posted
This could be the last buying opportunity for a while. Just a couple of weeks ago it was .0042! I bought some then and some at .005 before that.
IP: Logged |
posted
I will look it up again. It is in the first or second letter from Adam to the shareholders. I'll look and post the link or the letter here.
IP: Logged |
posted
www. omogoil .c o m/ news_060205 . html This is a piece of it from June 2005.
Adam Barnett stated, "As many know, I took control of OMDA some 20 months ago on an unfriendly basis by buying over 50% of the then outstanding shares. For these many months I have been trying to get all the records of OMDA from prior management. Most of my requests were met with worthless promises of 'they are being assembled" or some such response or excuse why they could not be delivered. In the meantime, particularly in earlier months, I kept receiving and paying bills that numbered into the hundreds of thousands of dollars that prior management mandated need be paid to maintain the vast amount of properties that prior management had disclosed to shareholders as being owned by OMDA. Late last year it became apparent that while these properties were owned and controlled by OMDA when prior management was at the helm, many of these properties may have been illegally converted for prior managements personal benefit."
Barnett went on to say, "Once it started to become apparent to me that these wrongful and probably illegal activities may have occurred, I engaged an attorney with proven investigative experience to confirm or belay my suspicions. As the investigation proceeded, as can be seen by the differences between our original pleadings and the recent amended pleading, many layers of clear corruption started to appear. The settlement which we received last week over the Concord Dome property is a direct result of the information that he obtained."
Barnett concluded by saying, "While current Management has and will continue to build on our own new asset and opportunity base, we are also prepared to prosecute past injustices to all OMDA shareholders to the fullest extent of the law, and return to the shareholders what is rightfully theirs."
IP: Logged |
posted
There is an older letter to the shareholders that is earlier than what is posted on the website. I'll see if I can find that as well. This is also interesting.
Adam Barnett, Chairman stated, "I cannot express in just a few short words here what a major first victory this is so early in the recently filed lawsuit against former management and co-conspirators. The fact that this group, who had not yet even been named as a defendant, upon reviewing our case proper to date, has come to the conclusion that it is prudent to settle now rather than risk the outcome of the lawsuit, speaks volumes of their opinion of the strength of our case against Lanza et. al." Barnett went on to say, "The President of the Operator has stated that he anticipates that once the wells are on production, which should be in the next few months, he expects revenues to be strong enough to pay out all his costs in less than twelve months, at which time OMDA will then begin receiving its respective share of cash flow for the balance of the life of the wells." Additionally Barnett stated, "Though normally in a case like this a first round of amended pleadings are not usually filed until after initial discovery and depositions have been taken, our counsel informs me that the investigation over the past month has uncovered so many additional causes of action against the Defendants that I have approved preparation of a first amendment to the pleadings which will be filed in the Harris County, Texas, Court shortly.
IP: Logged |
posted
This is another letter to Shareholders which is no longer on the website. It was about June of last year.
LEGAL UPDATE
I cannot tell you how many times I have heard and read comments from both shareholders and prospective shareholders that they “don’t care” about investing in a company who is “Suing” for Oil & Gas rather than Drilling for Oil & Gas. As basically not a very litigious person, I would normally agree with those comments. I am not crazy about spending shareholders cash on lawyers and court costs that should be put in the ground. But excuse me because I am going to yell now. PAY ATTENTION TO THIS LAW SUIT AGAINST PRIOR MANAGEMENT. This is serious and there are tens of millions of dollars of assets involved. I am confident that we are going to prevail and I mean soon! As you can tell from the above, this suit is not distracting us from building the company with new prospects. But I assure you that in my opinion it would take more then ten million dollars worth of drilling and a whole lot of luck to even come close to what the shareholders stand to gain from a successful outcome of this suit for the few hundred thousand legal dollars it is costing your company to mount. We have posted the downloadable legal pleadings to date on the Company website under the “legal update” link. Please take a few minutes to read these.
As I mentioned above, we have already reaped rewards of this suit with the settlement of the Concord Dome project. Our investigators have already identified something approaching 400 wells, acreage and equipment involved in other areas. The amazing thing about Concord Dome is that it was resolved much earlier than we had considered possible without litigation. At the time we commenced our litigation, we were not aware that the additional drilling prospects for new wells would be part of what we could recover. After initial discussions between the operator’s counsel and ours, the operator came forward, explained how he had acquired them and who he had acquired them from. The operator understood that should we prevail in our suit, they could lose all that they had invested, and while the suit was pending, they would be unable to prudently spend what they needed to make the project viable. After reviewing documents and background of the parties, we reached a mutually acceptable and potentially very valuable settlement for all parties thereto.
Our Corporate Counsel, both General and Securities, have done an unbelievable job in investigating the facts and uncovering multiple layers of what appears to be deep fraud, breach of fiduciary duties, corruption and conversion by prior management and consultants. As evidence mounted, I agreed with our General Corporate Counsel, Martin Nathan, that we should bring in a highly respected and well known law firm that specializes in this type of case in order to increase the potential to bring this to a quick conclusion. I did so by engaging the 30 lawyer Houston Law Firm of Zimmerman, Axelrad, Meyer, Stern & Wise. In the short time they have been on board, they Have responded to defendants’ motions and production requests and have submitted our production requests to defendants. They have examined the documents interplead into the registry of the court by a former attorney and have discovered numerous documents which I believe establish that we own the assets misappropriated by the defendants and which substantiate our expectation of recovery of millions of dollars, both for actual damages as well as punitive damages. In closing, I hope that some of your questions and concerns have been addressed and I am leaving you with a better sense of the magnitude of what your Company is in the process of achieving. We are truly in special times and are very well positioned for success in a big way. I don't think anyone can argue with the strides we've made in the last year, and particularly in the recent quarters. If we can project out these past quarters’ results a year from now with the same growth, it should leave one very bullish about the company's future, it's mark in the industry and the potential for very positive stock gains.
IP: Logged |
posted
Do you want more? I have a question and answer newsletter from August 05 where Adam answers shareholder questions. Anyone interested?
IP: Logged |
posted
Also, there's a really old thread here on Allstocks that is really good. I'll post a link to that.
OMDA Oil & Gas - Shareholder Newsletter In issue two of our newsletter, we covered part one of our question and answer session with Chairman Barnett. Part two is listed below. If you have any questions that you would like to have considered for upcoming lists, please submit them to IR*Omogoil.com. Q. Will OMOG do a reverse split in the future? A.B. As you know, OMOG has not participated in a reverse split since 2002. Since my gaining control of the company, there has been no mention of a need for this type of roll back. As I stated in my April shareholder letter, “At .0001 in that summer of 2003 it would have been easier to do a reverse split than to put in all the hard work and sacrifice in our crusade to protect the shareholder assets from Lanza's grip.” We have seen a huge share price gain in the past twelve months, and I believe that a reverse split is not needed at the current time or in the future with the potential successes of our current projects. Q. What is OMDA currently doing in its pursuit to make the transition to OTCBB? A.B. To make the transition from pink sheets to the OTCBB, a company has to overcome many hurdles, the main one being becoming fully reporting. My main focus over the past year has been equally divided between three main priorities: resolving the corporate disarray left by prior management, acquiring assets and growing revenue streams, and creating a truly transparent pink sheet company. I, along with many consultants and attorneys, have spent countless hours trying to secure accurate financial records of the past few years. I am very proud of all this work and the results so far, for I truly believe we have transformed OMDA from a small pink sheet company with no shareholder communication into one of the most communicative pink sheet companies currently traded. We have added websites, newsletters, project updates, and shareholder letters. Rest assured, we will update the investing public as soon as financial information can be announced without jeopardizing any legal procedures. Along with these updates, we will work to reach our goal of becoming fully-reporting. Q. Are there any other projects that OMDA is currently looking into for acquisition or ownership? A.B. I take my duties as chairman very seriously. I, as a long-time investor, understand the need for fighting complacency. While I strongly believe that our current projects and our lawsuit against Lanza could provide OMDA with strong asset growth for years to come, I know we must always be on the look out for new and even more rewarding projects. We have added four strong holdings (including the concord dome settlement) in less than a year, and I am committed to future partnerships and acquisitions when they make operational and fiscal sense. Again, as letters of intent are signed, they will be announced with press releases and other means of communication. Continued on Page 2 Volume 1 Issue 4 CHAIRMAN ADAM BARNETT ANSWERS YOUR QUESTIONS ( PART TWO) 08/15/2005 WEEKLY SHAREHOLDER NEWSLETTER Quick Facts: Stock Symbol: OMOG YTD High: $0.018 YTD Low: $0.0045 Outstanding Shares: 1,378,500,419 Transfer Agent: Signature Stock Transfer 972-612-4120 Contact Info: IR*OMOGOIL.COM 800-621-0113 WWW.OMOGOIL.COM Young Oil Project Update: The final three gas wells are finished drilling, and are currently shut in awaiting stimulation and flow testing. Young informs OMDA this week that the third party crew that will do these processes is scheduled to begin Aug. 18 or 19th. The Results will be published as soon as they are available. You may access all project updates directly on our website at: http://www.omogoil.com/p rojects.html Weekly Shareholder Newsletter Adam Barnett was in Houston on a business related matter over the weekend, so a local shareholder hosted a last minute Barbecue Saturday with him as Guest of Honor. Though most individuals had less than a weeks notice, some 28 shareholders and prospective shareholders attended, including eight who flew in from out of town. Adam wanted to express his sincere gratitude to all who attended as well as the host shareholder. Page 2 ADAM BARNETT ATTENDS SHAREHOLDER BAR-B-Q Continued from page 1 Q. As projects start to produce revenues and profits increase, will there be dividends for the shareholders? A.B. My mantra has always been “I must increase shareholder value.” To do this, I will focus on the things I have outlined above. I want to turn our current projects into the most profitable entities possible. I also want to settle the current lawsuit and secure the owed assets to the company. Once these things are completed, I believe that the stock price will reflect these positive events. I do wish to reward all the shareholders who have maintained loyalty to OMDA, but I know that profits should go first and foremost to continuing the growth of the company by acquiring additional land and leases. Having said this, I will keep a keen ear open to all dividend and shareholder reward programs as opportunities present themselves. Look for part three of this question and answer session with Adam Barnett in the upcoming weekly newsletters.
IP: Logged |
Topic Closed
UBBFriend: Email this page to someone!
Printer-friendly view of this topic
![[Smile]](smile.gif)
