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Author Topic: OOAG
bullitt49
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Looks like this is going to run. It's had a nice run over the past few days and is looking for more, imo. Just wanted to pass this on.

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It is better to be humbled than ruined

Posts: 138 | From: Connecticut | Registered: Jun 2007  |  IP: Logged | Report this post to a Moderator
rhwdetroit
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HOUSTON, TX--(Marketwire - 06/01/10) - OMDA Oil and Gas, Inc. (Pinksheets:OOAG - News) announces the retirement of 12 million common shares of its stock, representing nearly 5% of the entire company's outstanding shares. The retired shares were originally issued to a third party in the latter part of 2008 as part of an agreement to arrange financing for OMDA. Since those financing efforts were never completed, OMDA and the third party funding agent have mutually agreed to void the transaction and return 12 million shares.

OMDA has chosen to retire those shares and reduce the company's outstanding share count. Upon completion of this transaction OMDA's new outstanding share count will be 230,631,100. While this share retirement increases the difference between the new outstanding share count and the recently reduced 250 million authorized shares, OMDA is still unable to issue new shares by virtue of the cancellation of last week's preferred shares formerly held by management. Any new share issuance would require a proxy vote by a majority of OMDA shareholders. The company is currently reviewing other ways to make further retirements of stock.

"Since getting our long legal battle behind us, one of our top priorities has been to put our shareholders in a stronger position to benefit from OMDA's progress," stated OMDA Oil and Gas President Adam Barnett. "As I have said before, our shareholders have stuck by us for years as we were forced to make some very tough and unpopular decisions that were necessary in order to keep the company going during the lawsuit. This most recent retirement of shares is part of that continuous effort to radically transform the company's share structure and restore shareholder confidence. I will continue to assess other similar opportunities as they present themselves."

Mr. Barnett also said, "Over the past several weeks our board of directors has been very busy evaluating various developments and some prospective initiatives. Further updates on some of these projects are imminent. I hope to provide more information later this week."

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"When you're in a hole, the first thing you do is stop digging." -H. Ross Perot

Posts: 111 | From: Detroit | Registered: Jun 2008  |  IP: Logged | Report this post to a Moderator
rhwdetroit
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HOUSTON, TX--(Marketwire - 06/02/10) - OMDA Oil and Gas, Inc. (Pinksheets:OOAG - News) approves the retirement of an additional 58,000,000 common shares of its stock which will further reduce its outstanding share count by an additional 25%. Earlier this week OMDA announced a reduction of 12,000,000 common shares which is 5% of the outstanding share count. Upon the completion of all of the announced share retirements the new outstanding share count will stand at 172,610,100. In total OMDA will have reduced its outstanding share total nearly 30% from the original 242,610,100. Upon completion of all pending share cancellations OMDA's insiders will collectively hold less than 10% of the common vote. With 50.1% of the common vote required to approve all major corporate governance matters, OMDA would be required to secure consent from more than 40% of the its shareholders to reach a majority approval. Majority shareholder approval is necessary for such issues as share issuances, changing the authorized shares, and splits of any kind. OMDA has confirmed with its securities attorney that the cancellation of shares does not require a shareholder vote. The company is able to retire shares at its discretion without shareholder consent. As previously stated, neither OMDA, nor its officers and directors have any preferred shares since their recent cancellation.

OMDA has been operating and growing on a total cash basis and has not issued any new shares of any kind in over 17 months, nor does the company have any intentions of issuing shares of any kind in the near future. All shareholders of record of OMDA Oil and Gas, Inc. can expect to receive a mailer shortly from the company Transfer Agent and Broadridge with all of the recent corporate governance changes that were announced and completed.

Mr. Barnett said, "All of our recent corporate developments that we have announced are part of our continuing effort to rebuild OMDA and to better position our shareholders for our anticipated growth. In each of our recent initiatives, our board of directors was unanimous in their vote and commitment to increase shareholder value and provide our investors with tangible benefits. When all the dust finally settles, our outstanding share total will be nearly 30% lower than it is at this moment." Mr. Barnett went on to say, "Aside from these very important share structure changes we have initiated, we have been very busy evaluating several other projects that we feel will improve OMDA's value. Additionally we are currently working on some other very productive corporate improvements. Further significant company updates on these initiatives will be forthcoming this week."

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"When you're in a hole, the first thing you do is stop digging." -H. Ross Perot

Posts: 111 | From: Detroit | Registered: Jun 2008  |  IP: Logged | Report this post to a Moderator
rhwdetroit
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HOUSTON, TX--(Marketwire - 06/03/10) - OMDA Oil and Gas, Inc. (Pinksheets:OOAG - News) would like to provide an update on the progress of its ongoing discussions for a potential joint venture with a biodiesel company.

For the past several months, OMDA's President and Chairman Adam Barnett along with the board of directors have been conducting extensive due diligence on the prospect of acquiring a sizeable interest in a fully operational and producing biodiesel company. OMDA's stake in the company would likely be significant, with an option to increase its position over time; including the option to take a controlling interest at OMDA's discretion. OMDA is weighing its options as to whether it will create a new subsidiary or use an existing one to complete this joint venture should they decide to proceed. If the final decision is made to go forward with this plan, the transaction will be completed entirely on a cash basis.

The biodiesel company owns a fully operational production facility located abroad. The facility utilizes state of the art technology to develop renewable energy with a specific focus on biodiesel fuels. Biodiesel fuels are emerging as a viable alternative to traditional fossil fuels and reduce the negative environmental impact of conventional energy sources.

"One of our objectives is to diversify our company and look for big growth opportunities with alternative forms of energy," stated OMDA President and Chairman Adam Barnett. "Clean and renewable forms of energy will play a major role in our industry and we hope to capitalize on that. Although we have not finalized our commitment just yet, this particular opportunity looks quite promising and we hope to arrive at a definitive conclusion very soon. We are also exploring some other joint venture opportunities and acquisitions, but right now biodiesel seems like it may be the best value for us at this time. We are in the final stages of our due diligence and expect to make our final decision in very short order. Once we do we will inform our shareholders immediately."

Mr. Barnett also commented on an unrelated topic and said the following, "I was hoping to announce another development this week that we expect will be monumental for OMDA. Unfortunately, our due diligence on this project was not completed in time as we are still waiting on some necessary information. I expect to be able to provide that announcement sometime next week."

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"When you're in a hole, the first thing you do is stop digging." -H. Ross Perot

Posts: 111 | From: Detroit | Registered: Jun 2008  |  IP: Logged | Report this post to a Moderator
   

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