.”
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Posted by YellowSubmarine on :
Adam Barnett will first take "..Lanza the Louse.." and his thieving lackeys to the cleaners - then he will crush that arsehole basher 'HGoPuke' and his lackeys on RB like bugs........
This is going to be "..Oh so much fun.."!!!
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Posted by YellowSubmarine on :
This is a Chevy Chase "...Deal of the Century.."!!!
OMOG is a real "..OIL STOCK..", about to stick it to the sleazy south Florida and Texas craps that stole company assets as they rans the printing presses to pay for their fat lifestyles. The new OMOG CEO is going to shove it to them sideways..........
This stock is going back to $0.02+ immediately - look at the 2 year chart..!!!
Adam Barnett, the CEO, will mow have new working capital to take this company through the roof, and newly recovered assets he can work with or sell for even more revenues..!!!
"..BUT or CRY..", and watch the NITE-funded bashholes on RB get a reaming like you havenever seen before..!!!
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Posted by YellowSubmarine on :
New CEO's arse-whuppin' of the old management thieves could give you a prompt 5- or 6-Bagger..!!!
Check the two year chart, $0.03 in the near term is a very real possibility.
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Posted by YellowSubmarine on :
Repeat- OMDA Oil and Gas, Inc. Signs Letter of Intent to Sell Panola County Lease Company Also Corrects February 16th, 2006 Press Release
HOUSTON, TX, Feb 23, 2006 (MARKET WIRE via COMTEX) -- OMDA Oil and Gas, Inc. (OTC: OMOG) announced today that it has signed a non-binding Letter of Intent with Consumer Direct of America (OTC BB: CSUA) to sell its interest in a 1,116 Acre Fredericksburg Prospect located in Panola County, TX. Under this agreement, CSUA would acquire up to 90% of OMDA's 75% Working Interest (which translates into 56.25% of the net revenue interest) of the Panola Field Prospect. CSUA will pay OMDA Oil & Gas, Inc. one hundred and fifty thousand dollars ($150,000) in cash and the equivalent of three hundred thousand dollars ($300,000) of registered common stock for this interest. Both parties expect the agreement to be finalized promptly.
Adam Barnett, Chairman, stated, "OMDA Oil and Gas is pleased to be entering into this agreement with Consumer Direct. I am impressed with the way that CSUA was able to grow their Shearson loan division over the last few years, as well as their recent 16 million dollar merger with Paragon Financial Corporation." Barnett further stated, "I fully believe that these types of ventures, as well as future strategic alliances with companies like CSUA, which have shown past accomplishments and successes, will prove truly beneficial to OMDA and its shareholders."
Chairman & CEO Michael A. Barron said, "We are extremely excited to be entering into this agreement with OMDA Oil and Gas, Inc. Consumer Direct of America Inc. is dedicated to becoming an asset-driven holding company in the oil and gas sectors, and we look forward to a long and profitable relationship with OMOG and its shareholders."
OMDA Oil and Gas, Inc. would also like to make a correction to its February 16th, 2006 press release. In this press release, the company stated, "OMDA currently owns a 100% working interest in this 1,116-acre horizontal play in Panola County, TX." It should be noted that OMDA currently owns a 75% Working Interest (which translates into a 56.25% of the net revenue interest) of the Panola Field Prospect in Panola County, Texas.
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 a 75% working interest in an 1,116 acre, horizontal play in the Panola Field, Panola County, Texas. Current acreage interests include 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.
About Consumer Direct of America
Consumer Direct of America is a publicly traded company (OTC BB: CSUA) The company spent the past few years acquiring and growing its wholly owned subsidiary, Shearson Home Loans, Inc. CSUA successfully grew this division to employ over 300 people, 250 of whom are residential mortgage real estate brokerage professionals who closed loan volume of over $1 billion for the year ended December 31, 2004. This entity was recently acquired by Paragon Financial Corporation in a transaction valued at $16 million.
Contact: OMDA Oil and Gas, Inc. Investor Relations 800-621-0113 IR*omogoil.com www.omogoil.com SOURCE: OMDA Oil and Gas Inc. CONTACT: mailto:IR*omogoil.com http://www.omogoil.com
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Posted by YellowSubmarine on :
Reminder: OMOG is listed in Alexander's Gas & Oil Directory.
OMDA oil and Gas Co. UNITED STATES Address: P.O. box 674, MIAMI, 33183-4838, Florida UNITED STATES Tel: +1 (305) 609-2345 e-mail: omoilandgas*aol.com Keywords: exploration/production company Profile: Oil and Natural gas production
I wouldn't say tanking. It has been in the .0042 range. Today it is .0052. It is just lower than the open but still much higher than yesterday.
Posted by Casp on :
so its retracing ? how far will it go ?
Posted by MsKay on :
If I knew that, I'd be a millionaire on pennies! LOL! It stayed at .011 for quite some time last summer on no news at all. I believe it will go back to that range over the next couple of weeks and stay there until we here more news. At least .08. But..I'm really conservative.
Posted by MsKay on :
If you look at the one year chart for OMOG, you can see that from late June to October it was over .01 to about .015. Then we had a well that didn't pan out and it dropped to its current levels. It was just one of the projects and there are many promising things to come so I feel pretty confident that it will go back to that range at least.
Posted by MsKay on :
Up again today!
Posted by MsKay on :
and up again today! It has gone from .0042 to .0061 over the past week. Once the official PR hits, it will go back up to at least 0.011 to 0.015 where it was last fall.
Posted by weatherbill on :
When the settlement is done, it will return tens of millions in assets is what another board said......haven't DDed that statement, but when PR is released on that news, should send this up quite nicely....into the 2's IMO