OG OMDA Oil and Gas, Inc. in Negotiations to Acquire Additional Well Participation Interest

June 22, 2004 08:02:00 (ET)

MIAMI, Jun 22, 2004 (BUSINESS WIRE) -- OMDA Oil and Gas, Inc., an oil and gas production company (OTC.PK:OMOG), today announced that is in discussions to exercise its option to acquire a greater percentage of the participation interests in those Louisiana and Texas oil and gas wells in which the Company currently has ownership. Upon exercise of the option, the Company would own in excess of 70% of the aggregate well production.

"Owning a larger percentage of the well participation interests in our existing leases is simply good business," said Adam Barnett, Chairman of the Company. "A higher percentage ownership translates directly to a higher percentage of the aggregate production revenues received by the Company."

The Company also recently announced its online newsletter, which is sent via email to subscribers. The newsletter is free and may be subscribed for at the Company's web site, www.omogoil.com. Subscribers receive important updates about the Company in a timely manner. To date, the Company has in excess of 600 subscribers to its newsletter.

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.

About OMDA Oil and Gas, Inc.

OMDA Oil and Gas, Inc. is an oil and gas production and lease acquisition company. Currently the Company owns participation interests in 355 oil and gas wells in Louisiana and Texas.

SOURCE: OMDA Oil and Gas, Inc.

OMDA Oil and Gas
Adam Barnett, 305-609-2345
omoilandgas@aol.com www.omogoil.com

Customize your Business Wire news & multimedia to match your needs.
Get breaking news from companies and organizations worldwide.
Logon for FREE today at www.BusinessWire.com.

OMDA Oil and Gas, Inc. Announces 23% Increase in Quarterly Production Revenues
Thursday August 19, 8:01 am ET

MIAMI--(BUSINESS WIRE)--Aug. 19, 2004--OMDA Oil and Gas, Inc., an oil and gas production company (OTC.PK:OMOG), through its chairman, Adam Barnett, today announced that gross revenue for all oil and gas wells contained on leases in which the company participates totaled $477,270.55 for the second quarter of 2004, which represents a 23% increase over first quarter 2004 revenues. Revenues were derived from approximately 115 wells which represent 32% of the total 355 producing and shut in wells the company maintains an interest in. Due to a varying interest percentage the company holds in its wells, the company has elected for the purpose of this press release, to report an average net ownership of its working interest rather than trying to break it down on a well by well basis. The average ownership at the end of the quarter was 47%.
"We are very pleased with the second quarter production revenues, which are a direct result of the combination of improved efficiency and rising oil and gas prices," said Adam Barnett, Chairman of the Company. "With the 'sea change' in the oil and gas markets that we have been so lucky to be part of, we spent most of the past several months working with our operator in evaluating the best way to maximize production from our already producing wells, rather than open any significant amount of new wells. With what we have learned and the proceeds of our increased cash flow, we anticipate to start adding new wells over the next several months."

We are making headway regarding our prior announcement attempting to increase our percentage ownership in many of our existing wells. However, the dramatic increase in oil and gas prices over the past several weeks, while overwhelmingly beneficial to the company, is, as might be suspected, making the negotiation a bit more difficult and time consuming. We will keep our shareholders informed as appropriate."

The Company also recently announced its online newsletter, which now has over 1,000 subscribers, will be sent via e-mail to subscribers. The newsletter is free and may be subscribed to at the Company's web site, www.omogoil.com . Subscribers will receive important updates about the Company in a timely manner. Perhaps due to some technical difficulties with the interface on our web site, some subscribers may not be getting their updates. If you were a subscriber prior to the last PR and did not receive it from the Company, please go back to the site and re-subscribe. We apologize for the problem and feel we now have it fixed.

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.

About OMDA Oil and Gas, Inc.