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[QUOTE]Originally posted by Spinoff: [QB] Welp you should enjoy this one: OMDA OIL AND GAS, INC. GIVES UPDATE ON FIRST WELL IN 46,000 ACRE, SHALLOW OIL & GAS PLAY -STRONG OIL SHOWS LEAD TO COMPLETION ATTEMPT- Houston--(BUSINESS WIRE)—[June 13, 2005]--OMDA Oil and Gas, Inc. (OMOG), an oil and gas production company (OTC.PK:OMOG), through its Chairman, Adam Barnett, announced today encouraging results upon reaching total depth of 1,800 ft in the Gilreath #1, the first attempt in its long term development Oil & Gas play with Young Oil Corp of Knob Lick, KY. The well has been temporarily capped and the drilling rig has been moved off. A crew should be moved in this week to stimulate, test and hopefully complete the well as a commercial producer. Young Oil Corp, the Operator, has informed the Company with the following: “The Gilreath #1 has been drilled to a total vertical depth of 1800'. There were good oil shows in the Sunnybrook formation at 910' and in the first break of the Knox formation at 1760'. After drilling was completed and let stand 8 hrs, there was 122' of free oil standing in the bore hole.” Wells in this area normally require stimulation, or at least acidizing, before any significant oil starts showing in the bore hole. The fact that this well has such a large un-stimulated oil column is an extremely encouraging sign that it should be a commercial success. Final results should be known in the next several days and will be reported at that time. Also at that time, we should be able to give an update on our second well, the Pryor #1. The 46,000 acres that Young has under lease are located in North Central Tennessee in Overton, Pickett, Fentress, Morgan, Scott and Clay counties. OMDA, through its OMDA Oil & Gas, Inc. (Texas) subsidiary has purchased a 20% Gross (15% net) working interest in the first six wells under the agreement and has a “First right of refusal” to participate in both Oil & Gas wells to be drilled on the balance of the 46,000 acres. While covering multiple zones, virtually all the production in this area comes from zones shallower than 2,000 ft. As mentioned above, drilling operations have already commenced. All six wells are expected to be drilled over the next 30 days testing multiple zones to depths up to 2,000 ft, with successful wells to be completed shortly thereafter. OMDA will provide updates either by press releases, or on the company website at the following address: http://www.omogoil.com/projects.html . Also at this web location, the Company has posted additional information on this play. Adam Barnett, Chairman, stated. “While there is no guarantee that the Glireath #1 will be a commercial producer, the reports I have received from Young are quite encouraging. It is a pleasure to work with an operator that can ‘get down to business’ so quickly.” For a Patroon update Barnett said, “The operator at Texas Land & Petroleum has informed me that an agreement was reached last week with the surface owner, International Paper Co., to allow surface preparation to commence. We expect timber removal, road and site preparation to begin this week, and a drilling rig to be moved on shortly after site preparation is completed.” About Young Oil corp. Privately owned Young Oil Corp. is the leading producer and most successful drilling operator in the Appalachian Basin. It is also the largest producer of crude oil in Tennessee by almost twice over the next largest producer. Anthony Young, CEO, has been honored as Tennessee Oil Man of the Year. Mike Branstetter, also of Young Oil Corp, has recently been elected to the Board of Directors of the Tennessee Oil & Gas Association (TOGA). Along with hundreds of other successes, last September Young brought in one of the largest wells ever in Tennessee. The Lucy Newberry #11, located seven miles NE of Livingston TN, almost had a blow out. Initially, Young Oil let it flow at 700 barrels per day choked back through the “blow out preventor” and then through three lines, open flowed at 72 barrels per hour, or approximately 1,728 barrels per day from the Trenton formation. The well was choked back to 200 BOD and from September through December TOGA reports for last year show cumulative production for this well at just under 24,000 barrels. While this well is certainly an anomaly, 80-100 barrel a day oil wells are not uncommon and average oil and gas wells could be expected to produce 20-30 barrels of oil and 70-90mcf of gas per day. Young’s overall success ratio in these fields runs at approximately 80%. About OMDA Oil and Gas, Inc. OMDA Oil and Gas, Inc and its wholly owned subsidiary's, 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 projects include a 15% working interest in an 800+ acre play in Shelby County, TX and a Carried back-in working interest of at least 7.5% up to 37.5% in a 12 well workover 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, the impact of competitive products, the ability to meet customer demand, the ability to manage growth, acquisitions of technology, equipment, or human resources, the effect of economic and business conditions, and the ability to attract and retain skilled personnel. 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, 800-621-0113 IR@omogoil.com [URL=http://www.omogoil.com]www.omogoil.com[/URL] --------------------------------------------------------------------------- To be unsubscribed from the omog mailing list simply click on the link below http://www.smallcapquarterly.com/cgi-bin/s.pl?r=1&l=3&e=lovell=:hmfh.com AOL USERS: <a href="http://www.smallcapquarterly.com/cgi-bin/s.pl?r=1&l=3&e=lovell=:hmfh.com">One-Click Unsubscribe Link Here</a> [/QB][/QUOTE]
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