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Consumer Direct of America Signs Letter of Intent With OMDA Oil & Gas, Inc.
LAS VEGAS, Feb 22, 2006 (PRIMEZONE via COMTEX) -- Consumer Direct of America (OTCBB:CSUA), announced today that it has signed a non-binding Letter of Intent with OMDA Oil & Gas, Inc. (Pink Sheets:OMOG) (www.omogoil.com) to acquire interest in a 1,116 Acre Fredericksburg Prospect located in Panola County TX. CSUA will be able to conduct its due diligence procedure in order to enter into a definitive agreement with OMDA. 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. Consumer Direct expects that the agreement will be finalized promptly. Detailed information concerning this oil and gas lease can be viewed directly at the OMDA web site at http://www.omogoil.com/projects.html. This site includes the prospect overview, geology & history, field development, reserves & economics, and pipeline & markets.
Chairman & CEO Michael A. Barron said, "We are very happy to have finalized our Shearson acquisition by Paragon and to be moving Consumer Direct into their next phase of its business expansion. It is our intention to develop CSUA into asset driven holding company in the field of oil and gas exploration. We will pursue acquisitions, mergers, and joint ventures with existing oil and gas companies and may examine other opportunities in related mining sectors in the future. This first agreement with OMDA Oil & Gas, Inc. is key to launching our new strategic plan, as well as establishing our presence in this industry segment." Barron further stated, "Current management will remain active in operational decisions; however, CSUA will begin searching for a CEO with the necessary industry expertise to ensure our future growth and development into a successful Oil & Gas holding company. I look forward to sharing all future details with our shareholder base."
About Consumer Direct of America
Consumer Direct of America is a publicly traded company (OTCBB: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 (OTCBB:PGNF) in a transaction valued at $16 million. Consumer Direct of America currently has signed a letter of intent with OMDA Oil & Gas to acquire 90% of a Horizontal play in Panola County Texas.
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3 companys pgnf omog csua (OTCBB:PGNF) in a transaction valued at $16 million. Consumer Direct of America currently has signed a letter of intent with OMDA Oil & Gas to acquire 90% of a Horizontal play in Panola County Texas.
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)
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This PR under CSUA caught my eye. And from my understanding reading this:
(OMDA Oil and Gas, Inc. Signs Letter of Intent to Sell Panola County Lease)
CSUA will be the better choice as they will own the majority of this well. I've been trying to DD all three companies and I still keep coming back to CSUA.'
Really thinking about jumping in CSUA vs OMOG in the morning. A lot less shares to move! IMO
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I tend to agree with you binnocent. There seems to be much more reason for CSUA to run purely from the PR but I'll have my eye on both. Charts look good for both as well.
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LAS VEGAS, Feb 22, 2006 (PRIMEZONE via COMTEX) -- Consumer Direct of America (OTCBB:CSUA), announced today that it has signed a non-binding Letter of Intent with OMDA Oil & Gas, Inc. (Pink Sheets:OMOG) (www.omogoil.com) to acquire interest in a 1,116 Acre Fredericksburg Prospect located in Panola County TX. CSUA will be able to conduct its due diligence procedure in order to enter into a definitive agreement with OMDA. 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. Consumer Direct expects that the agreement will be finalized promptly. 
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